Dear Trader…
The 30-share BSE benchmark Sensex declined 440
points or 0.66% to settle at 66,267. The broader NSE Nifty dropped 0.39% to end
below the 19,800 level.
In the Sensex pack, M&M was the top laggard,
falling over 6%, as the company disclosed plans to expand its footprint in the
banking sector by picking a stake in private sector lender RBL Bank. Tech
Mahindra, Nestle, Bajaj Finance, Axis Bank, JSW Steel, Kotak Bank and ITC also
ended in the red.On the flip side, Sun Pharma, Bharti Airtel, Tata Motors,
L&T, Infosys, TCS, NTPC, and Tata Steel closed higher.
On the sectoral front, Nifty Auto declined 1.21%,
and Nifty Bank fell 0.83%. Financial, FMCG, IT, and metal sectors also closed
lower. In the broader market, Nifty Midcap100 gained 0.27%, while Smallcap100
ended flat.
The market breadth was skewed in the favour of
the bears. About 1,793 stocks declined, 1,770 gained, and 140 remained
unchanged on the BSE. The market capitalisation of all listed companies on BSE
declined by Rs 33,357 crore to Rs 303.6 lakh crore.
Global Markets –
World shares were mostly higher Thursday after
the Federal Reserve raised interest rates to their highest level in more than
two decades, just as Wall Street expected.Tokyo’s Nikkei 225 index gained 0.7%,
and the Hang Seng in Hong Kong jumped 0.9%. The Shanghai Composite index
slipped 0.3%, while South Korea’s Kospi climbed 0.4%.Ahead of the European
Central Bank’s policy decision, European shares rallied to nine-week highs on
Thursday. The pan-European STOXX 600 index rose 0.8% to hit its strongest level
since May 22.
Crude oil climbs – Oil
climbed on Thursday, recouping losses from the previous session, supported by
supply tightness owing to OPEC+ production cuts and renewed optimism on the
outlook for Chinese demand and global growth.Brent crude advanced 71 cents, or
0.86%, to $83.27 a barrel, while US West Texas Intermediate (WTI) crude rose 88
cents, or 1.12%, to $79.66. Intra-day peaks for both contracts were near their
highest since April 19.
Rupee rises – The
Indian rupee ended slightly higher on Thursday after remaining rangebound
through the day, as broad weakness in the greenback and corporate dollar
inflows helped offset demand from importers.The rupee ended at 81.93 against
the dollar, compared to its close of 81.9950 on Wednesday.
Nifty futures opened at 19951.10 points against the previous close
of 19889.95 and opened at a low of 19751.05 points. Nifty Future closed with an
average movement of 237.35 points and a rise of around 78.55 points and 19811.40
points…!!
On the
NSE, the midcap 100 index will rise 0.27% and small cap100 index is decline 0.00%.
At the
start of intra-day trading August gold opened at Rs.59610 fell from a high of
Rs.59680 points to a low of Rs.59504 with a rise of 73 points, a trend of
around Rs.59534 and September Silver opened at Rs.75800, fell from a high of Rs.76040
points to a low of Rs.75631 with a rise of 609 points, a trend of around Rs.75933.
Meanwhile, The FOMC’s decision aligned with market
expectations as they implemented a 25bps hike and expressed a data-centric
approach for future rate actions. Positive global sentiment prevailed due to
the reduced prospects of a US recession.
Despite this, the domestic market witnessed sharp
corrections led by banks and autos, while pharma stocks performed on a positive
start to their earnings season.
Technically, the important
key resistances are placed in july Nifty future are at 19811 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 – 19979 levels. Immediate support is placed at 19676 –
19606 levels.
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