Dear Trader –
The 30-share BSE benchmark Sensex declined 483
points or 0.73% to settle at 65,512. The broader NSE Nifty dropped 156 points
or 0.80% to end at 19,522.
From the Sensex pack, Tata Steel and M&M were
the top laggards, falling over 2% each. Bajaj Finance, SBI, Asian Paints, and
Kotak Bank also ended lower. On the flip side, only HCL Tech, TCS and HUL
closed with gains.
Nifty PSU Bank closed over 3% lower, dragged by
the Central Bank of India, Indian Overseas Bank, and Bank of Maharashtra.
High-weightage banks, and oil & gas lost 1% each, while metals, consumer
durables and media stocks shed 1.5-2%.
Oil prices rose following a military conflict in
the Middle East where Israel attacked the Palestinian enclave of Gaza. Rise in
oil prices is a negative for importers of the commodity, like India.Among
individual stocks, Oil India closed over 5% higher as international crude oil
prices jumped more than $3 a barrel on Monday as the Israel-Hamas crisis
deepened, raising supply concerns.
The market capitalisation of all listed companies
on the BSE declined by Rs 3.8 lakh crore to Rs 316.06 lakh crore.The market
breadth was skewed in favour of the bears. About 2,830 stocks declined, 977
gained, and 122 remained unchanged on the BSE.
Global Markets –
Conflict in the Middle East lifted oil and safe-haven
government bonds and hurt global stocks and Israeli assets on Monday after
Friday’s sizzling September US jobs report raised the rate stakes for inflation
figures later in the week.US S&P 500 futures fell 0.6% and Europe’s
main stock index was flat. In Asian markets, China’s Shanghai Composite fell
0.4%, while Hong Kong’s Hang Seng rose 0.6%. Japan and South Korean markets
were off due to the holiday.
Oil Impact – Oil prices surged
more than 3% on Monday as military clashes between Israel and the Palestinian
Islamist group Hamas ignited fears of a wider conflict in the Middle East.Brent
crude was up $3.09, or 3.65%, to $87.67 a barrel, while US West Texas
Intermediate crude was at $86 a barrel, up $3.21 or 3.8%. Both benchmarks
spiked by more than $4 a barrel earlier in the session.
Currency Watch – The Indian rupee
closed little changed in a tepid session on Monday despite an escalation in
geopolitical risks as traders feared dollar-selling intervention by the Reserve
Bank of India (RBI) if the local unit heads towards lifetime lows.The
rupee closed slightly weaker at 83.2625 against the US dollar compared to a
close of 83.2450 in the previous session.
Nifty futures opened at 19590.10 points against the previous close
of 19678.50 and opened at a low of 19505.90 points. Nifty Future closed with an
average movement of 110 points and a rise of around 156 and 19522.00 points…!!
At the start of intra-day trading October gold opened at Rs.57000 fell
from a high of Rs.57561 points to a low of Rs.57000 with a rise of 480 points,
a trend of around Rs.57351 and October Silver opened at Rs.68740, fell from a
high of Rs.69200 points to a low of Rs.68525 with a rise of 432 points, a trend
of around Rs.68602.
Meanwhile,
An unforeseen escalation in the Middle East has
rekindled pessimism in global markets. Moreover, the rapid surge in oil prices
presents a significant threat to the global market, which is already dealing
with elevated inflation and interest rates.
Technically,
the important key resistances are placed in August Nifty future are at 19522 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 19676 – 19808 levels. Immediate support is placed at 19474 –
19373 levels.
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