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Share Market Today | GIFT Nifty Flat Amid Mixed Global Cues

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Synopsis:

Today’s latest market updates feature NBCC's plan to issue bonus shares, PNC Infratech’s ₹380 crore project from NHAI, Wipro’s partnership with Dell Technologies, Jio Financial Services’ stake increases in Jio Payments Bank to 82.17%, ICICI Pru Life Insurance’s ₹429 crore GST demand, plus other global market news.

Latest Market News

  1. NBCC's board will meet on August 31 to consider issuing free shares, the first since 2017.

  2. PNC Infratech wins a ₹380 crore project from NHAI as the lowest bidder.

  3. Wipro partners with Dell Technologies to integrate the Dell AI Factory into its Enterprise AI-Ready Platform.

  4. Jio Financial increases its stake in Jio Payments Bank to 82.17% through fresh investment.

  5. ICICI Prudential Life Insurance faces a ₹429 crore GST demand, including interest and penalties, from Maharashtra's State Tax authorities for FY2020.

  6. FIIs net bought ₹1,503.76 crore in equities yesterday, while DIIs net sold ₹604.08 crore.

NBCC (INDIA) LIMITED

Trade

102.66-0.66 (-0.63 %)

Updated - 10 December 2024
104.65day high
DAY HIGH
101.65day low
DAY LOW
7198737
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • The Dow hit a new record high on Tuesday, even as investors remained cautious ahead of Nvidia's earnings due on Wednesday.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average edged up by 0.02%, gaining 9 points to close at a record 41,250.50.

    • The S&P 500 increased by 0.2%, and the NASDAQ Composite also added 0.2%.

  3. Economic Indicators:

    • US consumer confidence reached a six-month high in August, as recession fears eased, according to a report by the Conference Board on Tuesday.

    • This data comes ahead of Thursday's jobless claims and a new reading on Q2 GDP, as well as the Personal Consumption Expenditures price index, which is the Federal Reserve's preferred measure of inflation, due on Friday.

    • NVIDIA Corporation's quarterly earnings, expected on Wednesday after the market closes, will likely indicate whether the AI-driven tech rally has more momentum or if it might be losing steam.

Other Asset Classes

  1. Treasury Yields:

    • The yield on the US 10-year Treasury inched up on Tuesday, rising less than one basis point to 3.829%, as investors kept an eye on fresh economic data.

  2. Currency:

    • The US dollar fell to its lowest level in over a year on Tuesday, dropping 0.3% to 100.53, as investors awaited key economic data. The dollar has declined by 3.2% in August, on track for its biggest monthly drop since November 2022.

  3. Commodities:

    • The US crude oil futures dropped over 2% on Tuesday, closing below $76 per barrel, after a surge in the previous session following reports that Libya, an OPEC member, would halt production and exports. Brent crude for October delivery fell $1.88, or 2.31%, to $79.55 per barrel.

    • Gold prices eased on Tuesday, settling near record highs from last week, as investors awaited clarity on the size of an expected interest rate cut from the Federal Reserve, with an important inflation report due this week. Spot gold dropped 0.3% to $2,510.31 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets opened lower on Wednesday, ahead of Australia's July inflation report.

  2. Specific Index Performance:

    • Australia's main stock index opened 0.40% lower, as investors awaited the CPI release.

    • Japan's Nikkei 225 was flat, while the broader Topix index fell by 0.3%.

    • South Korea's Kospi and the small-cap Kosdaq both dropped by 0.40%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat start for the Indian market amid mixed global signals. After a flat opening, the Nifty is likely to continue its consolidation in the 24,900-25,100 range.

  2. Market in Previous Session:

    • Benchmark indices traded within a range and closed flat amid mixed global cues, with Nifty closing above 25,000 for the second consecutive session at 25,017.80, a new closing high.

    • The Sensex gained 13.65 points to 81,711.76.

    • Bank Nifty was highly volatile but ended 0.26% higher at 51,278.

    • Broader markets outperformed, with Nifty Midcap and Small Cap rising by 0.4% and 1%, respectively.

    • Sector-wise, Media led the gains, followed by Financials and Pharma, while FMCG and Metals lagged.

  3. Nifty Short-Term Outlook:

    • On the daily charts, Nifty formed a Doji candle with a higher high and low, indicating consolidation after a strong up move.

    • The index is expected to consolidate around its all-time high in the 24,800-25,100 range.

    • A sustained close above this range could push it towards 25,400, representing a 123.6% external retracement of the recent dip (25,078-23,894).

    • Immediate support is at 24,800-24,600, aligning with the Monday gap area and the 20-day EMA, currently at 24,605.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,080, followed by 25,150 levels. Conversely, downside support is located at 24,950, followed by 24,870.

    • Bank Nifty: Intraday resistance is positioned at 51,570, followed by 51,850, while downside support is found at 51,010, followed by 50,800.

    • Fin Nifty: Intraday resistance is positioned at 23,670, followed by 23,790, while downside support is found at 23,490, followed by 23,380.

Derivative Market Analysis

  1. Nifty:

    • The highest call and put OI is at 25,000, indicating a strong straddle formation.

    • If Nifty falls below 25,000, it could drop to 24,800. However, if it stays above 25,000, it may rise to 25,500.

    • Call writers have shifted resistance from 24,800-24,900 to 25,000-25,200, while high put writing at 24,700 suggests strong support at lower levels.

    • According to the option chain analysis, immediate support is at 24,800, and resistance is at 25,500.

    • The Nifty put-call ratio decreased by 0.09 to 1.22.

  2. Bank Nifty:

    • The highest put OI concentration is at 51,000, while the highest call OI is at 52,000, with immediate call OI at 51,500, which serves as a crucial resistance.

    • Call writers shifted resistance from 51,000-51,200 to 51,500-52,000, and high put writing at 50,900-51,000 indicates strong support at lower levels.

    • According to the option chain analysis, immediate support is at 51,000, with resistance at 51,500.

    • The Bank Nifty put-call ratio increased by 0.07 to 0.86.

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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