Dear Trader –
With worries of a higher global interest rate
environment following the US Federal Reserve’s hawkish tone weighing heavy on
investor sentiments, the BSE benchmark Sensex fell 221 points or 0.33% to
settle at 66,009. The NSE Nifty future dropped 74 points or 0.37% to end at 19,705.
From the Sensex pack, Wipro, HDFC Bank, Power
Grid, Sun Pharma, and UltraTech Cement closed in the red, while IndusInd Bank, Maruti,
SBI, M&M, and Asian Paints closed higher.
Among individual stocks, Glenmark Pharma closed
over 3% lower after the company inked a pact to sell a 75% stake in Glenmark
Life Sciences (GLS) to Nirma. Berger Paints shares closed 6.5% higher as
the stock traded ex-bonus on Friday.
In the broader market, Nifty Midcap100 closed
marginally lower at 0.07%, while Smallcap100 rose 0.26%. Sector-wise, Nifty
Pharma declined 1.55%, and Nifty Healthcare fell 1.59%.
The market breadth was skewed in favour of the
bears. About 1,953 stocks declined, 1,689 gained, and 139 remained unchanged on
the BSE.
Global Markets –
Global shares wilted and US yields climbed
multi-year highs on Friday after a week packed with central bank meetings
signalled that the US Federal Reserve’s interest rates would stay higher for
longer.
Tokyo’s Nikkei 225 fell 0.2%, while in Seoul, the
Kospi shed 0.2%. Hong Kong’s Hang Seng gained 0.9% and the Shanghai Composite
index climbed 0.8%.
The pan-European STOXX 600 share index was down
0.45%, adding to its losses for the week.
Oil Prices Up – Oil prices rose on
Friday as renewed global supply concerns from Russia’s fuel export ban
counteracted demand fears driven by macroeconomic headwinds and high-interest
rates.
Brent futures were up 52 cents, or 0.56%, at
$93.82/bbl, while US West Texas Intermediate crude (WTI) futures rose by 73
cents, or 0.81%, to $90.36/bbl.
Indian Rupee Rises
– The Indian rupee ended higher on Friday after JPMorgan
announced it will include the country’s government bonds in its emerging market
index, which could lead to billions of dollars of inflows.The rupee
ended at 82.93 against the US dollar, compared with 83.09 in the previous
session.
Nifty futures opened at 19750.85 points against the previous close
of 19778.70 and opened at a low of 19690.55 points. Nifty Future closed with an
average movement of 134.45 points and a decline of around 73.70 points and 19705.00
points…!!
On the NSE, the midcap 100 index will decline 0.11% and small cap100
index is rise 0.26%.
At the start of intra-day trading October gold opened at Rs.58730 fell
from a high of Rs.58913 points to a low of Rs.58729 with a rise of 75 points, a
trend of around Rs.58897 and October Silver opened at Rs.72993, fell from a
high of Rs.73781 points to a low of Rs.72984 with a decline of 422 points, a
trend of around Rs.73490.
Meanwhile,
Domestic markets closed on a sombre note as mixed
cues from the US and Asian markets weakened domestic investors.
Nevertheless, PSU bank stocks outperformed as
India’s inclusion in JP Morgan’s Government Bond Index led to a decline in bond
yields. On a broad basis, risk-averse sentiment prevailed due to the ongoing
ascent of US bond yields and concern over higher rates for a prolonged period.
Technically,
the important key resistances are placed in August Nifty future are at 19705 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 19737 – 19808 levels. Immediate support is placed at 19606 –
19570 levels.
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