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Share Market Today | Nifty Set for Flat Open, Likely to Consolidate

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Synopsis:

Today’s share market features how SEBI mandates NSE & BSE to update transaction fees from October 2024. Calcutta High Court favours Reliance Infrastructure with a ₹780 crore award against DVC. Radico Khaitan debuts Rampur Barrel Blush at Whisky Live Paris.

Latest Market News

1. NSE & BSE, will revise their transaction charges starting October 1, 2024, in accordance with a SEBI circular issued on July 1, 2024.

2. ⁠Calcutta High Court rules in favour of Reliance Infrastructure, upholding the ₹780 crore arbitration award against Damodar Valley Corporation (DVC).

3. ⁠#RadicoKhaitan has unveiled a new expression of Rampur Indian Single Malt Whisky – Barrel Blush at the WhiskyLiveParis2024 on September 28.

4. ⁠US FDA issues four observations for Biocon's Bengaluru API facility.

5. ⁠TataMotors conducts a groundbreaking ceremony for its new vehicle manufacturing facility in Tamil Nadu. Tata Motors Group intends to invest Rs 9,000 crores in this greenfield manufacturing facility.

6. ⁠Lupin: US FDA issued 3 observations to co’s Pithampur facility which was inspected from September 16 to September 27.

7. ⁠Welspun Enterprises emerges as L1 bidder for a Brihanmumbai Municipal Corporation (BMC) contract worth ₹1,989.9 Cr.

8. ⁠Dr. Reddy’s completes investment of $640 m in Switzerland Unit.

9. ⁠FIIs net sell ₹1,209.10 crore while DIIs net buy ₹6,886.65 crore in equities in Friday.

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790.33.95 (0.50 %)

Updated - 13 December 2024
792.50day high
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775.00day low
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In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • US equity indices rose last week as data was signalling stable economic growth and talks of more China stimulus helped outweigh the impact of mixed inflation readings.

  2. Sector-Specific Movements:

    • The Dow Jones Industrial Average ended at 42,313.00 on Friday, compared with 42,063.36 a week ago. The Nasdaq Composite closed at 18,119.59 versus 17,948.32 a week prior, and the S&P 500 finished at 5,738.17 compared with 5,702.55 a week earlier.

    • China on Thursday vowed the "necessary fiscal spending" required to reach its annual 5% gross domestic product growth target and to support property markets after recent monetary easing moves by the People's Bank of China.

    • On the same day, US Q2 GDP growth remained unrevised from the previous estimate, beating consensus.

    • On Friday, the August core personal consumption expenditures price index slowed from a month ago while year-over-year core PCE accelerated for the first time since January 2023.

  3. Economic Indicators:

    • Following the PCE data, the probability of a 50 basis point cut in interest rates in November rose to 54.8% from 49.3% a day ago. 

Other Asset Classes

  1. Treasury Yields:

    • The US 10-year yield slid 3.8 basis points to 3.751%, while the 2-year rate was down 6 bps to 3.563%.

  2. Currency:

    • The dollar index on Friday fell by 0.16% and posted a 14-month low closing at 100.4 levels.

    • The yen strengthened against the dollar after Japan's former Defense Minister Shigeru Ishiba looked set to become the next prime minister.

  3. Commodities:

    • Brent fell 1 cent to $71.86 a barrel, while U.S. crude rose 3 cents to $68.21 per barrel. 

    • Oil prices were erratic as concerns about possible increased supply from Saudi Arabia countered tensions in the Middle East.

    • A softer dollar combined with lower bond yields helped gold reach record highs at $2,685 an ounce.

Asian Markets

  1. General Trends:

    • Japan's Nikkei 225 tumbled over 4% on Monday and the yen weakened against the dollar as traders reacted to the results of the ruling Liberal Democratic Party election last Friday.

  2. Specific Index Performance:

    • Japan's August retail sales climbed 2.8% year on year, beating Reuters poll estimates of a 2.3% rise. The broad-based Topix saw a smaller loss of 3.13%.

    • China will release its official PMI numbers for September.

    • Australia's S&P/ASX 200 climbed 0.62%, breaching its all-time high of 8,246.2.

    • The Japanese yen weakened 0.29% against the dollar, trading at 142.63.

    • South Korea's Kospi fell 0.54%, and the small-cap Kosdaq slipped 0.49%.

    • Hong Kong's Hang Seng index futures were at 20,910, lower than the HSI's last close of 20,632.30.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian markets. Nifty spot after a flat opening is likely to consolidate in the broad range of 25,950 - 26,300.

  2. Market in Previous Session:

    • Nifty started the week on a positive note and gained momentum as the week progressed to form an all-time high of 26277 on Friday’s session. 

    • Index however closed the week off the high at 26178.95 up by 1.5%.

    • The index has formed a strong bull candle with a higher high and higher low signalling the continuation of the uptrend as the index closed firmly above the psychological 26000 level.  

  3. Nifty Short-Term Outlook:

    • Index during last week generated a breakout above the upper band of the rising channel of the last two months highlighting the acceleration of the up move. 

    • Going ahead, a follow-through strength above last week's high (26277) will open further upside towards 26,600 levels in the coming week. Failure to do so will lead to consolidation in the range of 26300-25700.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 26,280 followed by 26,340 levels. Conversely, downside support is located at 26,000, followed by 25,920.

    • Bank Nifty: Intraday resistance is positioned at 54,250, followed by 54,400, while downside support is found at 53,700, followed by 53,450.

    • Fin Nifty: Intraday resistance is positioned at 25,180, followed by 25,340, while downside support is found at 24,800, followed by 24,650.

Derivative Market Analysis

  1. Nifty:

    • The highest Call OI addition has been observed at the 27,000 level, while the immediate Call OI is positioned at the 26,500 level, which will act as immediate resistance for the coming week.

    • The accumulation of Call as well as Put OI addition at the single strike of 26,200 suggests a straddle formation, making it an important level to watch.

    • If the price sustains above the 26,200 level, further upside movement towards the 26,500 level is possible. Holding below the 26,200 level could lead to a correction towards the 26,000 level where the highest put OI is been noted.

    • The Nifty Put-Call ratio has decreased by 0.21 and is now positioned at 1.16.

  2. Bank Nifty:

    • Aggressive Call OI addition has been observed above the 54,000 level, along with Put unwinding, which suggests that 54,000 will act as resistance for Bank Nifty.

    • On the other hand, if the price holds below the 54,000 level, a corrective bias could lead to a move towards 53,500, where the second-highest Put OI has been noted.

    • According to the option chain analysis, accumulation of Call and Put OI has been observed at the 54,000 level, suggesting a straddle formation and marking it as an important level to watch.

    • The Bank Nifty Put-Call ratio has decreased by 0.32 and is now positioned at 0.74.

  3. Midcap Nifty

  • The highest Put OI has been observed at the 13,000 level, while immediate Put OI has been noted at the 13,200-13,300 levels, which will act as immediate support for the weekly expiry.

  • On the other hand, major Call OI has been observed at the 13,500 level, which will serve as a resistance level.

  • According to option chain analysis, the immediate range for the expiry is 13,200-13,300 on the downside and 13,500 on the upside.

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

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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.

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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?

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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?

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

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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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