Dear Trader –
The 30-share BSE benchmark Sensex gained 87
points and the broader NSE Nifty ended above 20,269.Meanwhile, in November,
Sensex advanced 3,071 points or 4.8% to settle at 66,988. Nifty, on the other
hand, surged 1,053 points or 5.5% to end at 20,134.
The market capitalisation of all listed companies
on BSE also surged by Rs 24.17 lakh crore to Rs 335.62 lakh crore in
November.The market breadth was skewed in favour of the bulls.About 1,823
stocks gained, 1,881 declined, and 153 remained unchanged on the BSE.
Global Markets –
World stock markets edged higher on Thursday,
heading for their best monthly jump since the first COVID-19 vaccine
breakthroughs of 2020, as the continuing downtrend for global bond yields
lifted confidence.
Asia had made fresh gains of 0.2-0.3% overnight
and Europe followed suit as a flurry of weak economic data out of Germany,
France and Italy bolstered bets that interest rates are heading for the chop
next year.
Overnight, the MSCI Asia-ex-Japan stocks index had
risen 0.3% to cement its near 7% jump this month, its best since January. South
Korea’s KOSPI led the rise with a 10.6% gain, followed closely by Taiwan and
Japan’s Nikkei.
Oil Prices Flat – Oil prices were little changed on Thursday as investors
eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to
deeper supply cuts in 2024.
Brent crude futures for January climbed 70 cents
to $83.80 a barrel, on subdued volumes given the contract is meant to expire on
Thursday. The more active February contract was up 58 cents at $83.46 a barrel.
Rupee Ends at Record Closing Low – The Indian rupee fell to its lifetime closing low on Thursday
and was the worst performer among key Asian peers in November, which have
rallied amid a slump in US yields and the greenback. The rupee ended at 83.3950
against the US dollar, lower by 0.08%, compared with its previous close at
83.3250. The local unit posted a slight monthly loss of 0.1%.
Nifty futures opened at 20275.00 points against the previous close
of 20252.60 and opened at a low of 20144.10 points. Nifty Future closed with an
average movement of 147.50 points and decline of around 16.30 and 20269.10 points…!!
At the start of intra-day trading December gold opened at Rs.62594
fell from a high of Rs.62649 points to a low of Rs.62443 with a decline of 162 points,
a trend of around Rs.62443 and December Silver opened at Rs.75949, fell from a
high of Rs.76152 points to a low of Rs.75726 with a rise of 173 points, a trend
of around Rs.75945.
Meanwhile,
India’s GDP growth
upgrade to 6.4% from 6.0% for FY24 by S&P Global Rating has brought
optimism to the broad market. The Nifty50 could cross the psychological level
of 20,000 and be able to sustain the gains, providing long-term support. Bold
performance of the global markets and IPO listings are adding glitters to mid
& small caps. State exit poll and the final result slated to be announced
on Sunday may bring some cautiousness.
Technically,
the important key resistances are placed in October Nifty future are at 20269 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 20303 – 20404 levels. Immediate support is placed at 20188 –
20130 levels.
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