Dear Trader…
Rise in IT stocks due
to easing interest rate concerns in the US was offset by a late slide in
banking and financial stocks.
The BSE Sensex gained
a nominal 11 points or 0.02% to settle at 65,087. The broader NSE Nifty future
rose 3 points or 0.01% to end at 19,340.
From the Sensex pack,
Jio Financial Services closed in 5% upper circuit for the second straight day.
Tata Steel, Maruti, M&M, Infosys, and HCL Tech also closed higher.On the
other hand, Power Grid Corp, SBI, ICICI Bank, IndusInd Bank, and HDFC Bank
closed in the red.
Among individual
stocks, Zomato shares closed 5.5% higher amid a block deal on the counter.
Shares of Suzlon Energy also hit a 5% upper circuit for the third consecutive
session as sentiment for the stock ran high.
Domestically focused
midcaps gained 0.73%, while Smallcap100 advanced 1.03%. Sector-wise, Nifty Bank
declined 0.59% and Nifty Financial Services fell 0.50%.
The market breadth was
skewed in favour of the bulls. About 2,230 stocks gained, 1,425 declined, and 135
remained unchanged on the BSE.
Global Markets –
Global equities edged
up on Wednesday as data suggested US inflation pressures were moderating, but
were on course to end August with their worst monthly performance of 2023 so
far.On Wednesday, European shares nudged higher, while a gauge of Asian shares
gained 0.35% and Japan’s blue-chip Nikkei touched its highest in over two
weeks.
Crude rise – Oil prices extended gains on Wednesday after industry data
showed a large draw in crude inventories in the US, the world’s biggest fuel
consumer, and as a hurricane in the Gulf of Mexico kept investors on edge.
Brent crude futures for November rose by 53 cents, or 0.49%, to $85.91 a
barrel. US West Texas Intermediate crude futures rose 65 cents, or 0.81%, to
$81.83.
Rupee decline – The Indian rupee closed lower on Tuesday as dollar buying by
oil companies and large importers pressured the local unit during the session,
wiping out early gains. The rupee closed at 82.7050, compared to its previous
close of 82.63. The currency also underperformed its Asian peers, most of which
strengthened, with the Thai baht and Indonesian rupiah leading gains.
Nifty futures opened at 19409.70 points against the previous close
of 19345.75 and opened at a low of 19329.00 points. Nifty Future closed with an
average movement of 115.00 points and a rise of around 02.90 points and 19340.00
points…!!
On the
NSE, the midcap 100 index will rise 0.73% and small cap100 index is rise 1.03%.
At the
start of intra-day trading August gold opened at Rs.58949 fell from a high of
Rs.59025 points to a low of Rs.58881 with a decline of 12 points, a trend of
around Rs.58899 and September Silver opened at Rs.73700, fell from a high of Rs.73840
points to a low of Rs.73519 with a decline of 55 points, a trend of around Rs.73557.
Meanwhile, Positive sentiment initially propelled
domestic equities, buoyed by softer US labour market data that caused a retreat
in US bond yields, alleviating concerns about rate hikes.
However, gains were tempered as the day
progressed, primarily due to weakness in global markets attributed to lacklustre
economic data from Europe.
Technically, the
important key resistances are placed in August Nifty future are at 19340
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 19373 – 19474 levels. Immediate support is placed
at 19202 – 19170 levels.
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