Dear Trader…
The benchmark BSE
Sensex rose 351.49 points, or 0.53%, to 66,707.2, while the broader Nifty
future jumped 83 points to 19,774.From the Sensex pack, L&T and ITC
were the top gainers, rising 2-3%. Sun Pharma, Reliance Industries, Kotak
Bank,Axis Bank, SBI and Infosys also closed higher. Whereas, Bajaj Finance,
Bajaj Finserv, M&M, Tech Mahindra, and Asian Paints closed in the red.
Sector-wise, Nifty PSU
Bank advanced 1.50% and Nifty FMCG surged 1.05%. Nifty Pharma and Nifty Realty
also closed higher. In the broader market, Nifty Midcap100 gained 0.44%, and
Smallcap100 rose 0.17%.
The market
capitalisation of all listed companies on BSE increased by Rs 1.30 lakh crore
to Rs 303.94 lakh crore. The market breadth was skewed in favour of the bulls. About
1,908 stocks gained, 1,628 declined, and 160 remained unchanged on the BSE.
Global Markets –
Stocks around the
world fell on Wednesday as caution reigned ahead of an expected US Federal
Reserve interest rate hike later in the day that may see rates go up to their
highest since the global financial crisis.
European stocks fell
as much as 0.3% in early trading, with indexes in Germany and France slipping
0.2% and 1.1%, respectively. The MSCI world equity index, which tracks shares
in 47 countries, was flat. On Wall Street, S&P 500 e-minis futures were
also flat.
In Hong Kong, the Hang
Seng index was down 0.3% and China’s blue chip CSI300 index was off 0.2%.
FOMC meeting – The Fed’s July decision will be announced later on Wednesday
following its two-day meeting. The benchmark rate is expected to be lifted to a
range between 5.25% and 5.5%.
Rupee Weakens –The rupee weakened on Wednesday as
importers bought dollars before month-end. Investors also covered short-dollar
positions ahead of the US Federal Reserve’s policy outcome due later in the
day. The rupee ended at 81.995 against the dollar, compared to its previous
close of 81.870.
Nifty futures opened at 19772.10 points against the previous close
of 19691.15 and opened at a low of 19707.10 points. Nifty Future closed with an
average movement of 121.10 points and a rise of around 82.85 points and 19774.00
points…!!
On the
NSE, the midcap 100 index will rise 0.44% and small cap100 index is decline 0.17%.
At the
start of intra-day trading August gold opened at Rs.59214 fell from a high of
Rs.59550 points to a low of Rs.59190 with a rise of 328 points, a trend of
around Rs.59517 and September Silver opened at Rs.74728, fell from a high of Rs.75074
points to a low of Rs.74659 with a rise of 108 points, a trend of around Rs.74881.
Meanwhile, Optimism has inched back today after the
last three trading days of consolidation ahead of the FOMC meeting. As the
market’s ambiguity against the monetary policy is likely to reverse henceforth,
going forward, we are unlikely to see another Fed rate hike in 2023.This is
because inflation has rapidly come down and is forecast to settle down further.
However, the interest rate is expected to stay high in the short-term since the
rigidity of core inflation remains above the long-term average.
Technically, the
important key resistances are placed in july Nifty future are at 19774 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 19880 – 19909 levels. Immediate support is placed at 19707 –
19606 levels.
Note :- Before Act please refer & agree Terms
& conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
