Dear
Trader…
Amid concerns of a mild recession in the US, Indian equity
indices remained in the red throughout the day but later recovered and ended in
the green for the ninth consecutive day on Thursday, led by banking and
financial stocks.The 30-share BSE benchmark Sensex rose 38 points or 0.06% to
settle at 60,422. The broader NSE Nifty surged 16 points or 0.09% to end at
17,879.
From the Sensex pack, IndusInd Bank, Power Grid Corp, Axis
Bank, Kotak Bank and Bajaj Finserv were the top gainers, rising 1-3% each. SBI,
Asian Paints, ICICI Bank and Bajaj Finance also closed with gains. However,
Infosys, Tech Mahindra, HCL Tech, TCS and NTPC ended the session with cuts.
Sectorally,Nifty Bank advanced 1.38% and Nifty Realty rose
1.13%, whereas, Nifty IT and Nifty Pharma closed lower. In the broader market,
Nifty Midcap50 surged 0.36% and Smallcap50 gained 0.37%.The market
capitalisation of all listed companies on BSE increased by Rs 27,471 crore to
Rs 265.93 lakh crore.
Global Markets –
Asian markets mostly fell Thursday after minutes from the
Federal Reserve’s most recent policy meeting showed officials foresaw a US
recession at the end of the year, while inflation data could not temper
expectations of another interest rate hike.
The Shanghai Composite Index lost 0.3% to 3,318 while the
Nikkei 225 in Tokyo added 0.26% to 28,156. The Hang Seng in Hong Kong rose
0.17% to 20,344.
European shares edged higher on Thursday, supported by gains
in luxury stocks after LVMH posted strong first-quarter sales and hopes of a
pause in the US Federal Reserve’s rate hike cycle following
cooler-than-expected inflation data.The blue-chip STOXX 50 index edged up 0.3%,
after hitting its highest level in 22 years on Wednesday. LVMH, the world’s
largest luxury company, gained 4.6% on reporting a 17% jump in first-quarter
sales that breezed past estimates as business in China rebounded sharply.
Rupee Strengthens – The Indian rupee strengthened to the Sychologically critical
81.85-per-dollar level on Thursday, as cooling US inflation increased bets that
the Federal Reserve was near the end of its rate-hiking cycle and weighed on
the greenback. The rupee finished up 0.28% at 81.85 per US dollar, having risen
upto 81.8375 during the session. It ended little changed for the week after
rising for three straight weeks.
.
Crude price – Oil prices were stable on Thursday as the market weighed the
prospect of tight supply against possible recession in the United States, the
world’s largest oil consumer. Brent crude fell 7 cents, or 0.08%, to $87.26 a
barrel. US West Texas Intermediate (WTI) was unchanged at $83.26.
Nifty futures opened at 17850.00 points against the previous
close of 17858.25 and opened at a low of 17775.00 points.
Nifty Future closed with an average movement of 21.40 points and a rise of
around 114.00 points and 17884 points…!!
On the NSE, the midcap 100 index will down 0.20% and small
cap 100 index is closing down 0.29%.
At the start of intra-day trading, JUNE gold opened
at Rs.60731, fell from a high of Rs.60958 points to a low of Rs.60693 with a rise
of 333 points, a trend of around Rs.60961 and JUNE Silver opened at Rs.76034,
fell from a high of Rs.76411 points to a low of Rs.75841 with a rise of 432 points,
a trend of around Rs.76345.
Meanwhile, Indian
shares experienced a downturn, weighed down by IT stocks following weak
quarterly earnings and a cautious outlook from the top IT firm, which flagged
apprehensions over deferred spending and uncertainty in its BFSI segment. The
fight between bulls and bears ended in favour of the bulls as Nifty ended the
session about 100 points off the day’s low. The critical moving averages are
sitting comfortably below the current index value.
Technically, the important key resistances are placed
in Nifty future are at 17884 levels, which could offer for the market on the
higher side. Sustainability above this zone would signal opens the door for a
directional up move with immediate resistances seen at 17909 – 18008 levels.
Immediate support is placed at 17808 – 17737 levels.
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