Dear
Trader…
The 30-share BSE benchmark Sensex declined 384 points or
0.52% to settle at 73,512. The broader NSE Nifty Future dropped 175 points or 0.78%
to end at 22,375.
The market capitalisation of all listed companies on the BSE
declined by Rs 5 lakh crore to Rs 398.4 lakh crore.
HDFC Bank, Reliance Industries, ICICI Bank, Power Grid, Tata
Motors, and Axis Bank exerted downward pressure on the Sensex, while TCS,
Infosys, Tech Mahindra, Nestle India, and HUL contributed positively to the
index.
Nifty FMCG rose over 2%, driven by nearly 10% gains in top
gainer Marico after it forecasted revenue growth to outpace volume growth in
fiscal 2025.
A bigger fourth-quarter profit also boosted Godrej Consumer
Products by 5.4%, while consumer major Hindustan Unilever, biscuits maker
Britannia and cigarette maker ITC were up between 1.3-5.5%.
Nifty Bank, Auto, Media, Pharma, Realty, Healthcare, and Oil
& Gas sectors closed 1% to 3.5% lower.
Global
Markets – Global shares traded around one-month highs on
Tuesday, boosted by renewed confidence in US interest rate cuts.
On Tuesday, US futures pointed to a steady start
later on, while stocks in Europe caught a bid from the banks, where UBS and
Unicredit beat expectations, sending the STOXX 600 up 0.6%. MSCI’s All-World
index was up 0.1%, around its highest since April 10.
Crude
Oil – Oil steadied on Tuesday as weakness in the
physical market countered concern about conflict in the Middle East as Israel
stepped up attacks in southern Gaza and a ceasefire deal between Hamas and
Israel hung in the balance. Brent crude futures were down 7 cents to $83.26 a
barrel, while U.S. West Texas Intermediate (WTI) crude futures were unchanged
at $78.48.
Nifty futures opened at 22545.00 points against the previous
close of 22550.15 and opened at a low of 22312.60 points. Nifty Future closed
with an average movement of 278.35 points and a decline of around 175.15 points
and closed 22375.00 points…!!
Rupee
Ends Flat – The Indian rupee closed barely
changed on Tuesday as dollar sales from state-run banks supported the currency
even as most of its Asian peers weakened. The rupee closed at 83.5075 against
the U.S. dollar, against 83.4875 in the previous session. It hovered in a tight
band of 83.4775 and 83.5175 during the session.
At the start of intra-day trading, June gold opened at Rs.71702,
fell from a high of Rs.71708 points to a low of Rs.71557 with a decline of 135 points,
a trend of around Rs.71557 and July Silver opened at Rs.82800, fell from a high
of Rs.83044 points to a low of Rs.82514 with a decline of 155 points, a trend
of around Rs.82800.
Meanwhile,
Despite positive global cues, the domestic
market continued to consolidate. The domestic market is witnessing profit
booking due to various factors, including a low turnout in the ongoing election
and premium valuations.
However, FMCG remained the biggest sectoral gainer in
Tyesday’s trading session, driven by expectations of improving volume growth
from rural areas aided by favourable monsoon expectations.
Technically,
the important key resistances are placed in Nifty future are at 22375 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 22404 – 22505 levels. Immediate support is placed at 22202 –
22180 levels.
Past Performance is not an Indicator of Future Returns. The
securities quoted are for illustration only and are not recommendatory.
Investment in securities market are subject to market risks. Read Disclaimer
and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in
