Dear Trader…
Tracking positive cues
from Asian and European peers, domestic equity indices ended higher on
Wednesday led by buying in banking, financial and IT stocks. Further, a sharp
decline in crude oil prices also boosted sentiments, even as investors awaited
two key central bank events.
The 30-share BSE
benchmark Sensex advanced 213 points or 0.33% to settle at 65,433. The broader
NSE Nifty surged 46 points or 0.24% to end at 19,431.
From the Sensex pack,
SBI, ICICI Bank L&% were the top gainers, rising over 1% each.Tata Steel,
Maruti, Kotak Bank, Bajaj Finance, and Nestle also ended with gains.
On the other hand, Jio
Financial Services hit a 5% lower circuit for the 3rd straight day. Sun Pharma,
Bharti Airtel, Tata Motors, Tech Mahindra, and ITC also closed with cuts.
The domestically
focussed mid-caps and small-caps gained 0.39% and 0.91%, hitting fresh record
and 19-month highs, respectively.
Meanwhile, the market
capitalisation of all listed companies on BSE increased Rs 63,514 crore to Rs
309 lakh crore. The market breadth was skewed in favour of the bulls. About 2014
stocks gained, 1616 declined, and 153 remained unchanged on the BSE.
Global Markets –
Asian markets were
trading mixed on Wednesday ahead of Fed Chair Jerome Powell’s highly
anticipated speech later in the week. Japan’s benchmark Nikkei 225 added 0.5%,
while South Korea’s Kospi slipped 0.5%.
Hong Kong’s Hang Seng gained 0.4%, while the
Shanghai Composite dropped 1.0%.
European shares opened
higher on Wednesday, with mining stocks leading gains on higher metal prices,
while Swiss drugmaker Roche lifted healthcare stocks. The pan-European STOXX
600 gained 0.6%.
Oil prices fall – Oil prices dropped on Wednesday, as traders were cautious
ahead of potentially gloomy manufacturing data and an annual meeting at Jackson
Hole, where heavy-hitter central bankers, including from the United States will
talk interest rates.
Brent crude was down
1.39% to $82.83 a barrel, while US West Texas Intermediate crude was at $78.47
a barrel, down 1.47%.
Rupee strengthens – The Indian rupee strengthened 0.31% versus the US dollar, and
quoted at 82.72 per dollar, amid likely dollar sales from state-run banks.
Nifty futures opened at 19395.00 points against the previous close
of 19386.30 and opened at a low of 19352.25 points. Nifty Future closed with an
average movement of 104.05 points and a decline of around 45.60 points and 19431.90
points…!!
On the
NSE, the midcap 100 index will rise 0.39% and small cap100 index is rise 0.91%.
At the
start of intra-day trading August gold opened at Rs.58600 fell from a high of
Rs.58658 points to a low of Rs.58506 with a decline of 44 points, a trend of
around Rs.58530 and September Silver opened at Rs.72111, fell from a high of Rs.72882
points to a low of Rs.72111 with a rise of 810 points, a trend of around Rs.72792.
Meanwhile, Global markets have restrained from making
significant moves as they await the outcome of the central bankers’ gathering
at Jackson Hole scheduled for Friday.
With the earnings season nearing its end,
the heightened possibility of another rate hike in the US, along with the
resultant increase in bond yields, are expected to keep the global market’s
volatility high. On the domestic front, sentiments remained positive, backed by
strong demand in the banking sector.
Technically, the
important key resistances are placed in August Nifty future are at 19431 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 19474 – 19575 levels. Immediate support is placed at 19303
– 19272 levels.
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