Share Market Today | GIFT Nifty Climbs Amid Global Market Strength

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Synopsis:

Today’s latest market updates include JSW Port Logistics acquiring Navkar Corp stake, Jio hiking tariffs by 12-25%, SEBI tightening F&O rules, GTI Capital Alpha selling Samhi Hotels 3% stake, RBL Bank's ₹3,500 Cr QIP, Ambuja Cements-Adani Cementation merger, plus other global market news.

Latest Market News

  1. JSW Port Logistics, part of JSW Infra, will acquire a majority stake in Navkar Corporation.

  2. Ambuja Cements' board has approved the merger of Adani Cementation with the company.

  3. RBL Bank's board has approved raising up to ₹3,500 crore through QIPs in multiple tranches via debt securities.

  4. Reliance Jio will increase tariffs by 12-25% starting July 3.

  5. SEBI has approved stricter rules for entry and exit in single stock futures and options.

  6. GTI Capital Alpha is likely to sell a 3% stake in Samhi Hotels through a block deal.

  7. Promoters may sell up to a 2.04% stake in Polycab via a block deal.

  8. A block deal involving 0.46% equity worth ₹1,757 crore is expected in HCLTech on June 28.

  9. AU Small Finance Bank plans to raise up to ₹5,000 crore via QIPs and other methods, and up to ₹6,000 crore by issuing debt instruments.

  10. The US Q1 GDP growth rate was finalised at 1.4%, slightly higher than the estimated 1.3%.

  11. FIIs were net buyers of ₹7,658.77 crore in equities, while DIIs were net sellers of ₹3,605.93 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 higher after a Federal Reserve official indicated that monetary policy easing is still likely this year, while markets assessed the latest economic data.

  2. Economic Indicators:

    • The US economy grew at a 1.4% annualised rate in the first quarter, up from the previously projected 1.3%, according to the Bureau of Economic Analysis’s third estimate.

    • Investors are now focused on the Commerce Department's much-anticipated Personal Consumption Expenditures (PCE) report.

  3. Sector-Specific Movements:

    • The Nasdaq Composite rose 0.3% to 17,858.7. The Dow Jones Industrial Average and the S&P 500 each advanced 0.1% to 39,164.1 and 5,482.9, respectively.

    • Real estate and consumer discretionary sectors led the gains, while consumer staples significantly declined.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield fell three basis points to 4.29%, while the two-year rate dropped 3.5 basis points to 4.71%.

  2. Currency:

    • The US dollar index is 0.2% stronger at 106.07, marking a 1.5% rise for the quarter.

  3. Commodities:

    • Brent crude oil futures rose by 0.24% to $86.60 a barrel, while US West Texas Intermediate crude futures gained 0.29% to $81.97 per barrel.

    • Gold increased by 1% to $2,336.30 per troy ounce, while silver remained flat at $29.26 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets climbed on Friday morning as investors assessed key economic data from Japan and awaited the US inflation reading later in the day.

  2. Specific Index Performance:

    • Japan's Nikkei 225 rebounded 0.6% after the data release, while the broad-based Topix rose 0.66%.

    • South Korea's Kospi edged up, and the small-cap Kosdaq was trading just above the flatline.

    • Australia's S&P/ASX 200 gained 0.63%.

    • In contrast, Hong Kong Hang Seng index futures were at 17,524, lower than the HSI's last close of 17,716.47. The index had hit a near two-month low on Thursday.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a positive opening for the Indian market, up by 65 points.

  2. Nifty Short-Term Outlook:

    • On June 27, Indian benchmark indices rallied for the fourth consecutive session, with Nifty crossing 24,000 for the first time, closing at 24,044.5.

    • IT and Power indices rose 1.7% each, while the PSU Bank index fell 1%.

    • The short-term trend for Nifty remains positive, having surpassed the previous resistance range of 23,400-23,500.

    • The market witnessed a perpendicular rally of about 700 points in four sessions, indicating an overstretched move.

    • A long bull candle on the daily chart suggests continuing momentum, though profit-booking days are possible.

    • Investors are advised to buy on dips, with a trailing stop loss at 23,800 on a closing basis.

    • Momentum indicators RSI and MACD show no signs of weakness.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 24,150, followed by 24,240 levels. Conversely, downside support is located at 23,680, followed by 23,750.

    • Bank Nifty: Intraday resistance is positioned at 53200, followed by 53,650, 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 at the 25,000 level, followed by 24,000, with immediate resistance at 24,200.

    • The highest put writing is at 24,000, followed by 23,500, with strong put option addition at 23,500 and 23,800 suggesting limited downside expectations.

    • If Nifty crosses 24,200, a rally towards 24,500 is expected.

    • The straddle at 24,000 is strong and trend-deciding; any move above or below it could cause sharp index movement.

    • The Nifty put-call ratio has increased by 0.18, now at 1.49.

  2. Bank Nifty:

    • The highest call writing for Banknifty is seen at the 53,000 level, followed by 54,000, making these levels crucial resistances.

    • The highest put writing is also at the 53,000 level, followed by 52,000, with strong put option open interest addition at 52,500 indicating near-term support.

    • The straddle at 53,000 is strong and acts as a trend-deciding level. Any move above or below it could cause significant index movement.

    • The Bank Nifty put-call ratio has decreased by 0.09, now positioned at 0.97.

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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