Dear Trader –
Tracking gains in Asian peers, India’s benchmark
equity indices closed at record highs in a volatile market on Friday, helped by
Bajaj Auto-led surge in auto stocks. Gains in banking, financial and IT stocks
also fuelled the rally.
The 30-share BSE benchmark Sensex rose 320 points
or 0.47% to settle at 67,839, continuing its winning streak for the 11th
straight session – longest since 2007.The broader NSE Nifty Future advanced
69 points or 0.34% to end at 20,240.
From the Sensex pack, M&M, Bharti Airtel,
Tata Motors, Tech Mahindra, and HCL Tech closed with gains, while HUL, Asian
Paints, Bajaj Finserv, NTPC, ITC, and L&T closed with losses.
Sectoral-wise, Nifty Auto advanced 1.58%, and
Nifty IT gained 0.94%. Nifty Financial Services and Nifty Bank also closed
higher. In the broader market, Nifty Midcap100 gained 0.28%, while Smallcap100
rose 0.41%.
Meanwhile, the market capitalisation of all
listed companies on the BSE increased by Rs 1.25 lakh crore to Rs 323.42 lakh
crore. The market breadth was skewed in favour of the bulls. About 1,935 stocks
gained, 1,697 declined, and 154 remained unchanged.
Global Markets –
European and Asian stocks rallied on Friday,
buoyed by hopes that the world’s biggest central banks are close to ending a
long cycle of rate rises, as well as data that signalled China’s economy was
poised for a rebound.
Europe’s Stoxx 600 index, which rose 1.5% on
Thursday, gained a further 0.7% on Friday to put it on track for a 2.1% weekly
gain, the most since the week ending July 14.
US S&P 500 futures pointed to a 0.18% rise on
Friday, after the cash index rose 0.84% on Thursday.
Crude Oil – In energy trading, benchmark US crude rose 29 cents to $90.45
a barrel. Crude has been climbing for months as oil-producing countries try to
support its price by curtailing their supplies. Brent crude, the international
standard, gained 26 cents to $93.96 a barrel.
Rupee Weakens – The Indian rupee weakened 0.18% versus the US dollar, and
quoted at 83.18 per dollar, due to elevated oil prices as well as broad dollar
demand.
Nifty futures opened at 20205.60 points against the previous close
of 20240.10 and opened at a low of 20191.00 points. Nifty Future closed with an
average movement of 80.00 points and a rise of around 68.10 points and 20240.10
points…!!
On the NSE, the midcap 100 index will rise 0.28% and small cap100
index is rise 0.41%.
At the start of intra-day trading October gold opened at Rs.58674 fell
from a high of Rs.58879 points to a low of Rs.58673 with a rise of 246 points,
a trend of around Rs.58834 and October Silver opened at Rs.71260, fell from a
high of Rs.72435 points to a low of Rs.71260 with a rise of 971points, a trend
of around Rs.71953.
Meanwhile,
The market is inching towards a new
direction with renewed buying in auto and IT stocks in expectation of strong
festive demand and a strong deal wins, The ECB hinted at a potential
pause in rates due to receding inflation, while investors are now focused on
central bank meetings next week, with the US FED, BoE, and BoJ set to announce
their rate decisions.
Technically,
the important key resistances are placed in August Nifty future are at 20240 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 20303 – 20404 levels. Immediate support is placed at 20108 –
20008 levels.
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