Dear Trader…
A bounceback in IT stocks after their recent slide,
and a report of Blackstone investment in Cipla boosting pharma stocks helped
30-share BSE benchmark Sensex gain 480 points or 0.74% to settle at 65,721.The
broader Nifty surged 108 points or 0.56% to end at 19576.
From the Sensex pack, IndusInd Bank, Tech
Mahindra, Wipro and Airtel were the top gainers, rising 2-3%. HCL Tech, Axis
Bank, HDFC Bank, and Reliance Industries also closed with gains. On the flip
side, SBI closed 3% lower post Q1 results. NTPC, Maruti, Bajaj Finserv, and
Power Grid also ended lower.
On the sectoral front, Nifty IT rose 1.55% and
Nifty Pharma advanced 0.94%. Nifty Financial Services and Nifty Bank also
closed higher. In the broader market, Nifty Midcap100 gained 0.82%, and
Smallcap100 rose 0.76%.
Meanwhile, the market capitalisation of all
listed companies on BSE surged by Rs 1.8 lakh crore to Rs 304.09 lakh crore.
The market breadth was skewed in favour of the bulls. About 2,236 stocks
gained, 1,331 declined, and 153 remained unchanged on the BSE.
Global Markets –
Asian markets were mixed on Friday at the end of
a volatile week, with a fresh spike in US Treasury yields weighing on Wall
Street and traders still concerned about the Federal Reserve’s interest rate
plans.
Tokyo, Sydney, Wellington, Mumbai and Bangkok
also rose.However, Singapore, Seoul, Manila, Jakarta and Taipei were in the
red.European stocks steadied on Friday, after a recent selloff, as strong
results from retail giant Amazon and a host of other companies outweighed
recent jitters around slowing economic growth across the continent. The
pan-European STOXX 600 index edged up 0.1% after shedding about 3% in the past
three sessions.
Rupee Weakens – Indian rupee weakened to a fresh two-and-half-month low on
Friday, which led to its biggest weekly drop in a month, due to the selloff in
Asian currencies after Fitch downgraded the US sovereign rating.The rupee ended
0.14% lower at 82.84 per dollar, taking its loss for the week to 0.7%, which is
its worst weekly drop since the week ending July 7.
Oil prices rise – Oil prices were on track for a sixth week of gains after
Saudi Arabia and Russia — the world’s second and third-largest crude producers
— pledged to cut output through September.Brent crude futures for October rose
66 cents to $85.80 a barrel, while US West Texas Intermediate crude for
September was up 66 cents to $82.21.
Nifty futures opened at 19501.10 points against the previous close
of 19468.15 and opened at a low of 19486.10 points. Nifty Future closed with an
average movement of 110.55 points and a rise of around 108.10 points and 19576.25
points…!!
On the
NSE, the midcap 100 index will rise 0.82% and small cap100 index is rise 0.76%.
At the
start of intra-day trading August gold opened at Rs.59410 fell from a high of
Rs.59643 points to a low of Rs.59255 with a rise of 138 points, a trend of
around Rs.59570 and September Silver opened at Rs.72312, fell from a high of Rs.72713
points to a low of Rs.71560 with a rise of 102 points, a trend of around Rs.72624.
Meanwhile, Positive earnings reports provided a much-needed
boost to the domestic market, aiding its recovery from the impact of weak
global cues. The pharma sector sustained its positive momentum, with the trend
being extended by the IT and banking stocks.
However, increasing US bond yields continued to distract the
global market, impeding the inflow of foreign funds into the domestic market.
Technically, the
important key resistances are placed in August Nifty future are at 19576 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 19606 – 19707 levels. Immediate support is placed at 19474 –
19404 levels.
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