Dear Trader –
The 30-share BSE
benchmark Sensex rose 103 points or 0.15% to settle at 69,928. The broader NSE
Nifty rose 4.50 points or 0.02% to end at 21079.50.
In the Sensex pack, UltraTech Cement, Nestle
India, Power Grid Corp, IndusInd Bank, and JSW Steel closed with gains, while
Axis Bank, M&M, HUL, Maruti, and Bajaj Finserv closed cuts.
Among individual
stocks, Dr Reddy’s Laboratories closed 5% lower as the USFDA issued a Form 483
with three observations after inspecting the drug maker’s facility at
Bachupally in Hyderabad.Mazagon Dock Shipbuilders rose 3% after the firm
received an order from Oil and Natural Gas Corporation Limited (ONGC) worth Rs
1,145.1 crore.
Sector-wise, the Nifty
PSU Band advanced 1.36%, led by the Bank of India, Punjab and Sind Bank, and
Union Bank of India. Nifty Media and Nifty Metal also closed over 1% higher.Whereas
Nifty Pharma and Nifty Healthcare declined over 0.6% each.Meanwhile, the
market capitalisation of all listed companies on BSE increased by Rs 1.85 lakh
crore to Rs 351.08 lakh crore.
The market breadth was
skewed in the favour of the bulls. About 2,372 stocks gained, 1,499 declined,
and 164 remained unchanged on the BSE.
Global Markets –
Asian shares mostly
gained on Monday after Wall Street reached a 20-month high ahead of a week that
includes essential US inflation data and the Federal Reserve’s final rate
decision of the year.Tokyo’s Nikkei 225 index gained 1.5% and the Kospi
in Seoul was 0.3% higher. China’s Shanghai Composite rose 0.7%, while Hong
Kong’s Hang Seng declined 0.8%.In early trade, the pan-European STOXX
600 was flat, after climbing to its highest level since February 2022 on Friday.
Crude Oil – Oil prices fell on Monday as concerns persist about
oversupply and softer fuel demand growth next year.Brent crude futures
declined 39 cents to $75.45 a barrel. US West Texas Intermediate crude futures
were down 50 cents at $70.73.
Currency Watch – The Indian rupee settled little changed on Monday,
supported by likely US dollar sales by the Reserve Bank of India (RBI) while
rupee forwards premiums retreated amid a rise in US bond yields.The
rupee ended at 83.3925 against the dollar, barely changed from its close at
83.3850 in the previous session. The unit was in a narrow 83.3750-83.3925 range
during the session.
Nifty futures opened at 21086.55 points against the previous close
of 21075.00 and opened at a low of 21032.00 points. Nifty Future closed with an
average movement of 87.40 points and decline of around 04.50 and 21079.50 points…!!
At the start of intra-day trading December gold opened at Rs.61800
fell from a high of Rs.61860 points to a low of Rs.61447 with a decline of 189 points,
a trend of around Rs.61530 and December Silver opened at Rs.72539, fell from a
high of Rs.72639 points to a low of Rs.72125 with a decline of 319 points, a
trend of around Rs.72199.
Meanwhile,
The market crossed
70,000 levels today,while the broader market outperformed the main indices.
However, profit booking was evident at higher levels as traders anticipated
clues from tomorrow’s significant data releases on inflation from the US and
India .
Investors will be
closely watching the upcoming FOMC meeting tomorrow for clues about potential
future rate cuts while expecting to keep rates the same this time.
Technically,
the important key resistances are placed in October Nifty future are at 21079 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 – 21202 levels. Immediate support
is placed at 21008 – 20880 levels.
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