Dear Trader –
Indian benchmarks ended lackluster after volatile
trade on Tuesday dragged by auto, energy and metal stocks. Nifty dipped as
investors booked profits after the blue-chip index hit a lifetime high of 20,037
in the opening trade.
While the Nifty future index ended at 20037.30,
down by 0.60 points, S&P BSE Sensex finished at 67,221.13, higher by 94.05
points or 0.14%. Banking gauge NiftyBank settled at 45,625, lower by 72.85
points or 0.16%.
NiftyIT salvaged some pride with gains of nearly
1% even as 13 out of 15 sectoral indices ending in the red. NiftyPharma closed
with minor gains.
The market breadth was skewed in favour of bears
as 30 stocks in the Nifty50 index closed with declines.The top gainers were
TCS, Larsen & Toubro, Infosys, UltraTech Cement and Divi’s Laboratories
while the top losers included BPCL, NTPC, Power Grid, Adani Enterprises and
Coal India.
markets witnessed selling pressure with Nifty
Midcap 100 and Smallcap 100 falling up to 4% at the day’s close.
Global Markets –
European markets were mixed, with FTSE trading at
7,529.01, up 0.43%, while Germany’s DAX at 15,726, down 0.47%.Japanese Nikkei
225 closed with gains of 0.95% at 32,776.40 while China’s Shanghai Composite
fell 0.18% to close at 3,137.06.
Rupee – The Indian rupee
was marginally higher on Tuesday, but some traders reckoned that the recent
price action signalled that the currency was unlikely to have much upside. The
rupee was at 82.98, compared with 83.03 in the previous session. The currency
had opened at 82.94, Reuters reported.
Nifty futures opened at 20112.55 points against the previous close
of 20036.70 and opened at a low of 19970.35 points. Nifty Future closed with an
average movement of 162.65 points and a decline of around 0.60 points and 20037.30
points…!!
On the NSE, the midcap 100 index will decline 3.07% and small cap100
index is decline 4.10%.
At the start of intra-day trading October gold opened at Rs.58995 fell
from a high of Rs.58995 points to a low of Rs.58520 with a decline of 390 points,
a trend of around Rs.58540 and October Silver opened at Rs.72185, fell from a
high of Rs.72250 points to a low of Rs.71342 with a rise of 424 points, a trend
of around Rs.71518.
Meanwhile,
India’s annual retail inflation eased to
6.83% in August from a 15-month high of 7.44% in July as food prices moderated,
government data showed on Tuesday .A Reuters poll of 45 economists had forecast
a rate of 7%.Food inflation, which accounts for nearly half of the overall
basket, was up 9.94% in August compared with a rise of 11.51% in July.August
retail inflation came in line with our expectations, led largely by moderation
in vegetable prices and easing core inflation. These figures should provide
some breathing space to the MPC (monetary policy committee).However, we
continue to remain watchful on the cereals, pulses and rising oil prices.
Overall, today’s readings reinforce our view of a prolonged policy-rate pause
with a clear caution on any risks arising for generalised inflation.
Technically,
the important key resistances are placed in August Nifty future are at 20037 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 20088 – 20188 levels. Immediate support is placed at 19909
– 19880 levels.
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