Dear Trader…
Indian equity markets
closed in the red on Friday following a day break, after rising to new record
highs in the first hour of the trading session, amid broad sectoral declines
tracking a fall in Asian peers on concerns of further monetary policy
tightening by the US Federal Reserve. But they logged gains for the week.The
broader NSE Nifty dropped 165 points or 0.85% to settle at 19,331. The 30-share
BSE benchmark Sensex declined 505 points or 0.77% to end at 65,280.
Power Grid, IndusInd
Bank and NTPC were the top Nifty laggards, while Tata Motors, Titan M&M,
SBI and TCS ended with gains.
On the sectoral front,
Nifty FMCG ended 1.53% lower, dragged by Dabur, UBL, and Marico. Nifty Bank,
Nifty Financial Services, and Nifty IT also closed in the red.
The market
capitalisation of all listed companies on the BSE declined by Rs 1.92 lakh
crore to Rs 299.78 lakh crore. The market breadth was skewed in favour of
bears. About 1,966 stocks declined, 1,501 gained, and 113 remained unchanged on
the BSE.
Global Markets –
World stocks slid on
Friday to cap a torrid first week of the third quarter for financial markets as
the resilience of US jobs data has investors bracing for interest rates heading
higher still.Japan’s Nikkei 225 fell 1.17%, while China’s Shanghai
Composite dropped 0.3%. S&P 500 futures declined by 0.2% while Nasdaq
futures dipped a further 0.3%.MSCI’s broadest index of world stocks,
which rose almost 6% last month as the US Federal Reserve paused its cycle of
aggressive rate hikes, dipped 0.2% on Friday while Europe’s Stoxx 600 share
index fell 0.2%.
Crude gains – Oil prices rose on
Friday and were on track for their second straight weekly gains, as resilient
demand resulted in a larger-than-expected fall in US oil stockpiles, offsetting
fears of higher US interest rates.
Brent crude futures were up 34 cents, or 0.42%, at
$76.84 a barrel, while US West Texas Intermediate crude gained 31 cents, or
0.43%, to $72.11 a barrel.
Currency watch –The Indian rupee weakened 0.27% versus the US dollar,
and quoted at 82.74 per dollar on rising bets that the US Federal Reserve will
raise rates for more than expected.
Nifty
futures opened at 19536.10 points against the previous close of 19485.00 and
opened at a low of 19380.10 points. Nifty Future closed with an average
movement of 187.15 points and a rise of around 144 points and 19398.95
points…!!
On the
NSE, the midcap 100 index will decline 0.81% and small cap100 index is closing decline
0.44%.
At the
start of intra-day trading August gold opened at Rs.58683 fell from a high of
Rs.58650 points to a low of Rs.58135 with a rise of 251 points, a trend of
around Rs.58222 and JULY Silver opened at Rs.71357, fell from a high of Rs.71661
points to a low of Rs.70258 with a rise of 954 points, a trend of around Rs.70403.
Meanwhile, The domestic market succumbed to
profit-booking as heat waves from weak global markets hit the shore. Global equities
declined due to a spike in US bond yields, fuelled by expectations of a
prolonged high-interest rate environment following a sharp increase in US
private payroll data, Investors are eagerly awaiting the release of key
US non-farm payroll and unemployment data today, which will provide further
clues on the Fed’s policy direction ahead of its July meeting.
Technically, the
important key resistances are placed in july Nifty future are at 19398.50 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 19474 – 19606 levels. Immediate support is placed at 19232 –
19190 levels.
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