Dear
Trader…
The 30-share BSE benchmark Sensex dipped by 45 points or
0.06% to settle at 73,466, while the NSE Nifty Future closed just above the 22,393
level.
From the Sensex pack, Asian Paints, UltraTech Cement, HUL,
HDFC Bank, Bajaj Finance, and HCL Tech were top laggards, falling 1-2%. On the
other hand, Tata Motors, Power Grid, NTPC, L&T, and Maruti ended with
gains.On the sectoral front, Nifty Auto surged 1.5%, led by Bharat Forge after
the company reported a 78% YOY jump in consolidated net profit in Q4.
Meanwhile, Nifty Oil and Gas rose 1.7%. GAIL and IGL were the
biggest gainers on the index, adding 4.6% and 3.6%, respectively.Paytm shares
also closed 5% lower amid reports indicating that Aditya Birla Finance, one of
the fintech firm’s key lending partners, invoked loan guarantees due to
repayment defaults from customers.
The market breadth was skewed in favour of the bulls. About
2,053 stocks gained, 1,750 declined, and 123 remained unchanged on the BSE.
Global
Markets – Europe’s continent-wide Stoxx 600 index rose
0.32% on Wednesday, supported by upbeat earnings reports, after rising 1.1% the
previous day. Germany’s DAX climbed 0.45% and Britain’s FTSE 100 rose 0.35%.
U.S. stock futures for the S&P 500 and Nasdaq indexes
were little changed on Wednesday. Four straight sessions of gains for the
S&P has put it within 1.5% of the record high touched in March. MSCI’s
broadest index of Asia-Pacific shares outside Japan fell 0.45% overnight.
Oil
Prices Decline – Oil prices fell on Wednesday as
industry data showed a rise in crude and fuel inventories in the US and as the
US dollar strengthened, signalling that demand for oil is coming under
pressure.Brent crude oil futures fell $1.11, or 1.3%, to $82.05 a barrel by
0955 GMT. US West Texas Intermediate crude futures fell $1.15, or 1.5%, to $77.23
a barrel.
Nifty futures opened at 22344.00 points against the previous
close of 22381.80 and opened at a low of 22286.15 points. Nifty Future closed
with an average movement of 203.85 points and a rise of around 11.05 points and
closed 22392.85 points…!!
Rupee
Ends Flat – The Indian rupee closed nearly flat
on Wednesday as expectations that the Reserve Bank of India would likely
intervene to cap a sharp weakness supported the local currency despite a
decline in its Asian peers.The rupee closed at 83.5175, after ending at 83.5075
in the previous session. The currency hovered in a narrow band between 83.4950
and 83.5175 in Wednesday’s session.
At the start of intra-day trading, June gold opened at Rs.71163,
fell from a high of Rs.71315 points to a low of Rs.70901 with a rise of 62 points,
a trend of around Rs.71210 and July Silver opened at Rs.82878, fell from a high
of Rs.83117 points to a low of Rs.82300 with a rise of 64 points, a trend of
around Rs.82960.
Meanwhile,
Investors traded with caution due to lack of
fresh positive triggers and ended on a flat note with a slightly negative bias
amid selective profit taking in banking and IT stocks. Firm European market
cues also failed to fuel optimism, as no stoppage in foreign fund outflows and
no major surprises in the ongoing earnings season prompted investors to stay
guarded. Also, with election season on, no one wants to place longish bets.
Technically,
the important key resistances are placed in Nifty future are at 22392 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 22434 – 22505 levels. Immediate support is placed at 22202 –
22088 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
