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Share Market Today | Gift Nifty Hints At Positive Opening For India Markets

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Synopsis:

Today’s share market features how BharatPe integrates with ONDC, expanding food delivery to 15 million users. AstraZeneca receives approval for cancer drug Durvalumab in India. Reliance Power plans ₹1,524.60 crore equity raise. Firstsource acquires Ascensos for £42 million.

Latest Market News

1. BharatPe integrates with ONDC to offer food delivery to 15 million users.

2. ⁠AstraZeneca Pharma gets the nod to launch cancer drug Durvalumab in India.

3. ⁠Reliance Power approves ₹1,524.60 crore equity raising via preferential issue.

4. ⁠Sanjiv Goenka's Firstsource Solutions UK arm acquires Ascensos for £42 million.

5. ⁠Punjab National Bank: The base size of the QIP is at ₹2,500 cr with a green shoe option of ₹2,500 cr, with indicative price seen at ₹103.75/sh, at a 6.94% discount to CMP.

6. ⁠Coal India signed a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) for setting up of 2x800 MW Brownfield Thermal Power Project.

7. ⁠India’s biggest oil and gas bid draws four bidders, Reliance-bp team up with ONGC.

8. ⁠Bank of Baroda launches co-branded travel debit card with EaseMyTrip.

9. ⁠FIIs net buy ₹404.42 cr and DIIs net buy ₹1,022.64 cr in equities yesterday.

PUNJAB NATIONAL BANK

Trade

107.73-0.08 (-0.07 %)

Updated - 13 December 2024
108.15day high
DAY HIGH
104.16day low
DAY LOW
32663054
VOLUME (BSE)

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • Wall Street indexes rose marginally on Monday, with the S&P 500 and the Dow Jones Industrial Average remaining within sight of recent peaks. The NASDAQ Composite lagged as tech stocks turned sluggish amid buying into other economically sensitive sectors. 

    • Focus this week is on addresses by a slew of Federal Reserve officials - most notably Chair Jerome Powell - for more cues on the central bank’s plans to cut interest rates further.  

  2. Sector-Specific Movements:

    • The S&P 500 rose 0.3% to 5,718.57 points, while the Nasdaq Composite rose 0.1% to 17,973.60 points on Monday. The Dow rose 0.2% to 42,124.65 points. 

    • Purchasing managers' index data for September painted a mixed picture of the U.S. economy. While services activity grew more than expected, a decline in manufacturing activity worsened during the month. Manufacturing PMI shrank at its worst pace since July 2023.

  3. Economic Indicators:

    • PCE price index data - the Fed’s preferred inflation gauge - is also due on Friday and is likely to factor into the Fed’s plans for lower rates. The reading is still above the Fed’s 2% annual target. 

Other Asset Classes

  1. Treasury Yields:

    • The 10-year U.S. Treasury yield was higher Monday as investors assessed the growth outlook following the Federal Reserve’s jumbo rate cut last week. The 10-year Treasury yield added less than 2 basis points at 3.749%.

  2. Currency:

    • The euro dropped against the dollar on Monday as business activity reports for the eurozone economy disappointed. The dollar index rose 0.05% to 100.83.

  3. Commodities:

    • Oil prices closed lower on Monday as worries about demand were compounded by disappointing eurozone business activity and a weak Chinese economy. 

    • Brent crude futures for November settled  0.8%, to $73.90 a barrel, while U.S. crude futures for November fell 0.9%, to $70.37. 

    • Gold rose on Monday to an all-time high, as bullish market sentiment after the U.S. Federal Reserve cut interest rates last week combined with geopolitical tensions. Spot gold gained 0.2% to $2,627.94 per ounce

Asian Markets

  1. General Trends:

    • Asia-Pacific markets climbed on Tuesday as China announced a slew of policy easing measures in a rare briefing from the Chinese central bank governor.

  2. Specific Index Performance:

    • The PBOC will cut the reserve requirement ratio for banks by 50 basis points, although it did not provide a specific timeline. It also announced it would cut to the seven-day reverse repurchase rate from 1.7% to 1.5%.

