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Share Market Today | Gifty Nifty Positive, Asian Markets Rebound

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Synopsis:

Today’s latest market updates feature Mankind Pharma’s plan to acquire Bharat Serums for ₹13,630 Cr, Indus Towers to consider share buyback, SJVN’s ₹13,947.5 Cr project from the Mizoram government, Texmaco Rail to acquire Jindal Rail Infrastructure for ₹615 Cr, plus other global market news.

Latest Market News

  1. Hero MotoCorp won an Income Tax Appellate Tribunal case, quashing a tax demand of ₹2,336.71 crore for the AY 2011-12.
  2. Mankind Pharma will acquire Bharat Serums and Vaccines for ₹13,630 crore.
  3. Indus Towers will consider its first stock buyback since 2016.
  4. SBI Life Insurance plans to launch new products focusing on the protection segment.
  5. SJVN secured a ₹13,947.5 crore project for the Darzo Lui Pumped Storage from the Mizoram government.
  6. Texmaco Rail will acquire Jindal Rail Infrastructure for ₹615 crore.
  7. Anamudi Real Estate LLP plans to sell 5% of its 9.9% stake in Sobha via block deals worth approximately $100 million.
  8. S&P upgrades Vedanta Resources' rating to B- from CCC+, with a stable outlook.
  9. US Q2 GDP growth rate is 2.8% compared to the 2.5% estimate.
  10. FIIs net sold ₹2,605.49 crore in equities, while DIIs net bought ₹2,431.69 crore yesterday.

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

US Share Market News

  1. Performance Overview:
    • On Thursday, the US benchmark equity indexes closed mixed as markets analysed the latest corporate earnings and an initial reading of second-quarter economic growth.
  2. Sector-Specific Movements:
    • The Nasdaq Composite fell by 0.9% to 17,181.7, and the S&P 500 lost 0.5% to 5,399.2.
    • In contrast, the Dow Jones Industrial Average rose by 0.2% to 39,935.1.
    • Among sectors, communication services experienced the steepest decline, while energy led the gainers.
  3. Stock-Specific Action:
    • Among stocks, IBM was the top gainer on the Dow, rising by 4.3%.
    • Edwards Lifesciences shares plunged by 31%, marking the biggest drop on the S&P 500, after the company reported earnings that fell short of market expectations.
    • Ford Motor was the second-worst performer on the S&P 500, declining by 18%. The automaker's second-quarter earnings, reported late Wednesday, missed market estimates due to higher warranty costs and expenses. The company continues to project a full-year loss for its electric vehicle business.
  4. Economic Indicators:
    • In economic news, US real GDP grew at an annual rate of 2.8% in the June quarter, surpassing the consensus estimate of a 2.1% gain compiled by Bloomberg.
    • US durable goods orders unexpectedly fell in June after four consecutive monthly gains, primarily due to a drop in transportation equipment, according to government data.

Other Asset Classes

  1. Treasury Yields:
    • The US 10-year yield fell by 3.9 basis points to 4.25% on Thursday, while the two-year rate rose by 1.7 basis points to 4.43%.
  2. Currency:
    • The dollar index edged down by 0.03%, closing at 104.32.
  3. Commodities:
    • West Texas Intermediate crude oil rose by 0.8% to $78.18 a barrel, while Brent crude futures for September increased to $82.44 a barrel.
    • Eased inflation pressures maintained expectations that the Federal Reserve would proceed with a September interest rate cut, thereby boosting oil demand.
    • Gold declined by 2.3% to $2,361 per troy ounce, and silver lost 4.7% to $27.93 per ounce.

Asian Markets

  1. General Trends:
    • Asia-Pacific markets rebounded after a sell-off as investors assessed Tokyo CPI and awaited US inflation data.
  2. Specific Index Performance:
    • Japan's Nikkei 225 gained 0.2%, led by healthcare and energy stocks, while the Topix declined by 0.18%.
    • Australia's S&P/ASX 200 rose by 0.87%.
    • Hong Kong's Hang Seng index futures traded at 17,084.
    • South Korea's Kospi rose by 0.63%, while the small-cap Kosdaq gained 0.39%.

India Market Outlook

  1. GIFT Nifty Projection:
    • Gift Nifty suggests a flat to positive opening for the Indian market.
    • The Nifty spot in today's session is likely to consolidate within the range of 24,000-24,800.
  2. Market in Previous Session:
    • Profit booking continued, but Nifty managed to close around 24,400 amid F&O expiry day volatility for the fifth straight session.
    • The benchmark indices were down by 0.14% to 80,039.80, and Nifty fell by 0.03% to 24,406.10, resulting in a flat closing.
    • Sectorally, auto, capital goods, power, oil & gas, healthcare, and media rose by 0.5-3%, while bank, IT, metal, realty, and telecom dropped by 0.5-1%.
  3. Nifty Short-Term Outlook:
    • Nifty is in an uptrend, with dips being bought up, taking support from its 21-day EMA.
    • Holding above the immediate support area of 24,400 will lead to an extension of the upmove towards 24,800 and 25,000.
    • However, closing below 24,400 will signal a pause in the rally and could lead to more profit booking towards 24,000-23,800.
  4. 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 51,120, followed by 51,440, while downside support is found at 50,700, followed by 50,500.
    • 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 highest put OI for Nifty is at the 24,000 level, while the highest call OI is at 25,000.
    • Immediate call OI is concentrated at 24,500 and put OI at 24,400.
    • A strong straddle formation is seen at 24,400.
    • If Nifty crosses above 24,500, it could rally to 25,000, but if it stays below 24,400, it might drop to 24,000.
    • The immediate support is at 24,000 and resistance at 24,500.
    • The Nifty put-call ratio increased by 0.34 to 1.21.
  2. Bank Nifty:
    • The highest put OI for Bank Nifty is at 51,000, with the highest call OI also at 52,000.
    • A strong straddle formation is seen at 51,000.
    • The highest put OI addition was at 49,500, and call OI addition at 51,000, with significant put unwinding at 51,000 indicating positive sentiment.
    • Immediate support is at 50,500, and resistance at 51,000.
    • If the index breaks 51,000, it could move towards 51,500.
    • The Bank Nifty put-call ratio remains unchanged at 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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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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Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

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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?

Answer Field

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?

Answer Field

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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