Dear Trader…
Optimism in global
equity markets also helped the local markets maintain their winning momentum
for a second day. The BSE benchmark Sensex advanced 502 points or 0.77% to
close above 66,000-mark. NSE Nifty surged 151 points or 0.78% to end at 19,564.
From the Sensex pack,
IT stocks such as TCS, Tech Mahindra, Infosys, HCL Tech, and Wipro were the top
gainers — rising 3-5%. Tata Steel, Nestle, HUL, Asian Paints, and ICICI Bank
also closed higher.
On the flip side,
M&M, Power Grid, Titan, Maruti, UltraTech Cement, and Sun Pharma closed in
the red.
Sector-wise, Nifty IT
advanced 4.45% and Nifty Media jumped 3.94%. Banks, auto, financial, FMCG,
metal, pharma, and realty sectors also closed with gains. In the broader
market, Nifty Midcap100 gained 1.15%, and Smallcap100 rose 1.42%.
The market breadth was
skewed in favour of the bulls. About 2,226 stocks gained, 1,196 declined, and
145 remained unchanged on the BSE.
Global Markets –
World stocks extended
their gains on Friday, setting the stage for their biggest weekly rise this
year, while the dollar held near 15-month lows as investors bet that the US
Federal Reserve was nearing the end of its rate-hiking cycle.
Japan’s benchmark
Nikkei 225 was an exception that lost earlier gains and ended down 0.1%, Hong
Kong’s Hang Seng edged up 0.4% and the Shanghai Composite added 0.1%.
European stock indexes
were mostly higher, with MSCI’s Europe index up 0.2% and London’s FTSE 100 up
0.1% . But the STOXX 600 was flat on the day, but still on track for its best
week since March.
Oil Impact – Oil prices were set to
post their third straight week of gains for the first time since April despite
falling slightly on Friday, due to broader supply concerns over disruptions in
Libya and Nigeria, and hopes of higher US crude demand amid cooling inflation.Both
Brent crude futures and US West Texas Intermediate crude futures were trading
slightly lower. Brent was down 11 cents to $81.24, while the WTI was trading 9
cents lower at $76.80.
Rupee Weakens – The rupee weakened
0.11% versus the US dollar, and quoted at 82.16 per dollar, as corporate dollar
demand pushed the currency off the day’s highs.
Nifty futures opened at 19522.20 points against the previous close
of 19474.80 and opened at a low of 19475.00 points. Nifty Future closed with an
average movement of 152.80 points and a rise of around 124.05 points and 19598.85
points…!!
On the
NSE, the midcap 100 index will rise 1.42% and small cap100 index is rise 1.42%.
At the
start of intra-day trading August gold opened at Rs.59264 fell from a high of
Rs.59379 points to a low of Rs.59177 with a rise of 27 points, a trend of
around Rs.59266 and September Silver opened at Rs.75480, fell from a high of Rs.76036
points to a low of Rs.75136 with a rise of 404 points, a trend of around Rs.75730.
Meanwhile,The controlled inflation in the US has
instilled optimism among investors that a 25-bps rate hike would be adequate to
stabilise the US economy. This improved prospect has contributed to the strong
buying of Indian IT stocks despite muted Q1 earnings and Furthermore,
the broad-based rally in the domestic market was supported by India’s
consecutive third month decrease in wholesale prices, along with the positive
involvement of FIIs.
Technically, the
important key resistances are placed in july Nifty future are at 19598 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 19676 – 196808 levels. Immediate support is placed at 19474
– 19303 levels.
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