Dear Trader –
The 30-share BSE benchmark Sensex declined 125
points or 0.19% to settle at 66,282.The broader NSE Nifty dropped 110 points or
0.55% to end at 19,734.From the Sensex pack, Axis Bank, Infosys, SBI, Wipro and
JSW Steel closed lower, while Tata Motors, IndusInd Bank, HCL Tech, and Nestle
ended with gains.
In the sectoral front, Nifty PSU Bank fell 1.4%,
pulled down by Indian Overseas Bank and Bank of Baroda. Meanwhile, Nifty IT
declined 0.6% on the back of Mphasis, Infosys, and Coforge. In the broader
market, Nifty Midcap100 fell 0.12%, and Smallcap100 dropped 0.44%.
The market breadth was skewed in the favour of
the bears. About 1,911 stocks declined, 1,761 surged, and 148 remained
unchanged on the BSE.
Global Markets –
Global shares slipped on Friday after
stronger-than-expected US inflation figures and upcoming consumer price data
from Europe kept markets on edge about central banks keeping interest rates
higher for longer.China’s blue-chip stock index CSI300 fell 1.1%, while the
Hang Seng Index sank 2.7%. Japan’s Nikkei fell 0.6%, while Australia’s S&P/ASX
200 index lost 0.56%.
Meanwhile, The pan-European STOXX 600 index fell
0.5% in early trade, with healthcare and financial services sectors leading
losses.
Oil Rises – Oil prices jumped
$2 on Friday after the US tightened its sanctions programme against Russian
crude exports, raising supply concerns in an already tight market, and global
inventories are forecast to decline through the fourth quarter.Brent futures
rose $1.96, or 2.28%, to $87.96 per barrel. US West Texas Intermediate (WTI)
crude gained $1.98, or 2.39%, to $84.89 a barrel. Both benchmarks had earlier
hit gains of $2.
Currency Watch – The rupee ended
slightly lower on Friday as intermittent US dollar-selling intervention by the
central bank prevented sharp losses, but the local unit closed weaker for a
third consecutive week on the back of broad strength in the greenback.The rupee
closed at 83.2625 against the US dollar, slightly weaker than its previous
close of 83.2425. The local unit posted a weekly loss of 0.1%, marking its
third consecutive week of decline.
Nifty futures opened at 19698.35 points against the previous close
of 19843.50 and opened at a low of 19685.05 points. Nifty Future closed with an
average movement of 131.85 points and a Decline of around 109.50 and 19734.00 points…!!
At the start of intra-day trading December gold opened at Rs.57970
fell from a high of Rs.59150 points to a low of Rs.57931with a rise of 912 points,
a trend of around Rs.58830 and December Silver opened at Rs.69365, fell from a
high of Rs.71150 points to a low of Rs.69297 with a rise of 1330 points, a
trend of around Rs.70404.
Meanwhile,
Weak revenue guidance of the IT sector and the
current uptick in crude prices weighed on the sentiment. While
higher-than-expected US inflation data pulled down the week’s early uptrend,
which was positive on a remark of a less hawkish US Fed meeting.
However, some optimism was visible from domestic
factors like a steep decline in domestic inflation and impressive industrial
production data, along with bright earnings expectations for Q2.
Technically,
the important key resistances are placed in October Nifty future are at 19734 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 19808 – 20008 levels. Immediate support is placed at 19606 –
19474 levels.
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