Dear Trader
Equity
indices logged losses amid a rise in the US bond yields and moderation seen in
India’s manufacturing activity to five-month low of 57.5. Nifty future opened
lower and remained in negative territory throughout the session to close with
loss of 145 points (-0.74%) at 19,563.10 levels. Broader market however, ended
in the green with Midcap100/Smallcap100 up 0.2%/0.5%. Except for PSU Banks,
Realty, and Consumer Durables, all sectors ended in red. Auto saw profit
booking after good September month sales numbers, while O&G fell following
cool-off in Brent crude prices which has corrected to below 90$/barrel.
On
the other hand, Housing Finance stocks gained after media report that the
Finance Ministry has approved a Rs 60,000 crore incentive scheme for urban
housing. Overall, the GST collections remained robust at Rs.1.62 lakh crores,
indicating strong economic growth. However, given the global concerns of more
US rate hikes along with 16-year high US 10-year bond yield and 7-month high
Dollar Index, the sentiments remain dented and thus is resulting in profit
booking. In the near term, we expect this weakness to persist with
stock-specific action. Investors would continue to take cues from economic data
to be release globally and domestically with all eyes on RBI monetary policy
due on Oct 6th, Friday.
Nifty
futures opened at 19650.00 points against the previous close of 19709.00 and
opened at a low of 19539.30 points. Nifty Future closed with an average
movement of 119.65 points and a decline of around 145.90 points and 19563.10
points…!!
On the NSE, the midcap 100 index will rise
0.18% and smallcap 100 index is closing rise 0.53%. Speaking of various
sectoral indices, the NSE saw gains in only, PSU Bank, Media, Consumer Durables
and Realty stocks, while all other sectoral indices closed lower.
At
the start of intra-day trading, October gold opened at Rs.56209, fell from a
high of Rs.56400 points to a low of Rs.56209 with a decline of 719 points, a
trend of around Rs.56386 and December Silver opened at Rs.69255, fell from a
high of Rs.69255 points to a low of Rs.65666, with a decline of 2658 points, a
trend of around Rs.67199.
Meanwhile,
The
US markets ended mostly higher on Monday as rising oil prices and bond yields
offset signs of resilience in the U.S. manufacturing sector and investor
optimism over lawmakers reaching a deal to avert government shutdown. Asian
markets are trading mostly in red on Tuesday after the World Bank said that
east Asia’s developing economies are likely to expand at one of the lowest
rates in five decades.
Technically, the important key resistances are placed in Nifty future are at 19606 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 19636 – 19676 levels. Immediate support is placed at 19505 – 19474 levels.
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