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Share Market Today | Nifty May Open Flat, Consolidate Amid Mixed Signals

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Synopsis:

Today’s share market features how KEC International launches a QIP to raise ₹870 cr. Hyundai Motor India's IPO was approved by SEBI. MCX revises transaction fees. The Beverage Industry seeks GST cuts. Nishant Pitti to sell 8.5% in Easy Trip Planners. PC Jeweller to consider a stock split. Gold prices hit record highs. FIIs sell, and DIIs buy in equities.

Latest Market News

1. KEC International launches QIP to raise up to ₹870 cr, indicative issue price at ₹955/sh. To use QIP proceeds for debt repayment, and general corporate purposes.

2. ⁠Hyundai Motor India IPO: South Korean auto major's application gets SEBI nod.

3. ⁠MCX revises transaction fees for futures & options after SEBI directive.

4. ⁠Beverage Industry seeks GST cuts on bottled water, juices, and sodas ahead of a key meeting.

5. Promoter Nishant Pitti is likely to sell up to an 8.5% stake in Easy Trip Planners via block deals. Block size at ₹622 crore, indicative price at ₹41.5/share.

6. ⁠⁠PC Jeweller to consider stock split on September 30.

7. ⁠Gold hits an all-time high at $2645 an oz and hits all-time high on MCX above ₹7,4800/10gms.

8. ⁠FIIs net sell ₹2,784.14 crore while DIIs net buy ₹3,868.31 crore in equities yesterday.

KEC INTL. LIMITED

Trade

1164.5-29.55 (-2.47 %)

Updated - 13 December 2024
1198.10day high
DAY HIGH
1150.25day low
DAY LOW
390843
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The consumer confidence index fell to a reading of 98.7 from 105.6 in August, the biggest one-day slump in three years. 

    • Worries about the jobs and inflation were the biggest concerns among consumers, according to the survey. 

    • U.S. Federal Reserve Governor Michelle Bowman said Tuesday the Fed would have to proceed with caution on further rate cuts as components of inflation were still  "uncomfortably above" the Fed's 2% target.

    • Bowman, who was the lone dissenter in the September meeting against the 50bps rate cut, kicks off a week that includes remarks from Chair Jerome Powell as well as other Fed members. 

  2. Sector-Specific Movements:

    • The S&P 500 hit fresh record highs on Tuesday, shrugging off signs of consumer worries about the economy as Nvidia led an ongoing rally in technology stocks. 

    • NVIDIA Corporation climbed 3% to add to recent gains, helping the broader tech sector continue its March higher. 

    • The S&P 500 rose 0.25% after hitting a record high of 5,734.41,  the NASDAQ Composite climbed 0.6%, and the Dow Jones Industrial Average gained 0.2%, with the latter also hitting a record of 42,281.06 earlier.

  3. Economic Indicators:

    • PCE price index data - the Fed’s preferred inflation gauge - is due on Friday, and is likely to factor into the Fed’s plans for lower rates. Ahead of that, the Consumer Board consumer confidence index for September is due later in the session.

Other Asset Classes

  1. Treasury Yields:

    • The 2-year U.S. Treasury yield edged lower on Tuesday as market participants closely monitored a weaker-than-expected consumer confidence report. The yield on the 2-year Treasury pulled back 4 basis points at 3.536%. The 10-year Treasury yield hovered near the flatline at 3.732%.

  2. Currency:

    • The US Dollar Index Futures was down 0.51% and is placed around the 52-week low at 100.05.

  3. Commodities:

    • Gold rose 1% and hit a record high on Tuesday, building on its recent rally as Middle East tensions fed its safe-haven appeal, while investors latched on to fresh cues for more U.S. interest rate cuts. Spot gold was up 1.1% to $2,656.38 per ounce.

    • Oil prices settled higher Tuesday, underpinned by additional monetary stimulus from China boosting hopes for global oil demand and the risk of escalating conflict in the Middle East disrupting supplies. The fall in the Dollar also supported Crude prices.

    • West Texas Intermediate crude futures rose 1.7% to settle at $71.56 a barrel, while Brent oil futures rose 1.8% to $74.50 a barrel.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets were largely range-bound on Wednesday, while futures for Hong Kong’s Hang Seng Index suggested a 4% rise for the index.

  2. Specific Index Performance:

    • Chinese markets rallied yesterday after the country’s central bank announced a slate of economic support measures, with the HSI seeing its best day in seven months, while mainland China’s CSI 300 recorded its largest one-day gain in over four years.

    • Japan’s Nikkei 225 was marginally down, but the broad-based Topix was up 0.3%. South Korea’s Kospi was up 0.4%, while the small-cap Kosdaq rose 0.43%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to negative opening for the Indian market amid mixed global cues. Nifty spot in intraday trade is likely to consolidate in the range of 26050-25850.

  2. Market in Previous Session:

    • Indian benchmark indices scaled new record highs as it gained for the fourth straight session fueled by strong global cues following China's fresh stimulus measures. Nifty and Sensex in the intraday session touched the psychological mark of 26000 and 85000 respectively.

    • The Sensex formed a fresh all time high of 85163 and closed at 84914 down marginally by 14 points. The Nifty formed a fresh all time high of 26011 and closed the session on a flat note at 25940.

    • Bank Nifty snapped its 8 sessions winning streak and closed marginally lower by 0.25% at 53968. Broader market traded mixed as Nifty Midcap closed higher by 0.2% while the Nifty small cap closed the session lower by 0.5%.

    • Metal index was the major gainers with a gain of 2.97%, followed by IT, Pharma and Auto. While Financial, FMCG and Realty stocks were draggers. 

  3. Nifty Short-Term Outlook:

    • Index has formed a high wave candle with a higher high and higher low in the daily chart signaling consolidation with positive bias around the psychological 26000 levels.  

    • Index as mentioned in the last two sessions is currently placed at the upper band of the rising channel of the last 2 months. We expect index to consolidate in the range of 26050-25300 in the coming weeks amid stock specific action. A close above 26050 will open further upside towards 26300 in the coming weeks. 

    • Daily and Weekly stochastic is placed at an overbought territory highlighting consolidation likely in the coming few sessions. Key support is placed around 25300 being the confluence of the 20 days EMA and the previous major breakout area.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,010 followed by 26,100 levels. Conversely, downside support is located at 25,850, followed by 25,760.

    • Bank Nifty: Intraday resistance is positioned at 54,250, followed by 54,530, while downside support is found at 53,680, followed by 53,400.

    • Fin Nifty: Intraday resistance is positioned at 25,040, followed by 25,140, while downside support is found at 24,750, followed by 24,630.

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. 

    • Huge put writers were observed between 25900 - 26000 indicating strong support. Call writers were active above 26000 indicating stiff resistance at higher levels. If 26000 is broken, Nifty can march towards 26200.

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

    • The Nifty put-call ratio decreased by 0.11 and is now positioned at 1.31

  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 and call unwinding at 53000 indicating stiff support. Huge call writers were seen above 54000 indicating limited upside. A break above 54000 can trigger a further upside towards 54500.

    • According to the option chain analysis, broader range for Bank Nifty is 53500 and 54500. 

    • The Bank Nifty put-call ratio decreased by 0.21 and is now positioned at 1.13.

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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