Dear
Trader…
Indian equity indices ended in the red for the third straight
session on Wednesday, dragged by IT stocks as sentiment remained weak after a lacklustre
start to the quarterly earnings season. Investors remained cautious amid
disappointing earnings from IT majors TCS and Infosys. Fall in index major
Reliance Industries, HDFC Bank and ICICI Bank and fresh foreign fund outflows
also dented investor appetite.
The BSE Sensex index ended 159 points or 0.27% lower at
59,567, while Nifty50 fell 41 points or 0.23% to settle at 17,645.The market
capitalisation of all listed companies on the BSE declined Rs 75,465 crore to
Rs 265.19 lakh crore. From the Sensex pack, HCL Tech, Infosys and IndusInd Bank
were the top losers, falling over 2%. Wipro, NTPC, Asian Paints, TCS and Tech
Mahindra also ended in the red. On the other hand, Bharti Airtel, M&M, Axis
Bank, HDFC and HDFC Bank ended with gains. Shares of ICICI Lombard General
Insurance closed nearly 5% lower after Q4 results.
On the sectoral front, Nifty IT declined 1.77% and Nifty Media
fell 1.71%. Banks, auto, FMCG and healthcare sectors also closed lower.
Whereas, in the broader market, Nifty Midcap50 fell 0.21%, and Smallcap50
plunged 0.60%.
Global Markets –
Asian shares were mixed on Wednesday, as investors took a
wait-and-see stance ahead of earnings reports and possible moves by central
banks.
Japan’s benchmark Nikkei 225 slipped 0.2% to finish at
28,607, while South Korea’s Kospi gained less than 0.1% to 2,573. The Shanghai
Composite shed 0.6% to 3,371.
European shares fell on Wednesday, as investors scrutinised
still-hot UK inflation and corporate earnings, while awaiting eurozone March
inflation data for more clues on the European Central Bank’s monetary
tightening path. The pan-European STOXX 600 index fell 0.2% but was still
hovering around its 14-month highs.
Rupee weakens – The Indian rupee closed at a more-than-two-week low against
the dollar on Wednesday as the greenback staged a recovery on firmer US
Treasury yields. The rupee finished at 82.2250 to the US dollar, its lowest
level since April 3. The currency’s previous close was 82.04.
Crude price falls – Oil prices dropped sharply today, sliding by 2% as potential
US interest rate hikes that could slow growth and curb oil consumption
outweighed strong Chinese economic data and falling US inventories. Brent crude
futures shed $1.70 to $83.07 a barrel, while West Texas Intermediate US crude
fell by $1.64 to $79.22.
Nifty
futures opened at 17700.00 points against the previous close of 17712.35 and opened
at a low of 17622.00 points. Nifty Future closed with an average movement of 88.80
points and a decline of around 62.70 points and 17645.00 points…!!
On
the NSE, the midcap 100 index will down 0.09% and small cap 100 index is
closing up 0.12%.
At
the start of intra-day trading, JUNE gold opened at Rs.60448 fell from a high
of Rs.60509 points to a low of Rs.59653 with a decline of 718 points, a trend
of around Rs.59770 and MAY Silver opened at Rs.75299, fell from a high of Rs.75347
points to a low of Rs.73905 with a decline of 1059 points, a trend of around
Rs.74190.
Meanwhile, The
dark clouds of weak Q4 numbers are haunting the domestic market leading to a
consecutive third fall in the week. IT stocks continued their selling spree
ahead of the release of earnings from other tech majors,Tepid cues from the
global peers are also creating havoc as the market prices in the possibility of
another rate hike by the Fed. The biggest risk for the market today is a
downgrade in the corporate earnings for.
Technically, the important key resistances are placed
in Nifty future are at 17645 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 17707 – 17808 levels.
Immediate support is placed at 17474 – 17303 levels.
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