Dear
Trader…
The 30-share BSE benchmark Sensex declined 188 points or
0.25% to settle at 74,483. The broader NSE Nifty Future dropped 42.75 points or
0.19% to end at 22,707.
The Nifty small and midcap indices ended flat. Nifty IT,
Media, Metal, Pharma, Oil & Gas, and Healthcare closed 0.5-1% lower.
The market breadth was skewed in the favour of the bears.
About 1,822 stocks gained, 1,995 declined, and 133 remained unchanged on the
BSE.
HDFC Bank, ICICI Bank, Tech Mahindra, HCL Tech, Tata Steel,
and JSW Steel exerted downward pressure on the Sensex. Conversely, M&M,
Power Grid, Bajaj Finance, and IndusInd Bank contributed positively to the
index.Mahindra and Mahindra rose 4.5% to a record high after launching its
compact sports utility vehicle, which analysts said was at a competitive price.
Nifty Auto rose 1.8%, led by M&M, Exide Industries, and
Apollo Tyres. Bajaj Auto, Hero MotoCorp and Maruti Suzuki jumped between 0.9%
and 2.1%.Among individual stocks, Jana Small Finance Bank was locked in a 20%
upper circuit after it reported a four-fold surge in quarterly profit.
Global
Markets –
Global shares headed for their first monthly loss in six
months on Tuesday ahead of a slew of economic data, earnings and the US Federal
Reserve’s policy meeting.The MSCI All-World index was last up 0.1% on the day,
driven by gains in Europe and carrying some of the positive momentum from a
rally on Wall Street the day before. But the index is heading for a loss of
2.2% in April, its worst monthly performance since October.
Nifty futures opened at 22773.45 points against the previous
close of 22750.55 and opened at a low of 22698.00 points. Nifty Future closed
with an average movement of 152.00 points and a decline of around 42.75 points
and 22707.80 points…!!
Oil
Rises – Oil steadied on Tuesday after the
previous day’s drop as Israel-Hamas talks offered hopes of a ceasefire even as
Red Sea attacks continued, while investors awaited signals on US interest rates
ahead of a key meeting on Wednesday. Brent crude futures rose 27 cents, or
0.3%, to $88.67 a barrel, while U.S. West Texas Intermediate crude futures
gained 30 cents, or 0.4%, to $82.93 a barrel.
Currency
Watch –The Indian rupee ended mildly higher on Tuesday
after recovering from a decline in the earlier half of the session, aided by
dollar sales from foreign and state-run banks.The rupee closed at 83.4250
against the US dollar, mildly stronger from its close of 83.47 in the previous
session. The local unit was little changed month-on-month.Earlier in the day,
the rupee had declined to a low of 83.5250, just shy of its lifetime low of
83.5750, but eventually pared its losses.
At the start of intra-day trading, June gold opened at Rs.71300,
fell from a high of Rs.71347 points to a low of Rs.70871 with a decline of 711 points,
a trend of around Rs.70891 and May Silver opened at Rs.80341, fell from a high
of Rs.80410 points to a low of Rs.79663 with a decline of 1017 points, a trend
of around Rs.79835.
Meanwhile,
Global markets remained mixed ahead of US FED
policy meet, as markets appear to have already factored in the slim chance of a
near-term rate cut. Profit booking ensued towards a close given the sharp rally
in the last couple of days and a holiday-led truncated week.
Domestic initial Q4 corporate earnings forecasts were
conservative. However, Nifty50 companies’ earnings to date have remained
marginally better, with the exception being the IT sector, while auto and
realty continue to be robust.
Technically,
the important key resistances are placed in Nifty future are at 22707 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 22808 – 22880 levels. Immediate support is placed at 22676 –
22570 levels.
Past Performance is not an Indicator of Future Returns. The
securities quoted are for illustration only and are not recommendatory.
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