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Share Market Today | GIFT Nifty Weak Amid Global Profit-Taking

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Synopsis:

Today’s latest market updates feature NLC India’s 25-year agreement with Telangana for supply 200 MW of solar power, KEC International’s ₹1,171 Cr T&D orders in the Middle East, VLS Finance’s plan to buy back 33 lakh shares at ₹380 per share, plus other global market news.

Latest Market News

  1. NLC India signed a 25-year agreement with Telangana to supply 200 MW of solar power.

  2. KEC International secured transmission and distribution orders worth ₹1,171 crore in the Middle East.

  3. Nalco's joint venture KABIL signed an MoU with Oil India for mineral exploration.

  4. VLS Finance plans to buy back 33 lakh shares (9.48% of equity) for up to ₹125 crore at ₹380 per share, with the buyback scheduled from August 30 to September 5.

  5. IndiGo Co-Founder Rakesh Gangwal is likely to sell up to $850 million worth of his stake through block deals.

  6. Tencent Cloud Europe may sell a 2.1% stake (9.7 million shares) in PB Fintech via block deals at a floor price of ₹1,660.2 per share, a 4.5% discount to the current market price.

  7. The Cabinet has approved a ₹6,456 crore railway expansion plan to enhance connectivity.

  8. FIIs sold a net of ₹1,347.53 crore in equities, while DIIs bought a net of ₹439.35 crore.

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230.78-18.75 (-7.51 %)

Updated - 12 December 2024
251.75day high
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228.46day low
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In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The S&P 500 closed lower on Wednesday as a decline in Nvidia's stock led to a drop in tech shares.

  2. Sector-Specific Movements:

    • The tech-heavy Nasdaq Composite dropped 1.12%, and the S&P 500 fell by 0.6%.

    • The Dow Jones Industrial Average, consisting of 30 stocks, slid around 159 points, or 0.39%, on Wednesday.

    • Nvidia, a leader in artificial intelligence that has surged over 150% this year, reported strong quarterly results. However, the results fell short of high investor expectations, causing Nvidia's stock to fall about 7% in after-hours trading.

  3. Economic Indicators:

    • Markets are closely watching the July personal consumption expenditures (PCE) price index, which is scheduled for release on Friday.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year Treasury yield remained almost unchanged on Wednesday as investors awaited a key US inflation report due later in the week. The yield on the 10-year Treasury edged up by less than 1 basis point to 3.839%.

  2. Currency:

    • The US dollar bounced back on Wednesday due to month-end buying after recent losses pushed it to its lowest level in over a year. Traders are waiting for economic data that might influence the Federal Reserve's upcoming easing cycle. The dollar index rose by 0.4% to 100.99.

  3. Commodities:

    • US crude oil prices fell more than 1% on Wednesday, settling below $75 per barrel as the market gave up gains made earlier in the week amid concerns about supply disruptions in Libya. Brent crude for October delivery fell 1.13% to $78.65 per barrel.

    • Gold prices declined on Wednesday due to a stronger US dollar. Spot gold dropped 0.8% to $2,505.03 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets declined on Thursday, following Wall Street's losses as investors reacted to Nvidia's earnings results.

  2. Specific Index Performance:

    • Japan's Nikkei 225 index fell by 0.56%, while the broader Topix index was down 0.14%.

    • Hong Kong’s Hang Seng index futures were at 17,648, lower than the previous close of 17,692.45 for the HSI.

India Market Outlook

  1. GIFT Nifty Projection:

    • GIFT Nifty indicates a weak opening for the Indian market amid profit-taking in global equities.

    • Nifty Spot is expected to continue its consolidation in the range of 24,850-25,150.

  2. Market in Previous Session:

    • Nifty gained for the 10th straight session amid strong global cues, marking its longest winning streak since October 2020, and hit a new all-time high of 25,129.

    • The Sensex closed up 74 points at 81,786, while the Nifty ended 34 points higher at 25,052.

    • The Bank Nifty underperformed, closing down 0.26% at 51,143.

    • The broader market consolidated with the Nifty Midcap and Smallcap down 0.21% and 0.16%, respectively.

    • IT and Pharma stocks outperformed, whereas Media, FMCG, and Financial stocks underperformed.

  3. Nifty Short-Term Outlook:

    • Nifty formed a high wave candle with a higher high and higher low on the daily charts, consolidating for the second session after a strong upward move.

    • The index is expected to consolidate around the all-time high in the range of 24,800-25,150.

    • A sustained close above this range could push Nifty to 25,400, which is the 123.6% external retracement of the recent pullback from 25,078 to 23,894.

    • Immediate support is at 24,800-24,600, which aligns with Monday’s gap area and the 20-day EMA, currently positioned at 24,650.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,130, followed by 25,200 levels. Conversely, downside support is located at 24,950, followed by 24,870.

    • Bank Nifty: Intraday resistance is positioned at 51,260, followed by 51,500, while downside support is found at 50,830, followed by 50,600.

    • Fin Nifty: Intraday resistance is positioned at 23,590, followed by 23,680, while downside support is found at 23,410, followed by 23,300.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI for Nifty is at 25,000, followed by 24,800, while the highest call OI is at 25,500, followed by 25,100.

    • If Nifty breaks below 25,000, it may move towards 24,800.

    • If it remains above 25,100, it could reach 25,400 by the end of the month.

    • Call writers have shifted their positions from 25,000 to 25,100 and 25,400, indicating a shift in resistance.

    • Strong support is indicated by high put writing at 24,900 and 24,800.

    • Immediate support for Nifty is at 25,000, and resistance is at 25,500.

    • The Nifty put-call ratio decreased by 0.01 to 1.21.

  2. Bank Nifty:

    • The highest put OI for Bank Nifty is at 51,000, while the highest call OI is at 51,500.

    • Call writers are building positions at 51,200 and 51,500, suggesting these levels as strong resistance.

    • High put writing at 51,000 makes it a crucial support level.

    • According to option chain analysis, the broader range for Bank Nifty is between 51,000 and 51,500.

    • The Bank Nifty put-call ratio has increased by 0.03, reaching 0.89.

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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