BAJAJ BROKING

Notification
No new Notification messages
Vishal Mega Mart IPO is Open!
Apply for the Vishal Mega Mart IPO through UPI in just minutes.
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.

Share Market Today | Gift Nifty Negative, Nasdaq Hits 17k Mark

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Today’s latest market updates: Birla Group boosts stake in Grasim from 19.10% to 23.18%, Reliance seals oil deal with Russia's Rosneft, Hindalco's US subsidiary Novelis plans 45mn shares IPO, ₹500 crore stake sale in PNB Housing Finance, plus other global market news.

Latest Market News

  1. Birla Group Holdings increased its stake in Grasim Industries from 19.10% to 23.18%.
  2. Reliance Industries signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil monthly in rubles.
  3. Novelis, a subsidiary of Hindalco, is set to launch a US IPO, offering 45 million shares at $18-21 each.
  4. PNB Housing Finance is set for ₹500 Cr stake sale, two shareholders have been offered a 2.68% stake (6.96 million shares) at ₹717 per share.
  5. FIIs bought ₹65.57 crore and DIIs bought ₹3,231.67 crore in equities yesterday.

Additional Read: Share Market News

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

US Share Market News

  1. Performance Overview:

On Tuesday, the Nasdaq Composite hit a new high, backed by Nvidia's rise, amidst an otherwise uneventful trading session.

  1. Economic Indicators:

Traders are increasingly leaning towards no rate cut in September. According to the CME Fedwatch tool, there's a 50.7% chance the central bank will maintain rates and a 43.6% chance of a 25 basis point cut.

The data arrived before Friday's release of the PCE price index data, anticipated to reveal a slight decrease in inflation, yet it's projected to stay significantly higher than the Fed's 2% annual target.

The economic calendar also highlights revised first-quarter economic growth data on Thursday.

  1. Sector-Specific Movements:

The Nasdaq rose 0.59% to reach a record high of 17,019.88, powered by Nvidia's 7% surge. Meanwhile, the S&P 500 edged up 0.02% to 5,306.04, and the Dow Jones Industrial Average fell 0.55%, closing at 38,852.86, down 216.73 points.

Other Asset Classes

  1. Treasury Yields:

On Tuesday, treasury yields rose due to a disappointing auction of the five-year note and anticipation of new inflation data. The 10-year note yield climbed nearly 7 basis points to 4.542%, while the 2-year Treasury yield fell over 2 basis points to 4.974%.

  1. Currency:

The dollar index held steady, closing unchanged after bouncing back from earlier losses. This came as benchmark US Treasury yields surged to a four-week high following lacklustre auctions. The index remained at 104.60, having briefly dipped to 104.33 earlier.

  1. Commodities:

US crude oil surged by almost 3% following last week's dip, with attention now turning to a crucial OPEC+ virtual meeting to be held on Sunday. The meeting shall review its production policy. Some members are voluntarily withholding 2.2 million barrels per day to support prices.

Gold prices rose on Tuesday, boosted by a weaker dollar. Investors are awaiting US inflation data later this week for clues on potential interest rate cuts. Spot gold climbed 0.38% to $2,359.56 per ounce, while US gold futures settled 0.9% higher at $2,356.50.

Asian Markets

  1. General Trends:

Asia-Pacific markets were mixed in Wednesday’s morning session, while the Nasdaq Composite reached a record high, surpassing 17,000 for the first time.

  1. Specific Index Performance:

Japan's Nikkei 225 opened up 0.18%, and the Topix was slightly positive.

South Korea's Kospi dropped 0.26%, and the Kosdaq declined 0.44%.

India Market Outlook

  1. GIFT Nifty Projection:

Gift Nifty indicates a negative opening for the Indian market. However, buying demand is expected around the 22800-22750 breakout area from last week. The Nifty spot is likely to consolidate within the 22750-22950 range.

  1. Nifty Short-Term Outlook:

For the second consecutive day, benchmark indices traded within a range with a corrective bias due to mixed global cues. The Nifty closed marginally lower by 0.2% at 22,888, while the Bank Nifty ended 0.3% down at 49,142.

