Dear Trader –
The 30-share BSE benchmark Sensex declined 116
points or 0.17% to settle at 66,167. The broader NSE Nifty dropped 10 points or
0.05% to end at 19,732.
It finally extended declines for the third
straight day on Monday, dragged by pharma, realty and IT stocks, though a rise
in metals stocks helped offset some intraday losses.
From the Sensex pack, Tata Steel, HCL Tech and
Axis Bank closed higher, while Nestle India, TCS, IndusInd Bank, and Asian
Paints closed in the red.
Sector-wise, Nifty Pharma declined 0.46%, and
Nifty FMCG fell 0.23%. Whereas, Nifty Metal and Nifty Auto closed higher.In the
broader market, Nifty Midcap100 gained 0.2%, and Smallcap100 surged 0.4%.
The market breadth was skewed in favour of the
bulls. About 1,997 stocks gained, 1,793 declined, and 163 remained unchanged on
the BSE.
Global Markets – European
stock indexes fell on Monday as cautious markets watched for signs of
escalation which could determine the financial fallout from the Israel-Hamas
war.
Europe’s stock indexes were in the red, with the
STOXX 600 down 0.2% and London’s FTSE 100 down 0.1%. In Asia, Japan’s Nikkei
225 plunged 2%, while China’s Shanghai Composite fell 0.46% and Hong Kong’s
Hang Seng declined 0.9%.
Oil Impact – Brent oil futures steadied above $90 a barrel on Monday after
passing the threshold on Friday, as investors waited to see if the Israel-Hamas
conflict draws in other countries.Brent futures were down 11 cents, or
0.12%, at $90.78 a barrel. US West Texas Intermediate (WTI) crude fell 2 cents,
or 0.2%, to $87.39 a barrel.
Currency Watch – The Indian rupee
weakened 0.02% versus the US dollar, and was quoted at 83.28 per dollar, as
likely US dollar sales from the Reserve Bank of India (RBI) supported the local
unit in the face of rising oil prices.
Nifty futures opened at 19731.65 points against the previous close
of 19742.05 and opened at a low of 19693.05 points. Nifty Future closed with an
average movement of 101 points and a Decline of around 09.20 and 19732.85 points…!!
At the start of intra-day trading December gold opened at Rs.57970
fell from a high of Rs.59439 points to a low of Rs.57931 with a rise of 1497 points,
a trend of around Rs.59415 and December Silver opened at Rs.69365, fell from a
high of Rs.71486 points to a low of Rs.69297 with a rise of 2294 points, a
trend of around Rs.71368.
Meanwhile,
Persistent geopolitical tensions continue to
weigh down the sentiment on equity, yet the mid and smallcap index witnessed
bargain hunting ahead of festival-driven demand and optimistic Q2 result.
If the oil price moves higher in a sustained
manner, it may elevate yields and operation cost, potentially straining margins
in H2FY24. As the earnings season gets into full swing, investors will be more
inclined to take a bottom-up approach to restructure their portfolios.
Technically,
the important key resistances are placed in October Nifty future are at 19732 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 19676 –
19606 levels.
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