Dear Trader –
The 30-share BSE
benchmark Sensex declined 5 points to settle at 66,017. The broader NSE Nifty
dropped 09 points or 0.04% to end at 19,875.
From the Sensex pack,
UltraTech Cement, L&T, Bajaj Finance, TCS, and NTPC ended in the red, while
IndusInd Bank, JSW Steel, Bharti Airtel, Wipro, and HDFC Bank closed in the
green.
Among individual
stocks, CDSL closed 4.7% higher after the depository informed exchanges about
crossing the 10 crore registered demat accounts mark.
Nifty Pharma declined
1.6%, dragged by Cipla, Aurobindo Pharma, and Ipca Labs. Nifty Healthcare,
Consumer Durables, and IT also closed lower. On the other hand, Nifty Bank,
Auto, Metal, and Realty closed higher. In the broader market, Nifty Midcap100
ended flat, while Smallcap100 rose 0.7%.
The market breadth was
skewed in the favour of the bulls. About 2,064 stocks gained, 1,636 declined,
and 144 remained unchanged on the BSE.
Global Markets –
Shares were mixed in
Asia on Thursday after a modest advance on Wall Street that kept the market on
track for a fourth straight weekly gain. Markets in Japan and the US are closed
for holidays.Hong Kong’s Hang Seng reversed early losses, gaining 0.5%
to 17,818 and the Shanghai Composite index rose 0.6% to 3,062.
Oil Prices Fall – Oil prices fell by more than 1% on Thursday, extending losses
from the previous session, after OPEC+ postponed a ministerial meeting, leading
to speculation that producers might cut output less than earlier anticipated.
Brent futures were
down 77 cents, or 0.95%, at $81.21 a barrel, after falling as much as 4% on Wednesday.
US West Texas Intermediate crude dipped 70 cents, or 0.91%, to $76.40, after
declining as much as 5% in the previous session.
Currency Watch – Broad losses in the dollar failed to aid the Indian rupee on
Thursday as demand for the greenback from local corporates and large foreign
banks weighed despite gains across most other Asian peers.The rupee
ended at 83.3425 against the US dollar, barely changed from its close at 83.32
in the previous session.
Nifty futures opened at 19903.05 points against the previous close
of 19884.10 and opened at a low of 19838.05 points. Nifty Future closed with an
average movement of 83.95 points and decline of around 08.60 and 19875.50 points…!!
At the start of intra-day trading December gold opened at Rs.61074
fell from a high of Rs.6161184 points to a low of Rs.61033 with a rise of 50 points,
a trend of around Rs.61074 and December Silver opened at Rs.72960, fell from a
high of Rs.73170 points to a low of Rs.72836 with a rise of 95 points, a trend
of around Rs.72921.
Meanwhile,
Range-bound momentum
continued on main indexes as the market looked for new triggers for a decisive
move beyond the 19800 level. However, broad markets’ undercurrent is strong and
rapid buying has emerged in the mid- and small-cap counters as bargaining
strategy arose on recent underperforming stocks.
The declining oil
prices and ease in US bond yields are the key positives for a broader recovery
for the market. The European market was mixed ahead of the ECB minutes and the
release of manufacturing index data.
Technically,
the important key resistances are placed in October Nifty future are at 19875 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 19808 –
19676 levels.
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