A bear candle pattern indicated ongoing consolidation above the recent breakout range of 22,800-21,700.

Anticipating continued volatility ahead of the general election results and Q4 earnings season, the index is expected to form a base around 22,700-22,800 before resuming its upward trend towards the 23,300 target.

Current dips are viewed as buying opportunities.

  1. Intraday Levels:

Nifty: Intraday resistance is situated at 22930, followed by 22990 levels. Conversely, downside support is located at 22800, followed by 22740.

Bank Nifty: Intraday resistance is positioned at 49290, followed by 49530, while downside support is found at 48900, followed by 48740.

Fin Nifty: Intraday resistance is positioned at 22060, followed by 22150, while downside support is found at 21870, followed by 21770.

Derivative Market Analysis

  1. Nifty:

The highest call OI remains at the 23,500 level, with immediate resistance at 23,000 due to significant call writing, indicating multiple resistances above this level. Major put OI additions are at 22,500 and 23,000, suggesting a potential decline to 22,500 if prices stay below 23,000.

Option chain analysis shows put writers unwinding above 23,000, while aggressive call writing makes surpassing this level challenging. The Nifty is expected to trade between 22,500 and 23,000, with a potential directional move if it breaks out of this range.

The put-call ratio has decreased to 0.94, and a 0.7% increase in open interest coupled with a 0.2% price fall indicates a short buildup.

  1. Bank Nifty:

  The Bank Nifty is seeing significant put OI additions at the 48,000 and 49,000 levels, indicating strong support, while the highest call OI additions are at the 50,000 and 49,500 levels, with potential for short covering if prices exceed 49,500.

  Call writers are active above 49,500 and put writers below 49,000, suggesting a consolidation range between 49,000 and 49,500. A break outside this range could lead to a further directional move.

  The Bank Nifty also saw a 4.5% increase in open interest and a 0.2% price decrease, indicating a short buildup.

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 the events in the domestic and global stock markets. 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.

For All Disclaimers Click Here https//bit.ly/3Tcsfuc

Share this article: 

Frequently Asked Questions

What exactly is the stock market, and how does it work?

Answer Field

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.

Why should I consider investing in the stock market?

Answer Field

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

How can I start investing in the stock market?

Answer Field

To begin investing in stocks, individuals can open a brokerage account, conduct research on companies and industries, and start building a diversified portfolio aligned with their investment goals and risk tolerance.

What factors should I consider before investing in stocks?

Answer Field

Important factors to consider include investment goals, risk tolerance, time horizon, market research, diversification, and staying informed about economic and market trends.

What are the risks associated with stock market investments?

Answer Field

Risks include market volatility, liquidity risk, company-specific risks, and the potential for loss of capital. It's essential for investors to assess their risk tolerance and diversify their portfolios accordingly.

How do I stay informed about daily market happenings?

Answer Field

You can stay informed by monitoring financial news websites, market analysis reports, earnings announcements, economic indicators, and utilising real-time market data provided by reliable brokerage platforms.

What is the difference between long-term investing and trading in the stock market?

Answer Field

Long-term investing involves holding stocks for extended periods, typically years or decades, with a focus on capital appreciation and dividend income. Trading involves buying and selling stocks more frequently, often based on short-term price movements.

How can I mitigate risks in the stock market?

Answer Field

Risk mitigation strategies include diversifying your portfolio, setting stop-loss orders, conducting thorough research, avoiding over-leveraging, and maintaining a long-term perspective on investments.

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

Answer Field

Yes, tax implications vary depending on factors such as investment duration, type of account (e.g., taxable brokerage account, retirement account), and realised gains or losses from selling stocks.

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

Answer Field

Yes, many brokerage platforms offer fractional investing or allow investors to purchase partial shares, enabling individuals with limited capital to start investing in the stock market with smaller amounts.

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?

Answer Field

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.

No Result Found

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

8 Lacs+ Users

icon-with-text

4.4+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4700+ Cr MTF Book

icon-with-text