Dear
Trader…
A day after the RBI
kept rates unchanged with an unexpected slightly hawkish message on inflation,
India’s equity indices ended in the red for the second straight day after
swinging between gains and losses on Friday.
The 30-share BSE benchmark Sensex ended 223
points or 0.35% lower to settle at 60,625. The broader NSE Nifty dropped 71
points or 0.38% to end at 18,563.
Among Sensex stocks,
Tata Steel, SBI, HUL, HCL Tech, Infosys, and Asian Paints closed with losses,
while IndusInd Bank, Axis Bank, Power Grid, L&T, UltraTech Cement, and Tata
Motors closed with gains.
Sectorally, Nifty PSU
Bank declined 1.21% and Nifty FMCG fell 0.92%. Nifty IT and Nifty Auto also
closed lower. In the broader market, Nifty Midcap100 dropped 0.14%, while
Smallcap100 declined 0.12%.
The market
capitalisation of all listed companies on BSE declined by Rs 73,059 crore to Rs
286.72 lakh crore. The market breadth was skewed in the favour of the bears.
About 1,796 stocks declined, 1,739 gained, and 113 remained unchanged on the
BSE.
Global Markets –
Asian shares mostly
rose on Friday, led by a jump on the Tokyo Stock Exchange where share prices
got a boost of optimism from a new bull market on Wall Street. Japan’s
benchmark Nikkei 225 surged 1.8%. South Korea’s Kospi added 1.1%, while Hong
Kong’s Hang Seng advanced 0.8%.
European shares dipped
on Friday, rounding off a lacklustre week that saw investors step to the
sidelines ahead of crucial updates from the US Federal Reserve and the European
Central Bank(ECB), while Croda slid on a tepid profit outlook. The pan-European
STOXX 600 index remained at 460.51 points and was set to dip 0.4% for the week.
Oil price gains – Oil
prices rose on Friday and were broadly flat on the week as concern over oil
demand growth was balanced by Saudi output cuts. Brent crude futures rose 36
cents, or 0.5%, to $76.32 a barrel, while US West Texas Intermediate crude was
up 34 cents, or 0.5%, at $71.63.
Rupee strengthens –The Indian rupee strengthened 0.12% versus the US
dollar and quoted at 82.47 per dollar, tracking strength in most of the Asian
currencies. The dollar index, which tracks the movement of the greenback
against a basket of six major world currencies, rose 0.19% to 103.53 level.
Nifty futures opened at 18709.95 points against the previous close
of 18724.95 and opened at a low of 18618.35 points. Nifty Future closed with an
average movement of 121.60 points and a rise of around 78.40 points and 18631.55
points…!!
On the
NSE, the midcap 100 index will down 0.14% and small cap 100 index is closing down
0.12%.
At the
start of intra-day trading, August gold opened at Rs.59934 fell from a high of
Rs.60116 points to a low of Rs. 59729 with a decline of 141 points, a trend of
around Rs.59750 and JULY Silver opened at Rs.73860, fell from a high of Rs.74130
points to a low of Rs.73530 with a decline of 46 points, a trend of around Rs.73624.
Meanwhile, The domestic market witnessed extended
selling pressure as investors eagerly awaited the domestic inflation data due
on Monday as the RBI refrained from an aggressive cut in their inflation
forecast
The market is hopeful that the CPI inflation for
May will further moderate from its current level of 4.7%. In addition to the
domestic factors, global cues also failed to provide support, as the US
reported high unemployment claims ahead of the release of the inflation figures
and the Fed meeting.
Technically, the
important key resistances are placed in Nifty future are at 18631 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 18676 – 18808 levels. Immediate support is placed at 18474 –
18303 levels.
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