Dear
Trader…
Mirroring weak global cues following a
retreat on Wall Street after the Federal Reserve Chair indicated that inflation
still isn’t under control, Indian equity markets closed in the red on Thursday.
Selling was seen across all sectors.
The 30-share BSE benchmark Sensex declined
284 points or 0.45% to settle at 63,239. The broader NSE Nifty dropped 85
points or 0.45% to end at 18,771 as investors turned cautious with benchmark
indexes at near record levels. Expectations of prolonged hawkishness from
global central banks also weighed on sentiment.
Among the Sensex stocks, Bajaj Finance and
Asian Paints were the top laggards, falling nearly 2%. Tata Motors, Power Grid,
NTPC, Infosys, Nestle, UltraTech Cement, and Indus Ind Bank also closed in the
red.
On the other hand, L&T, Tata Steel,
HDFC, Bharti Airtel, HDFC Bank, M&M and Titan closed with gains.
About 1318 stocks gained, 2208 declined,
and 129 remained unchanged on the BSE.
Global Markets –
Global shares eased on Thursday after
Federal Reserve Chair Jerome Powell indicated US rates had further room to
rise, while the dollar held steady against the pound ahead of the Bank of
England’s decision on monetary policy later on.
Japan’s benchmark Nikkei 225 fell 0.9% to
finish at 33,265. Australia’s S&P/ASX 200 declined 1.6%. South Korea’s
Kospi gained 0.4% to 2,593.70. Trading was closed in Hong Kong and Shanghai for
Dragon Boat Festival, a national holiday. US stock futures fell 0.2-0.3%,
indicating a weaker start on Wall Street later.
Oil prices decline – Oil futures dipped
slightly on Thursday, with trader expectations of further interest rate hikes
countered by potentially bullish US oil inventory data after preliminary
figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6%, to
$76.65 a barrel, and US West Texas Intermediate (WTI) crude futures were down
44 cents, or 0.6%, at $72.09.
Rupee strengthens – The
Indian rupee ended stronger on Thursday as the dollar index plumbed to
multi-week lows, while an uptick in forward premiums aided the spot rupee. The
rupee closed at 81.95 to the dollar against a close of 82.0375 on Wednesday.
Nifty
futures opened at 18871.35 points against the previous close of 18896.75 and
opened at a low of 18801.95 points. Nifty Future closed with an average
movement of 118.70 points and a rise of around 66.70 points and 18830.05
points…!!
On the
NSE, the midcap 100 index will decline1.06% and small cap100 index is closing decline
0.76%.
At the
start of intra-day trading August gold opened at Rs.58613 fell from a high of
Rs.58663 points to a low of Rs.58444 with a decline of 181 points, a trend of
around Rs.58533 and JULY Silver opened at Rs.70347, fell from a high of Rs.68870
points to a low of Rs.68936 with a decline of 352 points, a trend of around Rs.68895.
Meanwhile,
The domestic market is
currently witnessing increased volatility as it hovers around its historical
peaks. This heightened volatility has also affected mid- and small-cap stocks,
which have shown resilience. Moreover,the weak global indicators have had an
impact on the domestic market, as they experienced declines following concerns
of potential rate hikes, prompted by comments from the Fed chair regarding the
fight against inflation.
Technically, the
important key resistances are placed in Nifty future are at 18830 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 – 19009 levels. Immediate support is placed at 18808 –
18707 levels.
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