    • In today’s morning trade, Japan’s Nikkei 225 was 1.47% higher, while the Topix gained 1%. South Korea’s Kospi was 0.6% up, while the small-cap Kosdaq rose 0.68%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid strong global cues. We expect the Nifty spot in today's trade to extend positive momentum and trade in the range of 26050-25850.

  2. Market in Previous Session:

    • Indian benchmark indices extended their gains for the third consecutive session to hit fresh all-time highs amid firm global cues. Nifty closes above 25,900 levels led by gains in PSU and Realty stocks. The Sensex formed a fresh all-time high of 84980 and closed at 84928 up by 384 points or 0.45% and the Nifty formed a fresh all-time high of 25956 and closed the session up by 0.57% at 25939.

    • Bank Nifty continues to outperform as it rallied to a fresh all-time high of 54197 and closed the session at 55105 levels up by 0.58%. The broader market also traded with positive bias as Nifty Midcap and small cap closed the session higher by 0.77% and 1.1%. Auto, Oil & Gas, Realty, PSU Bank and Financial stocks were the major gainers while only IT index closed on a negative note.

    • The India VIX, which measures the implied volatility was up 7.86% to 13.8 on Monday. 

  3. Nifty Short-Term Outlook:

    • Index has formed a bull candle with a higher high and higher low in the daily chart signaling continuation of the uptrend.  

    • Index after recent strong up move is currently placed at the upper band of the rising channel signaling consolidation is likely in the range of 26000-25200 in the coming weeks amid stock specific action. A close above 26000 will open further upside towards 26300 in the coming weeks. Volatility is likely to remain high on account of the monthly F&O expiry.

    • Weekly stochastic is placed at an overbought territory with a reading of 95 highlighting consolidation likely in coming week. Key support is placed at 25200-25300 being the confluence of the 20 days EMA and lower band of the rising channel.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,030 followed by 26,100 levels. Conversely, downside support is located at 25,850, followed by 25,760.

    • Bank Nifty: Intraday resistance is positioned at 54,350, followed by 54,570, while downside support is found at 53,810, followed by 53,550.

    • Fin Nifty: Intraday resistance is positioned at 25,060, followed by 25,140, while downside support is found at 24,860, followed by 24,730.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 26000 followed by the 26500 level, whereas the highest put OI is positioned at 25000 followed by the 25500 level. 

    • Put writers were active below 25900 indicating stiff support at lower levels. If 25900 is broken, Nifty can march towards 25500.

    • According to option chain analysis, the broader range for Nifty is 25500 and 26000.

    • The Nifty put-call ratio decreased by 0.08 and is now positioned at 1.42.

  2. Bank Nifty:

    • The highest call OI is positioned at 56000 followed by the 55000 level, whereas the highest put OI is positioned at 53000 followed by the 53500 level. A straddle formation is observed at 54000 which makes 54000 a crucial level to watch for.  

    • We saw huge put writing between 53500 and 54000 indicating stiff support at lower levels. If 54000 is broken, Bank Nifty can march towards 53500 levels. If it sustains above 54000, the index can move towards 55000.

    • According to the option chain analysis, broader range for Bank Nifty is 53500 and 55000. 

    • The Bank Nifty put-call ratio remained unchanged at 1.34.

  3. Fin Nifty: 

  • For the weekly expiry, the highest call OI has been seen at the 25200 level, which suggests this as a resistance level.

  • The highest put OI has been noted at the 24000 level, and the immediate put OI is noted at the 24800 level, which will serve as support.

  • According to option chain analysis, Fin Nifty is likely to trade between the 24800 and 25200 levels.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

What exactly is the stock market, and how does it work?

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The stock market is a platform where investors buy and sell shares of publicly traded companies. It operates through stock exchanges, where supply and demand for securities determine prices.

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Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

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To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

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Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

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You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

What is the difference between long-term investing and trading in the stock market?

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Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

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Are there any specific tax implications associated with stock market investments?

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Can I invest in the stock market with a small amount of capital?

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What are government bonds in India, and how do they work?

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Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

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Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

Answer Field

Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

Are there any risks associated with investing in government bonds in India?

Answer Field

Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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