Dear
Trader…
Ahead of the US Federal Reserve’s interest
rate decision on Wednesday, Indian equity indices ended higher for the eighth
straight day on Tuesday, led by banking, financial, auto and IT stocks. Broader
gains across sectors on March-quarter earnings and foreign fund inflows also
fuelled the rally.
The 30-share BSE benchmark Sensex rose 242
points or 0.40% to settle at 61,355.From the Sensex pack, Tech Mahindra, NTPC,
Tata Steel, Maruti and Infosys were the top gainers, rising over 2%. Power
Grid, L&T, Axis Bank and Titan also closed with gains.On the other hand,
Sun Pharma, UltraTech Cement, Bharti Airtel, Tata Motors and Kotak Bank ended
with cuts.
Sector-wise, Nifty Metal advanced 1.42% and
Nifty IT surged 1.14%. Nifty Auto and Nifty Financial also closed higher. In
the broader market, Nifty Midcap100 rose 0.97% and Smallcap100 gained 0.69%.
Global Markets –
Asian equities fluctuated Tuesday as
investors digested losses on Wall Street and eyed this week’s interest rate
decisions. Japan’s Nikkei 225 rose 0.10% to 29,158, while Hong Kong’s Hang Seng
Index surged 0.20% to 19,934.
European shares fell on Tuesday as markets
opened after the Labour Day weekend, with a drag in oil and gas stocks
offsetting gains from banking shares.
The pan-European STOXX 600 index fell
0.32%, with oil and gas shares dropping 1.6%, tracking oil prices lower on weak
economic data from China and expectations of a US interest rate hike.
Crudeoil falls – Oil prices fell in Asian trade on Tuesday amid weak economic
data from China and expectations of another US interest rate hike. Brent crude
fell by 42 cents to $78.89 a barrel, while US West Texas Intermediate (WTI)
crude fell 45 cents to $75.21. Both benchmarks fell by more than $1 last
session.
Currency Watch – The Indian rupee ended lower
on Tuesday as investors squared off their short dollar positions ahead of key
rate decisions by the US Federal Reserve and European Central Bank later this
week.The rupee, which resumed trading following an extended weekend, closed at
81.88 per dollar against its previous close of 81.8250.
Nifty
futures opened at 18180.45 points against the previous close of 18111.15 and
opened at a low of 18180.45 points. Nifty Future closed with an average
movement of 67.25 points and a rise of around 102.00 points and 18213.15 points…!!
On
the NSE, the midcap 100 index will rise 0.97% and small cap 100 index is
closing up 0.69%.
At
the start of intra-day trading, JUNE gold opened at Rs.59755 fell from a high
of Rs.60042 points to a low of Rs.59700 with a rise of 201 points, a trend of
around Rs.59955 and MAY Silver opened at Rs.74133, fell from a high of Rs.74155
points to a low of Rs.73601 with a decline of 457 points, a trend of around Rs.73786.
Meanwhile, Defying the trend in global peers, Indian
benchmark indices continued its upward momentum, fueled by strong Q4 earnings
and favourable domestic macroeconomic data.
The manufacturing PMI surpassed
expectations due to an increase in new business, moderation in price pressures,
and improved supply chain conditions. While western markets traded with mild
cuts ahead of the US Fed policy announcement, the domestic market benefited
from strong inflows by FIIs.
Technically,
the important key resistances are placed in Nifty future are at 18213 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 18272 – 18378 levels. Immediate support is placed at 18108
– 18008 levels.
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