Dear
Trader…
Mirroring positive cues from global equity
markets and buoyed by optimism that the US could soon reach a debt ceiling deal
to avoid a default, Indian equity indices snapped their 3-day losing streak and
closed higher after a volatile session on Friday, led by Reliance, ICICI Bank
and IT stocks.
The benchmark S&P BSE Sensex rose 298
points or 0.48% to settle at 61,729. The blue-chip Nifty 50 index gained 73
points or 0.41% to end at 18,203.
From the Sensex pack, Tata Motors, Tech
Mahindra, and Infosys were the top performers, rising 2-3%. HCL Tech, Axis
Bank, M&M, ICICI Bank, and UltraTech Cement were also closed higher. On the
flip side, NTPC, Asian Paints, Titan, Power Grid, and Tata Steel ended in the
red.
The market capitalisation of all listed
companies on BSE increased by Rs 78,096 crore to Rs 276.59 lakh crore. The
market breadth was skewed in the favour of the bears. About 1,818 stocks
declined, 1,630 rose, and 147 remained unchanged on the BSE.
Sector-wise, Nifty IT advanced 1.47% and
Nifty Auto rose 0.70%. Nifty Financial Services and Nifty Bank also closed
higher. In the broader market, Nifty Midcap100 fell 0.06%, while Smallcap100
ended flat with a negative bias.
Global Markets –
Asian shares were mostly higher Friday as
hopes grow that the US Congress will reach a deal to avoid defaulting on the
nation’s debt. Japan’s benchmark Nikkei 225 rose 0.8% to finish at 30,808.
Australia’s S&P/ASX 200 gained 0.6% to 7,279, while South Korea’s Kospi
added 0.9% to 2,538.
European stocks rose on Friday, pushing the
German DAX towards record highs as signs of progress in US debt ceiling
negotiations encouraged investors to pile into riskier assets. The pan-European
STOXX 600 index rose 0.6%, set to end the week with modest gains.
Crude oil rises – Oil prices rebounded on Friday from losses of more than 1%
the previous day as investors turned cautiously optimistic over the fading risk
of a US debt default. Brent futures rose 69 cents, or 0.9%, to $76.55 a barrel,
while West Texas Intermediate US crude climbed 56 cents, or 0.8%, to $72.42.
Currency Watch – The rupee closed down on
Friday, recording its worst week in nine, pulled down by a strong dollar on the
back of a hawkish US Federal Reserve and hopes of a breakthrough in US debt
ceiling talks. The rupee ended 82.66 to the US dollar, compared to its close of
82.60 in the previous session. The local currency hit its lowest level since
March 16 at 82.8010 earlier in the session.
Nifty
futures opened at 18210.00
points against the previous close of 18175.45 and opened at a low of 18084.05 points. Nifty Future closed with an average movement of 157.95 points and a decline of
around 49.95
points and 18225.40
points…!!
On
the NSE, the midcap 100 index will down 0.06%
and small cap 100 index is closing up 0.02%.
At
the start of intra-day trading, JUNE gold opened at Rs.59766 fell from a high of Rs.59943 points to a low of Rs.59721 with a rise of 119 points,
a trend of around Rs.59842
and JULY Silver opened at Rs.72336, fell from a high of Rs.72878
points to a low of Rs.72303
with a rise of 293
points, a trend of around Rs.72436.
Meanwhile,
While the market saw
some profit booking at higher levels, the overall strength is visible and dips
are being bought into. Positive global cues, a healthy result season, and
consistent FII buying have been providing support to the market. We expect the
market to resume its upward journey after taking a pause this week.
Technically,
the important key resistances are placed in Nifty future are at 18225 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 18303 – 18404 levels. Immediate support is placed at 18080
– 18008 levels.
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