November 27, 2024

+91 99390 80808

November 27, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 25 September 2023

Stock Market Trend : 25 September 2023

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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