Dear Trader –
The 30-share BSE benchmark Sensex rose 179 points
or 0.25% to settle at 72,026. The broader NSE Nifty decline 01 points to end at
21,785.
Among the Sensex stocks, TCS, L&T, Infosys,
HCL Tech, and HUL closed higher, while Nestle, JSW Steel, Kotak Bank, Sun
Pharma, and Asian Paints ended lower.From the sectoral front, Nifty IT surged
1.3%, and Nifty Auto rose 0.4%. Nifty Bank, metal, pharma, and healthcare
closed 0.1-0.6% lower.
The market breadth was skewed in favour of the
bulls. About 2,224 stocks gained, 1,611 declined, and 101 remained unchanged on
the BSE.
Global Markets –
Global equities were on track to snap a nine-week
winning streak as bets on aggressive central bank rate cuts were rolled
back.MSCI’s broadest index of global stocks was flat on the day, but heading
for a 1.78% decline this week.Europe’s Stoxx 600 index sank 0.8%, Asia-Pacific
shares outside Japan dropped 0.5% and government bond yields rose as prices of
the interest rate-sensitive debt securities fell.
10-year Treasury yield rises above 4% – The
10-year treasury yield, which tracks expectations of long-term borrowing costs
and rises as the price of the debt security falls, climbed 4 basis points (bps)
to 4.034%. This key debt yield has risen almost 18 bps this week.
Oil price rises – Oil
prices edged higher on Friday after minutes from a Federal Reserve meeting
suggested inflation was under control and on news that US Secretary of State
Antony Blinken is prepared to visit the Middle East to try and prevent the
Israel-Gaza conflict from widening.
Brent crude futures were up 38 cents, or 0.49%,
to $77.97 a barrel, while US West Texas Intermediate crude futures rose 51
cents, or 0.69%, to $72.69.
Rupee ends higher – The
Indian rupee closed stronger on Friday, supported by dollar inflows even as its
Asian peers slipped heading into the release of key US labour market data due
later in the day.The rupee closed at 83.15 against the US dollar, higher by
0.1% compared with its close at 83.23 in the previous session. The local unit
was little changed week-on-week.
Nifty futures opened at 21799.80 points against the previous close
of 21785.95 and opened at a low of 21677.00 points. Nifty Future closed with an
average movement of 154.00 points and decline of around 01.00 and 21785.00 points…!!
At the start of intra-day trading December gold opened at Rs.62631
fell from a high of Rs.62691 points to a low of Rs.62160 with a decline of 313 points,a
trend of around Rs.62327 and December Silver opened at Rs.72500, fell from a
high of Rs.72683 points to a low of Rs.72795 with a decline of 90 points, a
trend of around Rs.72246.
Meanwhile, The market ended on a flat note, tracking
weak global cues, with the US 10-year yield edging higher ahead of the release
of US payroll data later today (Friday), which may shape the expectation for
the FED policy. Investors are also staying cautious ahead of eurozone inflation
data today.
On the domestic front, the market is moving
towards the results season, and we expect the exuberance of the broader index
may be tested if the December quarter earnings do not justify the valuation.
Technically,
the important key resistances are placed in October Nifty future are at 21785 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 22008 – 22088 levels. Immediate support
is placed at 21707 – 21606 levels.
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