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Share Market Today | Gift Nifty Indicates Flat Opening, Consolidation Expected

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Synopsis:

Today’s share market features how the BPCL forms JV with Oil India for CGD in Arunachal Pradesh; ITD Cementation sells stake to Adani; SkyGold announces 9:1 bonus; GST GoM proposes higher affordable housing limit; SBI Life sees FY25 growth; Suven Pharma merges Casper Pharma; FIIs and DIIs trade heavily.

Latest Market News

1. BPCL enters into a  JV agreement with Oil India for developing city gas distribution (CGD) in Arunachal Pradesh.

2. ⁠ITD Cementation promoter to sell a 46.64% stake in the company to Adani Group's Renew Exim DMCC.

3. ⁠SkyGold: The Board approves bonus issues in the ratio of 9:1.

4. ⁠GST GoM on real estate to submit an interim report. GoM recommends hiking limit of affordable housing limit from Rs 45 lakh/unit to Rs 56 lakh/unit.

5. ⁠SBI Life expects to grow at 15% in FY25 with protection and annuity expected to see revival in the second half.

6. ⁠Suven Pharma gets NCLT approval for a merger of Casper Pharma with the company.

7. ⁠Adar Poonawalla-led Serum Institute is in talks with TPG to sell a 40% stake in SCHOTT Poonawalla.

8. ⁠FIIs net sell ₹3,036.75 cr while DIIs net buy ₹4,159.29 cr in equities on Friday.

BHARAT PETROLEUM CORP LT

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297.7-8.14 (-2.66 %)

Updated - 14 November 2024
306.00day high
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297.10day low
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3171066
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US benchmark equity indexes closed mixed Friday as investors evaluated the latest corporate earnings and economic data.

  2. Sector-Specific Movements:

    • On October 25, 2024, U.S. stock markets closed with mixed results.

    • The Dow Jones Industrial Average dropped by 0.6%, ending at 42,114.4.

    • The Nasdaq Composite gained 0.6%, reaching 18,518.6.

    • The S&P 500 was relatively flat, closing at 5,808.1.

    • Among sectors, Utilities saw the sharpest decline, while Communication Services emerged as the leading gainer.

    • For the week, the Dow dropped 2.7%, while the S&P 500 lost 1%. The Nasdaq ticked up 0.2%.

3. Economic Indications:

  • In economic news, US durable goods orders fell in September, weighed down by sharp declines in defence and civilian aircraft, according to government data.

  • US consumer sentiment in October rose to its highest level since April, while long-term inflation expectations eased.

Other Asset Classes

  1. Treasury Yields:

    • The yield on benchmark U.S. 10-year notes was up by 3.8 basis points to 4.24%.

  2. Currency:

    • The dollar index which measures was up by 0.24% to 104.30.

  3. Commodities:

    • West Texas Intermediate crude oil increased 2% to $71.6 a barrel & Brent crude futures settled up 2.25% at $76.05 a barrel.

    • Gold rose 0.3% to $2,756.10 per troy ounce, while silver was little changed at $33.8 per ounce.

Asian Markets

  1. General Trends:

    • The S&P/ASX 200 Index edged up 0.1% to around 8,218 on Monday, rising for the second straight session.

  2. Specific Index Performance:

    • Japanese benchmark Nikkei 225 Index surged by 1.8% to surpass 38,500, while the broad-based Topix Index rose 1% to 2,645. This rebound helped recover most of last week's losses, driven by a further weakening of the yen following Japan’s weekend election results.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets and is likely to consolidate in the broad range of 23,800-24,400.

  2. Market in Previous Session:

    • The selling pressure escalated on Friday, pushing benchmark indices down by over a per cent. 

    • At close, the Sensex was down 662.87 points or 0.83 percent at 79,402.29, and the Nifty was down 218.60 points or 0.90 percent at 24,180.80.

    • This marked the fifth consecutive session of declines for the benchmarks, pressured by weak earnings, ongoing foreign institutional investor (FII) outflows, and uncertainty related to the US elections, a day after the weekly expiry.

    • Key sectors such as metals, autos, and energy were among the hardest hit, with broader indices also declining by almost 2% each.

  3. Nifty Short-Term Outlook:

    • Nifty has been maintaining a lower high and lower low pattern, indicating a corrective bias. It has broken down below the lower band of the consolidation zone (24,750). We believe this breakdown has important support near 24,000 followed by 23,780 which corresponds to the 50% retracement of the previous swing.

    • The index has near-term resistance at 24,520, followed by 24,750, and it needs to start forming a higher high and higher low pattern to negate this downward bias.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,410 followed by 24,620 levels. Conversely, downside support is located at 24,080, followed by 23,870.

    • Bank Nifty: Intraday resistance is positioned at 50,940, followed by 51,440, while downside support is found at 50,350, followed by 49,800.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is positioned at 25000 followed by 24500 level, whereas the highest put OI is positioned at the 23500 level followed by the 24000 level. 

    • Call OI addition was seen at strikes above 24200 along with put unwinding at similar strikes indicating stiff resistance at higher levels. If the index moves above 24300, it can touch 24500 whereas on the downside, 24000 is a crucial support. 

    • According to option chain analysis, the broader range for Nifty is 24000 and 24500. 

    • The Nifty put-call ratio is now positioned at 0.87.

  2. Bank Nifty:

    • The highest call OI is positioned at 51500 followed by the 52000 level, whereas the highest put OI is positioned at 50000 followed by the 49500 level. 

    • Call OI addition was seen at strikes above 51000 along with put unwinding at similar strikes indicating stiff resistance at higher levels. If the index moves above 51000, it can touch the 51500 level. 

    • According to option chain analysis, the broader range for Bank Nifty is 50000 and 51500.

    • The Bank Nifty put-call ratio is now positioned at 0.66.

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.

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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