Dear Trader –
The BSE Sensex advanced 320 points or 0.49% to
settle at 65,828. The broader NSE Nifty Future surged 76.90 points or 0.39% to
end at 19,714.
From the Sensex pack, NTPC, Tata Motors, and Sun
Pharma were the top gainers, rising 2-3%. Tata Steel, SBI, UltraTech Cement,
and JSW Steel also closed in the green, while Infosys, HCL Tech, Tech Mahindra,
and TCS closed in the red.
Sector-wise, Nifty PSU Pharma rallied 2.7%, led
by Glenmark Pharma and Aurobindo Pharma. Nifty Metal also surged 1.9%, led by
Vedanta, Hindaloco, and NMDC. Whereas Nifty IT closed 0.3% lower.
Among the more domestically focused stocks, Nifty
Smallcap 100 rose 1%, and Nifty Midcap 100 gained 1.08%.
In Friday’s trade, the market capitalisation of
all listed companies on BSE surged by Rs 2.43 lakh crore, while in Q2, it
advanced Rs 22.6 lakh crore to Rs 319.08 lakh crore.
The market breadth was skewed in favour of the
bulls. About 2,302 stocks gained, 1,331 declined, and 148 remained unchanged on
the BSE.
Global Markets –
World shares were broadly higher on Friday, but
were set to end September with their worst quarterly performance in a year,
haunted by worries over elevated interest rates.
European shares rose, helped by gains for luxury
stocks, and US equity futures pointed to a firm start for Wall Street later in
the day.Asian shares gained over 1% on their best day in weeks, but were
still on track for their worst quarterly performance in a year, as were
European shares and the MSCI’s world stock index.Japan’s Nikkei closed a touch
lower, while Chinese markets were closed for a holiday and are on a break next
week.
Crude Impact – Oil prices edged
higher on Friday, and were headed for a gain of 2% for the week, driven by
tight US supply and expectations of strong fuel demand in China during the
Golden Week holiday.The Brent December contract was up 33 cents, or
0.35%, at $93.43 per barrel. US West Texas Intermediate crude (WTI) gained 51
cents, or 0.56%, to $92.22 per barrel.
Currency Watch – The Indian rupee
closed stronger on Friday as a pullback in the dollar index and steady crude
oil prices offered some relief to the local unit.The rupee closed at
83.04 against the dollar compared to a close of 83.1850 in the previous
session. Despite strength on Friday, the rupee posted a monthly loss of 0.4%,
marking its third consecutive month of decline. The dollar index was lower at
105.7 and the 10-year US Treasury yield fell to 4.54%.
Nifty futures opened at 19675.00 points against the previous close
of 19673.10 and opened at a low of 19638.00 points. Nifty Future closed with an
average movement of 156 points and a rise of around 76.90 and 19655.00 points…!!
At the start of intra-day trading October gold opened at Rs.57382 fell
from a high of Rs.57539 points to a low of Rs.57290 with a rise of 352 points,
a trend of around Rs.57480 and October Silver opened at Rs.71149, fell from a
high of Rs.73000 points to a low of Rs.71149 with a rise of 2350 points, a trend
of around Rs.72950.
Meanwhile,
The Indian market witnessed a rebound as positive
GDP data from Britain instilled confidence among its global peers. However, the
market is facing stiff resistance at higher levels due to insipid liquidity and
a lack of triggers to overcome the bears.
The upside risk to domestic inflation may recede
with the return of a good monsoon in September. This, in turn, could provide
the RBI with leeway to maintain a pause in the upcoming policy meeting next week.
Technically,
the important key resistances are placed in August Nifty future are at 19714 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 19770 – 19880 levels. Immediate support is placed at 19606 –
19474 levels.
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