Share Market Today | GIFT Nifty Shows Weakness, Asian Peers Down

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Synopsis:

Today’s latest market updates include Titagarh’s ₹8,500 Cr revenue aim, India Cements’ removal from F&O, Senco Gold’s plan to open 18-20 stores in FY25, 10.13% stake sale in Archean Chemicals, JSW Neo Energy’s new wind and solar projects, plus other global market news.

Latest Market News

  1. Titagarh Rail aims for ₹8,500 crore in revenue from new coach production capacity.

  2. India Cements will be removed from the F&O segment after the August series.

  3. Senco Gold plans to open 18-20 new stores in the fiscal year 2025.

  4. India Resurgence Fund and Piramal Natural Resources may sell 10.13% equity in Archean Chemicals.

  5. JSW Energy's subsidiary, JSW Neo Energy, signs PPAs for 1,325 MW of wind and solar projects.

  6. SJVN signs an MoU with AM Ammonia India to develop green ammonia plants.

  7. KRDCL-RVNL JV receives a project worth ₹156.47 crore from Southern Railway.

  8. KEC International secures new orders worth ₹1,025 crore in T&D and Cable businesses.

  9. FIH Mauritius may sell a 9.72% stake in CSB Bank at a floor price of ₹352.4 per share.

  10. FIIs sold ₹3,535.43 crore while DIIs bought ₹5,103.67 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Wednesday, the US benchmark equity indexes mostly rose as traders assessed a report showing a drop in new-home sales for May.

  2. Economic Indicators:

    • Single-family home sales in the US dropped about 11% month-over-month to a seasonally adjusted annual rate of 619,000 in May, compared to 698,000 in April.

    • Stocks seem to be in a wait-and-see mode ahead of Friday's release of the personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation.

  3. Sector-Specific Movements:

    • The Nasdaq Composite increased by 0.5% to 17,805.2, while the S&P 500 went up 0.2% to 5,477.9.

    • The Dow Jones Industrial Average was almost unchanged at 39,127.8.

    • Consumer discretionary led the gains among sectors, while energy saw the biggest decline.

  4. Stock-Specific Action:

    • FedEx shares surged nearly 16%, making it the best performer on the S&P 500, after the company provided positive earnings guidance for fiscal 2025 late Tuesday.

    • Meanwhile, Moderna shares fell 11%, the biggest drop on both the S&P 500 and the Nasdaq.

Other Asset Classes

  1. Treasury Yields:

    • On Wednesday, the US 10-year yield rose by 8.9 basis points to 4.33%, while the two-year rate increased by six basis points to 4.75%.

  2. Currency:

    • The dollar index hovered near a two-month high, steady at 106.05.

  3. Commodities:

    • US WTI crude oil was nearly unchanged, up by 0.1% to $80.91 per barrel, while Brent crude oil futures fell 30 cents, or 0.4%, to $84.17 per barrel.

    • Gold fell 0.9% to $2,309 per troy ounce, while silver dropped 0.4% to $28.76 per ounce.

Asian Markets

  1. General Trends:

    • Stocks in Japan and Australia fell alongside Hong Kong equity futures, as regional shares slipped after two days of gains.

  2. Specific Index Performance:

    • Japan's benchmark Nikkei average opened down 0.59% at 39,434.47, while the broader Topix fell 0.36% to 2,792.73.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a negative opening for the Indian market, down by about 50 points.

    • The focus will be on rollover data as today is the June month's F&O expiry. Volatility is likely to increase due to Nifty quarterly rebalancing.

  2. Nifty Short-Term Outlook:

    • Nifty closed at 23868, just 140 points short of 24000, with heavyweights driving gains.

    • Sector rotation is expected ahead of the monthly expiry and upcoming Budget.

    • Nifty Energy and Infra indices rose over 1%, while Nifty Bank and FMCG increased by 0.5%.

    • Top gainers in energy were Reliance Industries, NTPC, and BPCL, whereas Nifty Metal and Realty declined by over 1%, dragged by Tata Steel, Vedanta, and Hindalco.

    • The short-term trend for the Nifty remains positive, with momentum indicators like RSI and MACD showing no weakness.

    • Investors should be cautious of possible profit booking days.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23,980, followed by 24,050 levels. Conversely, downside support is located at 23,680, followed by 23,750.

    • Bank Nifty: Intraday resistance is positioned at 53000, followed by 53,200, while downside support is found at 52,650 followed by 52,375.

    • Fin Nifty: Intraday resistance is positioned at 23,800 followed by 24,000, while downside support is found at 23,400 followed by 23,285.

Derivative Market Analysis

  1. Nifty:

    • The highest call option writing is strong at the 24000 level, followed by 24500, with immediate resistance at 24000.

    • The highest put writing is at 23000, followed by 23500, with base formation at 23500, 23600, and 23700, indicating support around 23500 for the upcoming expiry.

    • A move above 23900 could see Nifty rally to 24000-24200, while breaching 23800 might push it to 23500.

    • The put-call ratio has decreased by 0.07 to 1.31.

  2. Bank Nifty:

    • The highest call writing for Bank Nifty is at the 53000 level, followed by 54000, suggesting these as crucial resistance points.

    • The highest put writing is at the 52000 level, with significant put option open interest addition at 52500, indicating near-term support.

    • If Bank Nifty moves above 53000, it could rally to 53500, while breaching 52500 may lead it to touch 52000.

    • The put-call ratio has decreased by 0.55 to 1.06.

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.

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