Dear Trader –
While the Nifty future marked a record closing
high of 20,128.95, up by 82.65 points or 0.41%, the S&P BSE Sensex jumped
246 points or 0.37% to finish at 67,466.99.
Nifty had settled marginally lower on Tuesday
breaking its seven session winning streak. Sensex, on the other hand, remains
unbeaten for 9 sessions in a row. Markets opened with declines on global cues
but picked up pace as the session progressed but the overall movement remained
range bound.
The market breadth was skewed in favour of the
bulls as 31 stocks ended with gains in the Nifty50 index. The top gainers were
Coal India, Grasim Industries, Tata Consumer Products, Bharti Airtel and and
Titan while the top losers included HDFC Life Insurance Company, Mahindra &
Mahindra (M&M), Adani Ports & Special Economic Zone, Larsen &
Toubro (LT) and Cipla.
Buying action was seen across sectors with 13
out of 15 Nifty indices ending in the green.Nifty PSU Bank was up over 4%. The
laggards were IT and auto stocks. The action remained largely positive in the
broader markets as well with Nifty Midcap 100 and Nifty Smallcap 100 ending
with gains of 0.19% and 1.02%, respectively.
Global Markets –
Rupee – The rupee closed
slightly weaker on Wednesday, tracking weakness in most other Asian peers, with
investors cautious owing to oil supply cuts that could push up imported
inflation and hurt the domestic unit.The rupee ended at 82.9850 against
the US dollar, compared with the previous session’s close of 82.9225. Among
Asian currencies, the Thai baht led losses, while the onshore Chinese yuan rose
0.2% to 7.28.
Nifty futures opened at 20020.05 points against the previous close
of 20046.30 and opened at a low of 20150.00 points. Nifty Future closed with an
average movement of 105 points and a decline of around 82.65 points and 20128.95
points…!!
On the NSE, the midcap 100 index will rise 0.19% and small cap100
index is rise 1.02%.
At the start of intra-day trading October gold opened at Rs.58550 fell
from a high of Rs.58680 points to a low of Rs.58523 with a rise of 20 points, a
trend of around Rs.58646 and October Silver opened at Rs.71750, fell from a
high of Rs.71849 points to a low of Rs.71210 with a decline of 200 points, a
trend of around Rs.71734.
Meanwhile,
the domestic indices resumed its upward
trajectory despite weak global cues. He attributed this to the cooling of
domestic CPI inflation to 6.83% in August and the rise in industrial production
data reaffirmed the robustness of the Indian economy.
However, the contraction in the UK economy and
rise in oil prices have created a level of uncertainty in the global market, investors
await US inflation data today, which holds global significance as it will
provide insights into the Fed’s policy outlook.
Technically,
the important key resistances are placed in August Nifty future are at 20128 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 20188 – 20232 levels. Immediate support is placed at 20008
– 19909 levels.
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