Dear
Trader…
The 30-share BSE benchmark Sensex advanced 467 points or
0.74% to settle at 63,384. The broader NSE Nifty surged 138 points or 0.74% to
end at 18,899.From the Sensex pack, Bajaj Finserv and Titan were the top
gainers, rising about 2%. ITC, Kotak Bank, HDFC Bank, HDFC and Bajaj Finance
also closed higher. On the other hand only, Wipro, TCS, Power Grid, Tech
Mahindra and UltraTech Cement closed in the red.
The market capitalisation of all listed companies on BSE
surged by Rs 2.03 lakh crore to Rs 292.74 lakh crore. The market breadth was
skewed in the favour of the bulls. About 2,120 stocks gained, 1,410 declined,
and 126 remained unchanged on the BSE.
Sector-wise, Nifty PSU Bank rose 1.46% and Nifty Financial
Services surged 1.19%. Nifty FMCG and Nifty Metal also closed higher. In the
broader market, Nifty Midcap100 gained 0.68%, and Smallcap100 advanced 0.98%.
Global Markets –
Global shares rose to 14-month highs on Friday, as investors
adopted the view that the Federal Reserve may not need to raise rates much
more, while the dollar headed for its biggest weekly slide since January.
The MSCI All-World index was up 0.2%, around its
highest since mid-April 2022. US stock index futures rose between 0.1% and
0.2%, indicating the benchmark indices could mark new 14-month highs at the
open later on.
Oil falls – Oil slipped on Friday as a weaker economic
outlook and the prospect of further interest rate hikes dogged sentiments,
outweighing a tighter market in the second half of the year owing to higher
Chinese demand and OPEC+ supply cuts.Brent crude fell 49 cents, or 0.7%,
to $75.18 a barrel, while US West Texas Intermediate (WTI) crude slipped 63
cents, or 0.9%, to $69.99.
Rupee rises – The rupee
on Friday posted its best week against the US currency since early March on
healthy foreign fund inflows and rising bets that the Federal Reserve would
scale back its aggressive stance on interest rates.The rupee ended at
81.93 per US dollar on Friday, compared with 82.1750 at previous close. The
rupee had risen to an over five-week high of 81.8675 in intraday trading, but
could not sustain gains due to importer hedging.
Nifty
futures opened at 18774.95 points against the previous close of 18745.45 and
opened at a low of 18771.05 points. Nifty Future closed with an average
movement of 133.10 points and a rise of around 147.60 points and 18899.05
points…!!
On the
NSE, the midcap 100 index will rise 0.68% and small cap100 index is closing rise
0.98%.
At the
start of intra-day trading August gold opened at Rs.59340 fell from a high of
Rs.59555 points to a low of Rs.59234 with a rise of 19 points, a trend of
around Rs.59374 and JULY Silver opened at Rs.72323, fell from a high of Rs.73044
points to a low of Rs.72022 with a rise of 598 points, a trend of around Rs.72724.
Meanwhile,
The domestic market rebounded with strong buying
in banking, pharma, and consumer stocks, along with positive cues from global
markets. The US market’s optimism was bolstered by better-than-expected retail
sales, reflecting the robustness of the economy Furthermore, jobless
claims remain elevated and a decline in import prices raised hopes for a
prolonged pause in interest rate hikes by the Fed, contradicting their
announcement of potential future rate hikes made the previous day.
Technically, the
important key resistances are placed in Nifty future are at 18899 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 18909 – 19009 levels. Immediate support is placed at 18808 –
18676 levels.
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