Dear Trader –
The 30-share BSE
benchmark Sensex surged 204 points or 0.31% to settle at 66,174. The broader
NSE Nifty advanced 126 points or 0.64% to close at a fresh two-month high of
19,953.
Shares of Adani Group
companies rose in today’s trade after the Supreme Court reserved its order on
the Adani-Hindenburg issue. Shares of Adani Enterprises, the flagship entity of
the diversified Adani Group, rallied over 9%.Other Adani Group stocks including
Adani Total Gas, Adani Power and Adani Ports rose 20%, 13% and 6%, respectively.
From the Sensex pack,
Tata Motors, Bajaj Finserv, and UltraTech Cement were the top gainers, rising
2-3.5%. Bajaj Finance, Airtel, NTPC, and Titan also ended higher.On the
other hand, ITC, Sun Pharma, ICICI Bank, Power Grid, and HUL closed in the red.
On the sectoral front,
Nifty Metal advanced 1.85%, and Nifty PSU Bank surged 1.35%. Nifty Bank, Auto,
Financial Services, IT, Realty, and Oil & Gas stocks also ended higher. In
the broader market, Nifty Midcap100 gained 0.54%, and Smallcap100 rose 0.30%.
Meanwhile, the market
capitalisation of all listed companies on BSE surged by Rs 2.39 lakh crore to
Rs 331.1 lakh crore. The market breadth was skewed in the favour of the bulls.
About 1,906 stocks gained, 1,894 declined, and 172 remained unchanged on the
BSE.
Global Markets –
Shares were mixed in
Asia on Tuesday after Wall Street benchmarks edged lower as investors waited
for updates on inflation and how American consumers are feeling about the
economy. Tokyo’s Nikkei 225 index lost 0.1% to 33,408. South Korea’s
Kospi jumped 1.1% to 2,521, and the Shanghai Composite index edged 0.2% higher,
to 3,038.European shares slipped for a second session on Tuesday after
strong November gains, as luxury stocks weighed and European Central Bank
policymakers pushed back market expectations of interest rate cuts next year.
The pan-European STOXX 600 index was down 0.4%.
Oil prices rise – Oil prices rose on Tuesday with the Brent benchmark rising
above $80 a barrel, supported by expectations that the OPEC+ producer group may
deepen and extend output cuts due to concern over softer global demand.Brent
crude futures were up 72 cents, or 0.9%, at $80.70 a barrel. US West Texas
Intermediate (WTI) crude futures gained 69 cents, or 0.9%, at $75.55.
Currency Watch – The Indian rupee closed slightly higher on Tuesday, supported
by foreign banks’ dollar sales and softness in the greenback, which is hovering
close to 3-month lows.The rupee ended at 83.3325 against the US dollar,
compared with its previous close at 83.3675.
Nifty futures opened at 19889.95 points against the previous close
of 19826.95 and opened at a low of 19827.90 points. Nifty Future closed with an
average movement of 85.50 points and decline of around 126.05 and 19953.00 points…!!
At the start of intra-day trading December gold opened at Rs.61619
fell from a high of Rs.61686 points to a low of Rs.61485 with a rise of 65 points,
a trend of around Rs.61605 and December Silver opened at Rs.74806, fell from a
high of Rs.74852 points to a low of Rs.74422 with a rise of 186 points, a trend
of around Rs.74620.
Meanwhile,
The gradual return of
FIIs in the month of November post the global sell-off during the three months
of (August to October) is having a steady positivity in India.
Oil prices are stable
ahead of the OPEC+ meeting and OMCs stand to benefit from the ease. The metal
sector gained in line with expectations of Chinese stimulus, and PSU banks are
doing well due to better peer performance. The market may await state exit
polls for further cues, in the short term.
Technically,
the important key resistances are placed in October Nifty future are at 19953 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 19979 – 20088 levels. Immediate support is placed at 19808 –
19770 levels.
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