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Share Market Today | GIFT Nifty Flat, Global Markets Mixed

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Synopsis:

Today’s latest market updates feature Indus Towers’ ₹26.4 billion share buyback plan, New India Assurance to hike health insurance premiums by up to 10%, Adani Energy Solutions launches a QIP at ₹1,027 per share, 75% secured creditors approve Vedanta's demerger, SEBI’s stricter regulations on derivatives, plus other global market news.

Latest Market News

  1. Indus Towers approves a plan to buy back shares worth ₹26.4 billion at ₹465 per share via a tender offer.
  2. New India Assurance is likely to have increased health insurance premiums by up to 10%.
  3. Adani Energy Solutions launches a QIP with a floor price set at ₹1,027 per share.
  4. Vedanta's demerger progresses as 75% of secured creditors approve the scheme filing.
  5. SEBI proposes stricter regulations on derivatives to enhance market stability.
  6. Vedanta receives a tax demand order for ₹1,289 crore for AY 2020-21 from the Income Tax Department.
  7. FIIs net sold ₹5,598.64 crore while DIIs net bought ₹5,565.10 crore in equities yesterday.

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

US Share Market News

  1. Performance Overview:
    • On Tuesday, the US stocks mostly declined due to a selloff in major tech companies, dragging down the S&P 500 and Nasdaq Composite ahead of Big Tech earnings and key central bank decisions.
  2. Sector-Specific Movements:
    • The S&P 500 dropped 27.10 points, or 0.5%, to close at 5,436.44.
    • The Nasdaq Composite fell 222.78 points, or 1.3%, ending at 17,147.42.
    • The Dow Jones Industrial Average rose 203.40 points, or 0.5%, to finish at 40,743.33.
  3. Stock-Specific Action:
    • Nvidia shares decreased by 7%. Other tech giants like Amazon, Netflix, and Meta Platforms also saw declines.
    • In extended trading, Microsoft shares fell more than 2% due to disappointing performance in its cloud business.
    • Advanced Micro Devices (AMD) climbed over 7% as its second-quarter results exceeded expectations.
  4. Economic Indicators:
    • All eyes are on the Federal Reserve's Wednesday meeting, where an announcement on interest rates and a press conference with Chair Jerome Powell is expected.
    • Fed funds futures indicate a high probability that central bankers will keep rates steady at 5.25% to 5.5%, according to CME’s FedWatch Tool. Traders are keen to see if Powell hints at potential rate cuts in the near future.

Other Asset Classes

  1. Treasury Yields:
    • US Treasury yields remained mostly unchanged on Tuesday as investors awaited economic data from the labour market and the Federal Reserve’s July meeting. The yield on the 10-year Treasury fell about three basis points to 4.142%.
  2. Currency:
    • The dollar fell 0.07% to 104.51 against a basket of currencies, after hitting 104.79, the highest level since July 11 earlier in the day.
  3. Commodities:
    • Oil prices dipped in early Asian trading, continuing losses from the previous session due to concerns about Chinese demand and a disregard for escalating Middle East conflicts. Brent crude oil futures fell 0.15% to $79.78 a barrel. US crude futures were down 0.18% at $75.67 a barrel.
    • Gold prices rose around 1% on Tuesday, with investors optimistic that the US Federal Reserve might hint at lowering interest rates in September at the end of the policy meeting this week. Spot gold was up 0.8% at $2,403.47 per ounce.

Asian Markets

  1. General Trends:
    • Asia-Pacific markets were mixed on Wednesday as investors awaited the Bank of Japan’s rate decision and China’s business activity data.
    • Economists polled by Reuters expect the Bank of Japan to raise rates to 0.1%, though some analysts anticipate a larger hike. The BOJ’s benchmark interest rate is currently in the range of 0% to 0.1%.
  2. Specific Index Performance:
    • Japan’s Nikkei 225 fell 0.84% ahead of the BOJ decision, while the broad-based Topix was down 0.4%.
    • South Korea’s Kospi rose 0.48%, with heavyweight Samsung Electronics up 0.74%.

India Market Outlook

  1. GIFT Nifty Projection:
    • GIFT Nifty indicates a flat opening for the Indian market amid mixed global cues.
    • The Nifty spot is likely to continue its consolidation from the last two sessions ahead of the Federal Reserve rate decision, trading in the range of 24,750 to 24,980.
  2. Market in Previous Session:
    • For the second session in a row, benchmark indices traded with high volatility.
    • Nifty started flat, gained momentum, but ended with a marginal gain of 0.1% at 24,857 due to last-hour profit booking.
    • Bank Nifty also closed higher by 0.2% at 51,499.
    • The broader market continued its uptrend, with Nifty Midcap and Small Cap gaining 0.4% and 0.8% respectively.
    • Major gainers included Consumer Durables, Media, Auto, and Oil & Gas stocks.
  3. Nifty Short-Term Outlook:
    • The index is expected to maintain a positive bias and aim for 25,200 levels, based on the 138.2% external retracement of the recent range (24,854-24,074).
    • Immediate support is at 24,400, aligning with last Friday's low and the 20-day EMA.
  4. Intraday Levels:
    • Nifty: Intraday resistance is at 24,920, followed by 25,000 levels. Conversely, downside support is located at 24,770, followed by 24,680.
    • Bank Nifty: Intraday resistance is positioned at 51,790, followed by 52,080, while downside support is found at 51,180, followed by 50,900.
    • Fin Nifty: Intraday resistance is positioned at 23,450, followed by 23,580, while downside support is found at 23,230, followed by 23,110.

Derivative Market Analysis

  1. Nifty:
    • The highest put OI is at 24,000 and 24,500 levels, while the highest call OI is at 25,500 and 25,000 levels.
    • A straddle formation is observed at the 24,900 level due to both call and put OI addition.
    • If the index remains above 24,900, it could reach 25,200. However, if it drops below 24,900, it might fall to 24,500.
    • Immediate support is at 24,800, and resistance is at 25,000, with the Nifty put-call ratio decreasing by 0.09 to 1.23.
  2. Bank Nifty:
    • The highest put OI is at 50,000, and the highest call OI is at 53,000, with immediate put OI at 51,000 and call OI at 52,000.
    • A strong straddle at 51,500 indicates a tighter trading range for Bank Nifty.
    • Put OI additions are at 50,000 and 51,000, while call OI additions are at 52,000 and 52,800, with some call unwinding at 51,500, which is positive for Bank Nifty.
    • Immediate support is at 51,000 and resistance at 52,000, with the Bank Nifty put-call ratio decreasing by 0.06 to 0.77.

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?

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.

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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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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.

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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?

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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.

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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?

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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.

How can I mitigate risks in the stock market?

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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?

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.

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