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Share Market Today | Gift Nifty Declines on Negative Global Cues

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Synopsis:

Today’s latest market updates feature CG Power acquiring a 55% stake in GG Tronics for ₹319.4 Cr, US FDA's warning to Sun Pharma for its Dadra facility goes public, Dish TV raising up to ₹1,000 Cr, RVNL's ₹191.53 Cr project from South Eastern Railway, plus other global market news.

Latest Market News

  1. CG Power plans to acquire a 55% stake in GG Tronics for ₹319.4 crore.

  2. The US FDA published the contents of a warning letter received by Sun Pharmaceutical on June 19 for its Dadra facility.

  3. Dish TV India has board approval to raise up to ₹1,000 crore through equity shares or bonds.

  4. Rail Vikas Nigam Limited received a project worth ₹191.53 crore from South Eastern Railway.

  5. Private Equity Firm EQT is likely to sell a 7.9% stake in RBL Bank via a ₹1,080-crore block deal on July 25.

  6. FIIs sold ₹5,130.90 crore while DIIs bought ₹3,137.30 crore in equities in yesterday’s session.

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the Nasdaq Composite and the S&P 500 tumbled due to significant post-earnings sell-offs in Tesla and Alphabet shares.

  2. Sector-Specific Movements:

    • Nasdaq dropped 3.6% to 17,342.4, while the S&P 500 decreased by 2.3% to 5,427.1.

    • The Dow Jones Industrial Average fell 1.3% to 39,853.9.

    • Technology and communication services saw the steepest declines among sectors, while utilities were the top gainers.

  3. Economic Indicators:

    • In economic news, new-home sales in the US fell unexpectedly last month, though median prices at the national level saw sequential growth.

    • US private-sector output growth in July hit its highest level since April 2022, driven by the service sector, although the one-year outlook dipped to a three-month low.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield rose by 4.7 basis points to 4.29%, while the two-year rate remained almost unchanged at 4.43%.

  2. Currency:

    • The dollar index slipped slightly by 0.03%, closing at 104.32.

  3. Commodities:

    • West Texas Intermediate crude oil climbed 0.6% to $77.45 per barrel on Wednesday.

    • Gold dropped 0.4% to $2,398.70 per troy ounce, while silver fell 0.8% to $29.09 per ounce.

Asian Markets

  1. Specific Index Performance:

    • Stocks in Japan and South Korea both dropped over 2%, with chipmaker SK Hynix Inc. declining despite strong earnings.

    • The Nikkei 225 Index is trading below 38,200, while the broader Topix Index fell 2.2%, trading below 2,750.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a negative opening for the Indian market.

    • The Nifty spot today is likely to consolidate within the 24,000-24,800 range.

  2. Nifty Short-Term Outlook:

    • Indian benchmark indices ended yesterday's session on a weaker note, with the Sensex down 0.4% at 80,148 and the Nifty 50 down 0.3% at 24,413.

    • Midcap and small-cap indices gained 0.8% and 1.9%, respectively.

    • The VIX, or fear gauge, eased by 8% to just below 12.

    • The energy, realty, and pharma sectors saw gains, while banking and FMCG sectors declined.

    • Volatility is expected today due to the monthly F&O expiry of Nifty and key Q1 earnings.

    • Nifty's uptrend is intact above 24,400 support, potentially moving to 24,800 and 25,000.

    • A close below 24,400 may lead to profit booking towards 24,000-23,800.

  3. Intraday Levels:

    • Nifty: Intraday resistance is at 24,500, followed by 24,650 levels. Conversely, downside support is located at 24,350, followed by 24,250.

    • Bank Nifty: Intraday resistance is positioned at 51,850, followed by 52,000, while downside support is found at 51,000, followed by 50,750.

    • Fin Nifty: Intraday resistance is positioned at 23,400, followed by 23,550, while downside support is found at 23,000, followed by 22,820.

Derivative Market Analysis

  1. Nifty:

    • The immediate call OI concentration is at 24,500, while the put OI concentration is at 24,000.

    • The highest put OI addition was seen at 24,000, and the highest call OI addition at 25,000.

    • Active call writers above the 24,400 strike suggest limited upside for today's expiry.

    • The option chain analysis indicates immediate support at 24,100 and resistance at 24,400.

    • The Nifty put-call ratio remains unchanged at 0.87.

  2. Bank Nifty:

    • The highest call OI is at 52,000, and the highest put OI is at 51,000.

    • Immediate call OI concentration is at 51,500, marking it as the immediate resistance.

    • The highest put OI addition occurred at 49,500, while call OI addition was at 51,500.

    • The option chain analysis shows immediate support at 51,000 and resistance at 51,500.

    • The Bank Nifty put-call ratio increased by 0.22 to 0.78.

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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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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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.

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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.

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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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