Dear Trader –
After opening in the green, Indian equity indices
closed marginally lower on Thursday ahead of the US consumer inflation report
later in the day. A slide in IT stocks on weak earnings by Tata Consultancy
Services weighed on the sentiments even as investors awaited results of peers
Infosys and HCLTech, as well as key inflation data.
The 30-share BSE benchmark Sensex declined 65
points or 0.1% to settle at 66,408. The broader NSE Nifty dropped 08 points or
0.04% to end at 19,842.
From the Sensex pack, Infosys, Tech Mahindra,
TCS, and HCL Tech were the top laggards, falling 1.9-2.8%. Bajaj Finance,
Wipro, Nestle, Kotal Bank, and SBI also closed lower. On the flip side, Maruti,
Power Grid, NTPC, and M&M closed with gains.
Sector-wise, Nifty IT declined 1.67%, led by
Infosys, TCS, HCL Tech and Wipro.Whereas Nifty Auto surged 0.78, led by Bosch,
TVS Motor, Maruti and Bajaj Auto.
In the broader market, Nifty Midcap100 gained
0.17%, and Smallcap100 advanced 0.65%.
Global Markets –
World shares rose on Thursday ahead of US
inflation data and European Central Bank meeting minutes that will add to the
hotly-contested debate on where interest rates are heading.
The week’s sharp escalation of Middle East
tensions ensured the mood remained cautious but European stocks shuffled to a
3-week high early on after a 1.75% jump from Tokyo had done the same for Asia.
Wall Street futures were 0.3% higher too.
Oil Prices Rise – Oil prices rose
about 1% on Thursday, reversing earlier falls, on expectations that US interest
rates had peaked, but a lower demand growth forecast for next year from the
International Energy Agency and higher US inventories limited further gains.Brent
futures rose $1.01, or 1.20%, to $86.83 a barrel, while US West Texas
Intermediate crude gained 73 cents, or 0.90%, to $84.22 a barrel.
Rupee Weakens – The Indian rupee
declined on Thursday as importers bought the US dollar ahead of the release of
consumer price index (CPI) data from the world’s largest economy later in the
day.The rupee settled at 83.2425 against the dollar compared with 83.1875 in
the previous session, after having risen to a session high of 83.13.
Nifty futures opened at 19862.30 points against the previous close
of 19850.10 and opened at a low of 19802.50 points. Nifty Future closed with an
average movement of 81.50 points and a Decline of around 08.05 and 19842.05 points…!!
At the start of intra-day trading December gold opened at Rs.58045
fell from a high of Rs.58235 points to a low of Rs.58001 with a rise of 269 points,
a trend of around Rs.58209 and December Silver opened at Rs.69734, fell from a
high of Rs.70065 points to a low of Rs.69656 with a rise of 451 points, a trend
of around Rs.69877.
Meanwhile,
The underwhelming result of the IT major and its
lacklustre near-term prospects exerted downward pressure on the IT sector.
Nevertheless, the broad market exhibited strength, primarily in anticipation of
healthy overall Q2 results led by expansion in India’s operating profit as
volume demand is sustained despite global slowdown.
Global trend was positive attributable to the
favourable UK GDP figures and anticipation of a moderation in US CPI inflation,
which may influence the FED’s future actions.
Technically,
the important key resistances are placed in October Nifty future are at 19842 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 19909 – 20008 levels. Immediate support is placed at 19737 –
19676 levels.
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