Dear Trader –
The 30-share BSE benchmark Sensex rose 33 points
or 0.05% to settle at 64,975. The broader NSE Nifty rose 12 points or 0.06% to
end at 19,488.
From the Sensex pack, Asian Paints, Titan, JSW
Steel, L&T, and ITC closed with gains, while ICICI Bank, Infosys, NTPC,
Tech Mahindra, and Bajaj Finance ended with cuts.
Sector-wise, Nifty Realty rose 1.52%, and Nifty
Pharma gained 1.48%. Whereas Nifty Bank, Financial Services, IT and Media
closed lower. In the broader market, Nifty Midcap100 gained 1%, while
Smallcap100 rose 0.7%.
The market breadth was skewed in the favour of
the bulls. About 2,019 stocks gained, 1,683 declined, and 126 remained
unchanged on the BSE.
Global Markets –
Asian markets struggled Wednesday as investors
tried to figure out the Federal Reserve’s interest rate plans, while demand
concerns saw oil prices struggling to recover from the previous day’s plunge.Tokyo,
Hong Kong, Shanghai, Singapore, Seoul, Wellington and Jakarta dropped, though
Sydney, Taipei, Manila, Mumbai edged up.
European shares edged lower on Wednesday, with
utilities and financials taking the biggest hit, as investors assessed economic
data and corporate earnings ahead of remarks from major central bank chiefs
during the day.
The pan-European STOXX 600 lost 0.2%, hitting a
near one-week low intraday.
Oil Impact – Oil prices remained
under pressure on Wednesday after sliding to their lowest in more than three
months in the previous session, slipping further on concern over waning demand
in the United States and China.
Brent crude futures dipped 8 cents to $81.53 a
barrel, while US crude lost 20 cents to $77.17. Both had dropped on Tuesday to
their lowest since July 24.
Currency Watch – The rupee closed
little changed on Wednesday, wedged between buoyant local US dollar demand on
one side and a retreat in crude oil prices and US Treasury yields on the other.The
rupee ended at 83.2725 against the US dollar, compared with its close of
83.2575 in the previous session. The local unit has remained range-bound
between 83.14 and 83.2950 so far in November.
Nifty futures opened at 19512.60 points against the previous close
of 19476.90 and opened at a low of 19467.00 points. Nifty Future closed with an
average movement of 57.35 points and a rise of around 11.10 and 19488.00 points…!!
At the start of intra-day trading December gold opened at Rs.60396
fell from a high of Rs.60448 points to a low of Rs.60202 with a decline of 17 points,
a trend of around Rs.60330 and December Silver opened at Rs.70729, fell from a
high of Rs.70883 points to a low of Rs.70145 with a decline of 256 points, a
trend of around Rs.70378.
Meanwhile, The domestic market traded rangebound with a positive bias.
And further confidence may be derived from the global market cues post the Fed
chair speech. Oil prices continued to fall, which will provide respite to the
domestic economy and navigate a downward trajectory to inflation & fiscal.
Technically,
the important key resistances are placed in October Nifty future are at 19488 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 19505 – 19606 levels. Immediate support is placed at 19373 –
19303 levels.
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