Dear Trader –
The 30-share BSE
benchmark Sensex surged 276 points or 0.41% to settle at 65,930. The broader
NSE Nifty gained 89 points or 0.45% to end at 19,840.
In intraday trade, the
Nifty Midcap 150 and Smallcap 250 hit lifetime highs. Among sectoral indices,
realty, metal, pharma and consumer durables advanced the most, while fast-moving
consumer goods and public-sector banks faced pressure.
Among Sensex stocks,
JSW Steel, Titan, Reliance Industries, Tata Steel, and Sun Pharma closed with
gains, while NTPC, Tech Mahindra, Maruti, L&T, and SBI ended with gains.
Meanwhile, the market
capitalisation of all listed companies on BSE gained by Rs 75,862 lakh crore to
Rs 328.1 lakh crore. The market breadth was skewed in the favour of the bulls.
About 1,955 stocks gained, 1,769 declined, and 130 remained unchanged on the
BSE.
Global Markets –
European shares were
holding near a 5-1/2 week high on Tuesday while the dollar languished near its
lowest in two-and-a-half months on expectations the US Federal Reserve is
likely done with interest rate hikes.
The pan-European STOXX
600 index was little changed on the day at 455.98 points. The index is up over
5% this month and on track for its biggest monthly gain since January.
In Asia, MSCI’s
broadest index of Asia-Pacific shares outside Japan was 0.6% higher having
earlier touched 511.05 — the highest since September 5. Japan’s Nikkei closed
lower but remained close to the 33-year high it touched on Monday.
Oil Impact – Oil futures fell on Tuesday, reversing steep gains made in
the past two sessions, as investors turned cautious ahead of a meeting of OPEC+
this Sunday when the producer group may discuss deepening supply cuts due to
slowing global growth.Brent crude futures fell 39 cents, or 0.47%, to $81.94 a
barrel, while US West Texas Intermediate crude futures were at $77.43 a barrel,
down 40 cents, or 0.5%.
Rupee Weakens – The Indian rupee fell to its record closing low on Tuesday as
persistent local demand for the US dollar weighed on the unit despite a rally
in Asian currencies. The rupee ended at 83.3550 against the US dollar, slightly
weaker than its close at 83.34 in the previous session.
Nifty futures opened at 19809.95 points against the previous close
of 19751.20 and opened at a low of 19801.00 points. Nifty Future closed with an
average movement of 97.00 points and decline of around 89.25 and 19840.45 points…!!
At the start of intra-day trading December gold opened at Rs.60805
fell from a high of Rs.61073 points to a low of Rs.60805 with a rise of 292 points,
a trend of around Rs.60949and December Silver opened at Rs.72644, fell from a high
of Rs.73480 points to a low of Rs.72603 with a rise of 176 points, a trend of
around Rs.72820.
Meanwhile,
Today, the market
exhibited positive momentum, with attention centred on the minutes of the
latest Fed meeting. The declining inflation and the recent cooling job data in
the US provide the foundation for a dovish comment from the Fed.
The drop in bond
yields and the dollar index suggests mounting speculation regarding the
potential peak in the interest rate cycle. This will attract funds to emerging
markets. The gains in the broad market were led by consumer durables and realty
thanks to a strong rebound in festive demand.
Technically,
the important key resistances are placed in October Nifty future are at 19840 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 19770 –
19707 levels.
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