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Share Market Today | GIFT Nifty Flat, Asian Peers Trader Higher

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Synopsis:

Today’s latest market updates feature ITI’s first order from the State Election Commission of West Bengal for 500 EVMs, RVNL’s MoU with Patel Engineering for hydro and infrastructure projects, NTPC’s commissions 320 MW solar project in Jaisalmer, LIC’s ₹605.59 Cr tax demand order for FY 2019-20, plus other global market news.

Latest Market News

  1. ITI secured its first order for 500 electronic voting machine (EVM) sets from the State Election Commission of West Bengal after a successful demo in Kolkata.

  2. RVNL signed an MoU with Patel Engineering to jointly pursue hydro and infrastructure projects in India and abroad.

  3. NTPC commissioned 160 MW of its 320 MW Bhainsara solar project in Jaisalmer, Rajasthan, increasing its total installed and commercial capacity to 76,294 MW.

  4. The government has removed the cap on sugar diversion for ethanol production for the Ethanol Supply Year 2024-25.

  5. Infosys expanded its collaboration with Nvidia to enhance AI-powered, customer-centric solutions for telcos including real-time AI capabilities through Infosys Topaz and NVIDIA Riva.

  6. LIC received a ₹605.59 crore demand order from the Deputy Commissioner of State Tax, Mumbai, for the financial year 2019-20.

  7. Prestige Estates launched a QIP to raise up to ₹5,000 crore at an indicative issue price of ₹1,674 per share to repay debt, acquire land, or development rights.

  8. FIIs net bought ₹3,259.56 crore, and DIIs net bought ₹2,690.85 crore in equities yesterday.

ITI LTD

Trade

358.7-6.75 (-1.84 %)

Updated - 13 December 2024
369.10day high
DAY HIGH
352.50day low
DAY LOW
5960515
VOLUME (BSE)

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

US Share Market News

  1. Performance Overview:

    • US stocks were mixed on Thursday as gains in Oil & Gas, Industrials, and Basic Materials boosted shares, while losses in Technology, Telecoms, and Consumer Services weighed them down.

  2. Sector-Specific Movements:

    • Wall Street indexes showed mixed results.

    • The Dow Jones Industrial Average gained 0.6%, reaching a record high of 41,335.05 points on Thursday.

    • Nvidia’s losses pulled the NASDAQ Composite down 0.2% to 17,516.43 points, while the S&P 500 ended flat at 5,592.0 points.

  3. Economic Indicators:

    • Initial jobless claims in the US fell to 231,000 from the previous week’s 232,000, slightly above the 230,000 expected. Second-quarter GDP growth was revised up to 3% from the initial 2.8%.

    • Signs of strength in the US economy give the Fed less reason to cut interest rates sharply, yet this has increased expectations of a soft landing, driving investment into more economically sensitive sectors.

    • Optimism about interest rate cuts kept Wall Street near record highs, with attention now turning to the upcoming PCE price index data—the Fed's preferred inflation measure—due later in the day.

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year Treasury yield rose nearly 3 basis points to 3.869% on Thursday as investors awaited a key inflation report due Friday.

  2. Currency:

    • The US dollar rose for the second session on Thursday as data showed the economy grew faster than expected in Q2, slightly lowering expectations of a 50 basis-point rate cut by the Fed next month. The dollar index climbed 0.3% to 101.35.

  3. Commodities:

    • US crude oil futures rose nearly 2% on Thursday, bouncing back after a two-day decline as Libya confirmed significant disruptions in its oil output. Brent's October contract rose $1.29, or 1.64%, to $79.94 per barrel.

    • Gold prices gained on Thursday, driven by strong expectations of a Federal Reserve rate cut in September. Investors are now focused on US inflation data for clues on the cut's potential size. Spot gold rose 0.91% to $2,525.12 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets climbed on Friday after US economic data eased recession fears, with investors also reviewing multiple data points from Japan.

    • Tokyo’s inflation rate rose to 2.6% in July from 2.2% in June, marking the highest level since March.

  2. Specific Index Performance:

    • Japan’s Nikkei 225 was slightly up, and the Topix gained 0.23% following data releases.

    • South Korea’s Kospi rose 0.55% in early trading, while the small-cap Kosdaq increased by 0.74%

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty indicates a flat opening for the Indian market. After opening flat, Nifty is expected to trade within the 25,000-25,280 range today.

  2. Market in Previous Session:

    • Nifty and Sensex closed at record highs, with Sensex up 0.43% at 82,134 and Nifty up 0.4% at 25,152, overcoming early volatility due to weak global cues.

    • Bank Nifty ended flat at 51,152 amid high volatility.

    • The broader market saw profit booking, with Nifty Midcap and Smallcap down 0.4% and 0.5%, respectively.

    • Key gainers included Oil & Gas, FMCG, IT, and Auto stocks.

  3. Nifty Short-Term Outlook:

    • Nifty formed a bull candle with higher highs and lows, marking an 11th consecutive session gain, closing above 25,100.

    • Sustaining above recent lows of 24,960 could extend the uptrend towards 25,400, aligning with the 123.6% retracement level.

    • Key support is at 24,800-24,600, near the 20-day EMA at 24,698 and the recent gap area, suggesting a positive bias if maintained.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,200, followed by 25,280 levels. Conversely, downside support is located at 25,040, followed by 24,960.

    • Bank Nifty: Intraday resistance is positioned at 51,400, followed by 51,630, while downside support is found at 50,910, followed by 50,720.

    • Fin Nifty: Intraday resistance is positioned at 23,680, followed by 23,790, while downside support is found at 23,470, followed by 23,350.

Derivative Market Analysis

  1. Nifty:

    • The highest put OI is at 25,000, followed by 25,100, while the highest call OI is at 26,000, followed by 25,200.

    • If Nifty breaks 25,000, it may move towards 24,800, but staying above 25,200 could push it to 25,500.

    • Significant call writing at 25,200 indicates strong resistance, while heavy put OI buildup at 25,000, 25,100, and 25,200 suggests robust support.

    • According to the option chain, immediate support is at 25,000, and resistance is at 25,200.

    • The Nifty put-call ratio rose by 0.07 to 1.28.

  2. Bank Nifty:

    • Bank Nifty's highest put OI is at 51,000, and the highest call OI is at 51,500.

    • A break below 51,000 could lead to 50,000 while staying above 51,500 could push the index to 52,000.

    • Call writers above 51,300 indicate strong resistance, while significant put writing at 51,000 suggests key support.

    • The broader range for Bank Nifty is 51,000 to 52,000.

    • The put-call ratio for Bank Nifty fell by 0.05 to 0.84.

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

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Answer Field

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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.

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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.

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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?

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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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