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Share Market Today | Gift Nifty Hints At A Positive Start Amid Firm Asian Cues

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Synopsis:

Today’s share market features how Piyush Goyal emphasises India’s export growth in space, clean tech, and renewable energy. Karnataka introduces an electric vehicle policy with tax incentives. Adani explores collaboration with Bombardier. PE investors and promoters plan stake sales in Five Star Finance and ASK Automotive.

Latest Market News

1. Piyush Goyal says India will become a major exporter of space, clean tech and renewable energy components.

2. ⁠The Karnataka govt plans a new electric vehicle policy with tax exemptions and incentives.

3. ⁠Adani Group explores collaboration with Bombardier to boost Indian aviation.

4. ⁠PE Investors to sell 19.22% stake in Five Star Finance. Floor price at ₹768 & deal size $517m.

5. ⁠AdaniGreen - Promoter entities Hibiscus Trade & Ardour Investment Holding buys 2.96% equity in Adani Green between July 30-September 23, 2024.

6. ⁠Kuldip Singh Rathee, one of the promoters of the company, to sell a 6.05% stake in ASK Automotive via OFS On September 27-28, 2024, the floor price of ₹433/share.

7. ⁠Vedanta board to consider fourth interim dividend for FY25 on October 8, sets record date.

8. ⁠FIIs net sell ₹973.94 cr while DIIs net buy ₹1,778.99 cr in equities yesterday.

ADANI GREEN ENERGY LTD

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1807.8-77.14 (-4.09 %)

Updated - 03 October 2024
1868.60day high
DAY HIGH
1775.75day low
DAY LOW
1694940
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • U.S. equities were mixed at the close on Wednesday, as gains in the Utilities, Technology and Telecoms sectors propelled shares higher while losses in the Oil & Gas, Healthcare and Basic Materials sectors led shares lower.

    • Focus this week was squarely on more cues from the Fed following last week’s rate cut, with Chair Jerome Powell set to speak on Thursday. 

    • Several other Fed officials spoke through the week, mostly in support of last week’s 50 basis point cut. But they also warned that rates may not fall as sharply in the coming meetings.  

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average lost 0.70%, while the S&P 500 index declined 0.19%, and the NASDAQ Composite index climbed 0.06%.

  3. Economic Indicators:

    • PCE price index data- the Fed’s preferred inflation gauge- is due on Friday, and is likely to factor into the central bank’s plans for rates. 

Other Asset Classes

  1. Treasury Yields:

    • U.S. Treasury yields were higher on Wednesday as investors weighed economic data and considered the state of the economy. The yield on the 10-year Treasury added 5.3 basis points to 3.789%.

  2. Currency:

    • The US Dollar Index Futures was up 0.52% at 100.68.

  3. Commodities:

    • Oil prices slumped over 2% on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China’s latest stimulus plans. Brent crude futures closed down 2.27%, at $73.46 a barrel.

    • Gold edged down on Wednesday as investors booked profits after it soared to a record high as expectations for another big rate cut by the U.S. Federal Reserve bolstered bullion’s bull rally. Spot gold was down 0.2% at $2,652.99 per ounce after hitting an all-time high of $2,670.43 earlier.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets rose on Thursday, with markets in the region rebounding and Chinese markets poised to extend gains.

  2. Specific Index Performance:

    • The Hong Kong index has reached its highest level since May, tracking gains in China. 

    • Japan’s Nikkei 225 climbed 1.7% in early trade, while the broad-based Topix was up 1.2%, as the Bank of Japan released minutes for its July meeting. South Korea’s Kospi jumped 1.77%, leading gains in Asia, while the small-cap Kosdaq gained 1.51%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a positive opening for the Indian market amid firm Asian cues. Nifty spot in today's monthly expiry session is likely to trade with positive bias in the range of 26150-25900.

  2. Market in Previous Session:

    • Indian benchmark extended its record-setting spree as it gained for the fifth consecutive session. Nifty and Sensex managed to close above 26000 and 85000 levels for the first time. 

    • The index after a negative start, witnessed rangebound movement throughout the session, however, the last half an hour of buying helped the market to climb to a new high. 

    • The Sensex formed a fresh all time high of 85247 and closed at 85169 up by 0.3%. The Nifty formed a fresh all time high of 26032 and closed the session up by 63 points or 0.25% at 26004.

    • Bank Nifty traded in a range and closed the session higher by 0.25% at 54101 levels. Broader market traded with a corrective bias as midcap and small-cap closed lower by 0.7% and 0.4% respectively. 

    • Media index was the major gainers with a gain of 2.94%, followed by Realty, Financials and Metal. While IT, FMCG, and PSU Bank stocks were draggers.  

  3. Nifty Short-Term Outlook:

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

    • Index in the last three sessions is consolidating 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 sessions 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 25300-25500 being the confluence of the 20 days EMA and the previous major breakout area.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,090 followed by 26,150 levels. Conversely, downside support is located at 25,930, followed by 25,850.

    • Bank Nifty: Intraday resistance is positioned at 54,380, followed by 54,650, while downside support is found at 53,790, followed by 53,550.

    • Fin Nifty: Intraday resistance is positioned at 25,100, followed by 25,230, while downside support is found at 24,930, followed by 24,810.

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 25800 - 26000 along with call unwinding 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, the broader range for Nifty is 25800 and 26200.

    • The Nifty put-call ratio increased by 0.02 and is now positioned at 1.33.

  2. Bank Nifty:

    • The highest call and put OI is positioned at 54000 making it a straddle formation. 54000 is a crucial level to watch for. If Bank Nifty sustains above it, the index can march towards 54500. A break of 54000 can take the index towards 53500.

    • The second-highest call OI is seen at 54500 indicating resistance and the second-highest put OI is seen at 53000 indicating support at lower levels.  

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

    • The Bank Nifty put-call ratio decreased by 0.19 and is now positioned at 0.94.

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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