Dear Trader –
With the Nifty hitting
the record 21,800 mark for the time, benchmark equity indices closed higher for
the fifth straight session on Thursday, led by a global rally over optimism
that the US central bank would start cutting rates in March.
The 30-share BSE
benchmark Sensex advanced 372 points or 0.52% to settle at 72,410. The broader
NSE Nifty surged 76 points or 0.46% to end at 21,781.
Among the Sensex
stocks, NTPC, M&M, Power Grid, and Nestle were the top gainers, rising
2-3%. Tata Motors, ITC, Bharati Airtel and HUL also closed higher. On the other
hand, L&T, Wipro, UltraTech Cement, and Asian Paints closed in the red.
Sector-wise, Nifty
Auto, FMCG, Metal, Pharma, Healthcare, PSU Bank and Oil & Gas closed over
1% each. While only Nifty IT and Nifty Consumer Durables closed in the red.
Meanwhile, the market
capitalisation of all listed companies on BSE surged by Rs 1.7 lakh crore to Rs
363.01 lakh crore. The market breadth was skewed in the favour of the bears.
About 1,811 stocks gained, 1,976 declined, and 133 remained unchanged on the
BSE.
Global Markets –
World shares gained on
Thursday as market wagers on ever-more aggressive interest rate cuts stretched
a rally in U.S. stocks and bonds.In early trade, European shares added 0.2% to
approach a 23-month high hit two weeks ago, and were on course for gains of
about 13% this year.Wall Street was set for gains, too, with S&P 500
futures up 0.1% to another record high and Nasdaq futures firming 0.2%.
Oil Prices Decline – Oil prices declined on Thursday as concerns
eased about shipping disruptions along the Red Sea route. Brent crude futures declined
$1.05 to $78.49 a barrel, while US WTI crude futures were trading $1.13 lower
at $72.95 a barrel.
Rupee Ends Higher – The Indian rupee strengthened on Thursday
while far forward premiums rose to their highest in more than two months on
rising expectations of the U.S. Federal Reserve easing monetary policy cycle.
The rupee closed at 83.1650 to the US dollar, up
from 83.3450 in the previous session. The currency posted its biggest rise in a
single rise in nearly two weeks. The dollar index was at its lowest since July,
and Asian currencies rose.
Nifty futures opened at 21895.10 points against the previous close
of 21854.10 and opened at a low of 21861.75 points. Nifty Future closed with an
average movement of 104.90 points and rise of around 75.95 and 21930.05 points…!!
At the start of intra-day trading December gold opened at Rs.63728
fell from a high of Rs.63821 points to a low of Rs.63333 with a rise of 298 points,a
trend of around Rs.63380 and December Silver opened at Rs.75743, fell from a
high of Rs.75743 points to a low of Rs.75222 with a decline of 341 points, a
trend of around Rs.75306.
Meanwhile,
The benchmark index
maintained its optimism and hit fresh high owing to ease in Red Sea issue and
reversal of FII inflows. A decline in crude oil prices below $80 prompted
widespread purchasing across oil and energy companies.
The Asian market too
advanced due to an expectation of more aggressive rate cuts by fed next year.
While the global market was largely experiencing consolidation due to valuation
concerns.
Technically,
the important key resistances are placed in October Nifty future are at 21930 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 22088 – 22188 levels. Immediate support
is placed at 21880 – 21787 levels.
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