November 7, 2024

+91 99390 80808

November 7, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 11 December 2023

Stock Market Trend : 11 December 2023

Dear Trader –

Indian equity indices closed at fresh record highs on Friday after the Reserve Bank of India (RBI) stood pat on key rates for a fifth consecutive time and raised its growth forecast for fiscal 2023-2024. Benchmark indexes also posted their longest weekly winning streak in three years on the back of strong macroeconomic data, a drop in oil prices.

The BSE benchmark Sensex rose 304 points or 0.44% to settle at 69,825, while NSE Nifty gained 60 points or 0.28% to end at 21090.In early trade, the Nifty rose above 21,100 for the first time ever after the RBI maintained its key repo rate at 6.50%, amid robust economic growth and expectations of a rise in food prices in the coming months. The central bank raised its growth forecast for the ongoing fiscal to 7% from 6.5% earlier and maintained the inflation expectation at 5.4%.Rate-sensitive sectors like banks, financial services, public sector banks, and private banks rose between 0.2% and 1% while realty gained 0.5%.

The market capitalisation of all listed companies on BSE declined by Rs 83,900 crore to Rs 349.30 lakh crore. The market breadth was skewed in the favour of the bears. About 2,077 stocks declined, 1,679 gained, and 124 remained unchanged on the BSE.

Global Markets –

World stocks teetered on their first weekly loss since October as a rally fuelled by hopes of the US Federal Reserve and the European Central Bank cutting interest rates paused ahead of key US jobs data.Tokyo’s Nikkei was down 1.8% on Friday for a weekly drop of 3.6%, with exporters such as automakers falling hardest. Outside of Japan, MSCI’s broad gauge of world stocks traded flat, heading to a 0.2% weekly loss after five weeks of gains.Europe’s Stoxx 600 share index was 0.2% higher, set for its fourth straight week of increases. Futures indicated the US S&P 500 would flatline in early New York trading.

Crude Oil – Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.Brent crude futures were up $1.64, or 2.23%, at $75.70 a barrel, while US West Texas Intermediate crude futures were up $1.52, or 2.2%, to $70.87 a barrel. Brent had earlier risen by $2.

Rupee Ends Lower – The Indian rupee closed slightly lower on Friday, tracking subdued moves in its Asian peers, as investors turned their attention to a crucial US labour market report due later in the day.The rupee ended at 83.3850 against the US dollar, against its previous close of 83.3525. The local unit logged a weekly loss of 0.1%. The rupee hovered in a range of 83.26 and 83.40 over the week.

Nifty futures opened at 21085.00 points against the previous close of 21030.80 and opened at a low of 20949.00 points. Nifty Future closed with an average movement of 152.45 points and decline of around 59.40 and 21090.20 points…!!

At the start of intra-day trading December gold opened at Rs.62525 fell from a high of Rs.62579 points to a low of Rs.62422 with a rise of 44 points, a trend of around Rs.62510 and December Silver opened at Rs.74641, fell from a high of Rs.74784 points to a low of Rs.74364 with a decline of 255 points, a trend of around Rs.74568.

Meanwhile, The RBI took a balanced approach by raising the economic growth forecast and also expressing concern on food inflation, which may have an elevated trajectory in the short-term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today.

Technically, the important key resistances are placed in October Nifty future are at 21090 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 21133 – 21272 levels. Immediate support is placed at 20939 – 20808 levels.

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