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Share Market Today | Gifty Nifty Up, Global Markets Positive

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Synopsis:

Today’s latest market updates feature BHEL’s ₹10,000 Cr project from Damodar Valley, UltraTech Cement's 32.72% stake acquisition in India Cements for ₹3,954 Cr, ITC Hotels' demerger likely to list by the end of 2024, Glenmark Life's Ankleshwar facility receives closure notice by GPCB, plus other global market news.

Latest Market News

  1. BHEL has received a ₹10,000 crore project from Damodar Valley Corporation.

  2. UltraTech Cement's board has approved acquiring a 32.72% stake in India Cements for ₹3,954 crore at ₹390 per share.

  3. ITC Hotels' demerger is set to be completed in 6 months, with a potential listing by the end of 2024.

  4. Glenmark Life's Ankleshwar facility has been issued a closure notice by the Gujarat Pollution Control Board.

  5. Chalet Hotels plans to add 200 more rooms this year.

  6. PNB has revised its FY25 guidance, lowering the GNPA ratio to around 4% and credit cost to below 0.5%.

  7. FIIs net bought ₹2,546.38 crore in equities, while DIIs net bought ₹2,774.31 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Friday, Wall Street’s major indexes ended higher. Investors returned to tech megacaps, which had caused broad sell-offs earlier in the week.

    • Optimism grew as inflation data suggested that the Federal Reserve might soon start cutting interest rates.

  2. Sector-Specific Movements:

    • The S&P 500 rose by 59.88 points (1.11%) to reach 5,459.10.

    • The Nasdaq Composite climbed by 176.16 points (1.03%) to 17,357.88.

    • The Dow Jones Industrial Average increased by 654.27 points (1.64%) to 40,589.34.

    • Dow Jones gained significantly, thanks to 3M's impressive 23% jump, marking its largest daily percentage gain in decades after it raised the lower end of its annual adjusted profit forecast.

  3. Economic Indicators:

    • Headline PCE rose 0.1% month-over-month and 2.5% year-over-year, matching economists’ estimates polled by Dow Jones. This positive inflation news has lifted investor hopes for more rate cuts this year, with the fed funds futures market pricing in cuts in September 2024.

    • The Fed is expected to keep interest rates unchanged after its two-day meeting on Wednesday. However, any signals on when it plans to start cutting rates will be closely watched, as inflation has shown signs of cooling in recent months.

  4. Corporate Earnings:

    • Focus is also on the June-quarter earnings reports from Wall Street's biggest companies, including Apple Inc., Microsoft Corporation, Meta Platforms Inc., Advanced Micro Devices Inc., and Amazon, due in the coming days.

Other Asset Classes

  1. Treasury Yields:

    • Treasury yields eased slightly after the release of mild US inflation data. The yield on the 10-year Treasury fell to 4.193% whereas the 2-year Treasury yield dropped to 4.385%. The inflation data is unlikely to change the Fed’s path towards a less restrictive monetary policy in the coming months.

  2. Currency:

    • The dollar index, measuring the greenback against a basket of six currencies (including the yen and the euro), was marginally down at 104.08.

  3. Commodities:

    • US crude oil fell over 1% on Friday, marking a third weekly decline. Concerns about demand in China outweighed strong US economic growth. West Texas Intermediate oil dropped by 3.7% for the week, while Brent fell by 1.8%.

    • Gold prices rose 1% on Friday as US Treasury yields fell, driven by optimism for a Federal Reserve interest rate cut in September. Spot gold increased by 1% to $2,388.05 per ounce, after hitting its lowest point since July 9.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets climbed on Monday, led by Japan’s Nikkei 225, after a key US inflation report late last Friday raised hopes for an interest rate cut.

  2. Specific Index Performance:

    • The Nikkei rose by 2.02%, while the broad-based Topix increased by 1.52%.

    • South Korea’s Kospi was up 0.8% and the small-cap Kosdaq rose by 0.48%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty signals a positive start for the Indian market, with the Nifty spot likely to trade in the range of 24,750-25,050 levels after a positive start.

  2. Market in Previous Session:

    • Nifty experienced high volatility but gained 1.24%, closing at 24,834, marking its eighth consecutive week of gains.

    • In contrast, Bank Nifty underperformed, closing down by 1.86% at 51,295.

    • The broader market outperformed, with Nifty Midcap and Small-Cap indices gaining 3.33% and 2.48%, respectively.

  3. Nifty Short-Term Outlook:

    • Looking ahead, Nifty is expected to maintain a positive bias, potentially reaching 25,000-25,200 levels in the coming week.

