Dear Trader…
Hotter-than-expected
domestic inflation kept investors cautious as the blue chips trimmed intraday
gains. The BSE Sensex rose 165 points or 0.25% to settle at 65,559, while the
NSE Nifty surged 29 points or 0.15% to end at 19,474.
From the Sensex pack,
TCS and Infosys were the top gainers, rising over 2% each. Tech Mahindra, Bajaj
FInserv, ICICI Bank, Axis Bank, and Wipro also closed higher. On the flip side,
Power Grid, Maruti, NTPC, HUL, Nestle and Reliance Industries closed lower.
Sector-wise, Nifty IT
rose 1.75%, and Nifty Realty surged 1.02%. Whereas Nifty PSU Bank and Nifty
Auto closed lower. In the broader market, Nifty Midcap100 dropped 0.81%, and
Smallcap100 fell 1%.
The market breadth was
skewed in favour of the bears. About 2,116 stocks declined, 1,333 gained, and
139 remained unchanged on the BSE.
Global Markets –
Global stocks traded
around their highs for the year on Thursday as investors bet that the Federal
Reserve was finally taming inflation and could end its rate hiking cycle as
soon as this month.Stocks in Asia rallied in response to the US inflation news,
while in Europe, the STOXX index added to Wednesday’s gains, up 0.4%, bringing
its advance for the year to 8%.
Japan’s Nikkei rose 1.5%, while China’s Shanghai
Composite surged 1.26%. S&P 500 futures and Nasdaq futures were firmer.
Oil prices rise – Global oil benchmark
Brent hovered above $80 a barrel on Thursday, fuelled by US inflation data that
presaged the interest rate hike cycle in the world’s biggest economy is set to
finally cool.Brent crude futures were up 22 cents to $80.33 per barrel, while
US West Texas Intermediate crude futures were up 11 cents at $75.86.
Currency Watch – The
Indian rupee ended higher for a fourth straight session on Thursday, driven by
broad weakness in the dollar, while demand for the greenback from importers
limited gains.The rupee ended at 82.0725 against the dollar, after closing at
82.2475 on Wednesday. The currency has risen 0.8% so far this week.
Nifty futures opened at 19535.60 points against the previous close
of 19461.30 and opened at a low of 19452.10 points. Nifty Future closed with an
average movement of 162.10 points and a rise of around 13.50 points and 19474.80
points…!!
On the
NSE, the midcap 100 index will decline 0.81% and small cap100 index is decline rise
1.00%.
At the
start of intra-day trading August gold opened at Rs.59230 fell from a high of
Rs.59360 points to a low of Rs.59167 with a decline of 83 points, a trend of
around Rs.59271 and September Silver opened at Rs.73685, fell from a high of Rs.74159
points to a low of Rs. 73593 with a rise of 481 points, a trend of around Rs.74027.
Meanwhile, Today’s domestic rally was supported by the
contra bet buying of the IT stocks, which was supported by stable margins, new
generation business opportunities and moderation of USD, as latest US inflation
is fast approaching the Fed’s target levels.
Technically, the
important key resistances are placed in july Nifty future are at 19474 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 19533 – 19606 levels. Immediate support is placed at 19373 –
19303 levels.
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