Dear
Trader…
Amid mixed global markets and ahead of US
Federal Reserve Chair Jerome Powell’s congressional testimony, the 30-share BSE
benchmark Sensex rose 195 points or 0.31% to settle at 63,523, led by the
banking, financial and IT stocks. The broader NSE Nifty surged 40 points or
0.21% to end at 18,857.
From the Sensex pack, Power Grid, HDFC, and
HDFC Bank were the top gainers, rising 1.5-4%. Tech Mahindra, TCS, Wipro,
Reliance, and Bharti Airtel also closed with gains.Whereas, M&M, ITC,
IndusInd Bank, Axis Bank, Maruti and Bajaj Finance closed in the red.
From the sectoral front, Nifty Financial
Services touched its new 52-week high of 19,660 and closed 0.68% higher. Banks,
FMCG, IT, media, pharma, and consumer durables sectors also closed with gains.
In the broader market, Nifty Midcap100 gained 0.81%, and Smallcap100 rose
0.07%.
The market breadth was skewed in favour of
the bulls. About 1,762 stocks gained, 1,752 declined, and 127 remained
unchanged on the BSE.
Global Markets –
Oil Prices – Oil prices stabilised
on Wednesday ahead of Federal Reserve Chair Jerome Powell’s congressional
testimony later in the day and as data showing sticky British inflation raised
the possibility of a hawkish Bank of England policy decision this week.Brent
futures were flat at $75.90 a barrel, and US West Texas Intermediate (WTI)
crude futures edged up 6 cents, or 0.08%, to $71.25.
Rupee Strengthens – Indian rupee ended
stronger, shrugging off weakness in Asian peers, aided by continuous dollar
inflows into the domestic share market. The rupee closed at 82.0375 to the
dollar against a close of 82.1175 on Tuesday.
Nifty futures
opened at 18872.90 points against the previous close of 18864.70 and opened at
a low of 18828.45 points. Nifty Future closed with an average movement of 80.55
points and a rise of around 32.05 points and 18896.75 points…!!
On the
NSE, the midcap 100 index will rise 0.81% and small cap100 index is closing rise
0.07%.
At the
start of intra-day trading August gold opened at Rs.58824 fell from a high of
Rs.58865 points to a low of Rs.58712 with a decline of 51 points, a trend of
around Rs.58758 and JULY Silver opened at Rs.70347, fell from a high of Rs.70419
points to a low of Rs.69914 with a decline of 237 points, a trend of around Rs.70150.
Meanwhile,
Despite hitting record
highs, the domestic market failed to sustain its upward trajectory due to prevailing
concerns over global issues and a delayed monsoon. Furthermore, market
volatility was exacerbated by consecutive days of net selling by FIIs, while
mid-cap stocks maintained their steady gains. Meanwhile, in the global market,
sentiments were dampened as UK CPI inflation came in hotter than expected,
adversely affecting investor confidence.
Technically, the
important key resistances are placed in Nifty future are at 18896 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 18939 – 19033 levels. Immediate support is placed at 18808 –
18676 levels.
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