    • Immediate support is at last Friday's low of 24,400, sustaining above which will keep the bias positive.

    • Broad-based market participation is evident, with 88% of NSE 500 constituents trading above their 200-day Exponential Moving Average (EMA), up from 72% two months ago, indicating a robust price structure.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 24,980, followed by 25,050 levels. Conversely, downside support is located at 24,810, followed by 24,750.

    • Bank Nifty: Intraday resistance is positioned at 51,750, followed by 51,980, while downside support is found at 51,180, followed by 50,970.

    • Fin Nifty: Intraday resistance is positioned at 23,470, followed by 23,600, while downside support is found at 23,260, followed by 22,180.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI is at 25,000, while the highest put OI is at 24,500.

    • The highest call OI addition is at 25,200, followed by 25,100. A move above 25,000 may lead to a bullish rally towards 25,200.

    • Immediate put OI concentration is at 24,800, with the highest put OI addition at 24,600, followed by 24,500. Significant put OI addition below 24,800 suggests a strong support base.

    • If Nifty drops below 24,800, it could head towards 24,600, whereas 25,000 remains a key resistance level.

    • The Nifty put-call ratio increased by 0.15 to 1.36.

  2. Bank Nifty:

    • The highest call OI for Bank Nifty is at 53,000, while the highest put OI is at 50,000.

    • Immediate call OI concentration is at 51,500, and put OI concentration is at 51,000.

    • The highest call OI addition is at 52,200, with the highest put OI addition at 50,800.

    • Significant put unwinding at 51,000 indicates a positive trend, and a large put OI addition below 50,800 suggests a strong support base.

    • If Bank Nifty drops below 50,800, it could head towards 50,000.

    • Immediate support is at 51,000, and key resistance is at 51,500.

    • Breaking 51,500 on the upside could move it towards 52,000.

    • The Bank Nifty put-call ratio increased by 0.09 to 0.87.

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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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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Investing in the stock market offers the potential for long-term wealth growth, dividend income, portfolio diversification, and ownership stakes in successful companies.

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How can I mitigate risks in the stock market?

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Are there any specific tax implications associated with stock market investments?

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Can I invest in the stock market with a small amount of capital?

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What are government bonds in India, and how do they work?

Answer Field

Government bonds in India serve as a financing tool for public initiatives, provided by the government. Investors buy these bonds, receiving fixed interest payments. They are a reliable option, offering security and predictable returns.

What are the benefits of investing in government bonds compared to other investment options?

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Government bonds offer safety and stability, ideal for risk-averse investors. Compared to equities, they provide predictable returns, helping in portfolio diversification. Additionally, they are less volatile, making them suitable for long-term financial planning.

How can I buy government bonds in India, and what are the steps involved in the purchasing process?

Answer Field

To understand how to buy government bonds in India, investors can participate in Reserve Bank auctions, purchase through brokers, or invest in GILT mutual funds. A Demat account is necessary, followed by transaction completion on selected platforms.

What are the different types of government bonds available for investment in India?

Answer Field

India offers several government bonds, including treasury bills, sovereign gold bonds, and long-term bonds. Each type has distinct tenures and interest rates, catering to different investment needs, from short-term liquidity to long-term stability.

How do I determine the best government bonds to invest in India based on my financial goals?

Answer Field

Choosing the best government bonds to invest in India depends on individual goals. Short-term bonds offer liquidity, while long-term bonds provide stability. Consider factors like maturity, interest rates, and inflation protection for tailored investment decisions.

What factors should I consider when evaluating government bonds for investment?

Answer Field

Key factors include interest rates, inflation trends, and bond maturity. Evaluating these aspects helps in aligning bond choices with financial goals, especially for conservative portfolios. GILT mutual funds diversify risks across multiple government bonds.

How can I invest in government bonds through the online platform or through a broker?

Answer Field

Investors can invest in government bonds via online platforms, brokers, or banks. Online options facilitate participation in auctions and secondary markets, offering a streamlined process for how to invest in government bonds conveniently.

What are the tax implications of investing in government bonds in India?

Answer Field

Interest from government bonds is taxed according to the investor’s income bracket. However, some bonds may offer tax benefits. Understanding these implications helps optimise returns when considering how to invest in government bonds.

Are there any risks associated with investing in government bonds in India?

Answer Field

Although government bonds are low-risk, they are subject to interest rate fluctuations and inflation, which can impact returns. Understanding these risks is essential when considering how to invest in government bonds effectively.

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