Dear
Trader…
The 30-share BSE benchmark Sensex surged by 328 points or
0.45% to settle at 73,104. Meanwhile, the broader NSE Nifty Future climbed 110
points or 0.50%, closing at 22,312.
The main focus this week is on Wednesday’s actual US CPI
figures, to see whether some upside surprises in the first quarter were a blip
or worrying trend. Expectations suggest that core CPI will moderate from an
annual rate of 3.8% in March to 3.6% for April.
From the Sensex pack, M&M, L&T, and JSW Steel were
the top gainers, rising 2.4% to 4%. NTPC, IndusInd Bank, Sun Pharma, and Reliance
Industries also closed higher. On the flip side, TCS, Nestle India, Axis Bank,
and ICICI Bank closed in the red.
On the sectoral front, Nifty Auto rose 1.8%, led by M&M,
Hero MotoCorp, and TVS Motor. Nifty Metal also gained 2.8%, led by Adani Enterprises,
SAIL, and Vedanta.
Meanwhile, the market capitalisation of all listed companies
on the BSE surged by Rs 4.6 lakh crore to Rs 402 lakh crore. The market breadth
was skewed in favour of the bulls. About 2,665 stocks gained, 1,145 declined,
and 113 remained unchanged on the BSE.
Global
Markets –
World shares marked time on Tuesday and were still just shy
of record highs ahead of highly anticipated US inflation data. MSCI’s world
share index was flat on the day but remained just 0.35% below mid-March’s all
time high. National and region-wide share benchmarks in Europe, many at or
around record territory, were steady, as were US S&P 500 futures.
Currency
Watch – The Indian rupee ended mostly unchanged
on Tuesday as dollar sales from state-run banks aided the local unit, which has
remained under pressure over the last few sessions amid elevated outflows from
equities.The rupee closed at 83.51 against the US dollar, barely changed from
its previous close at 83.53.
Nifty futures opened at 22214.00 points against the previous
close of 22201.10 and opened at a low of 22160.00 points. Nifty Future closed
with an average movement of 163.45 points and a rise of around 110 points and closed
22312.00 points…!!
Crude
Oil – Oil prices were little changed on Tuesday as
investors waited on data this week, including US inflation indicators and a
monthly report from the Organization of the Petroleum Exporting Countries.Brent
crude futures fell 18 cents to $83.18 a barrel, while U.S. West Texas
Intermediate (WTI) crude futures also lost 18 cents to $78.94 a barrel.
At the start of intra-day trading, June gold opened at Rs.71936,
fell from a high of Rs.72162 points to a low of Rs.71832 with a decline of 99 points,
a trend of around Rs.71945 and July Silver opened at Rs.85068, fell from a high
of Rs.85488 points to a low of Rs.84796 with a rise of 117 points, a trend of
around Rs.85030.
Meanwhile,
The domestic market has sustained its recovery
path from recent lows, aided by a moderation in India’s CPI and favourable
signals from its Asian peers. However, investors are cautious ahead of the
upcoming U.S. CPI data, which is anticipated to show a slight increase from the
previous month and could raise concerns about rate cut expectations. Volatility
and range-bound trading are likely to persist in the near term, given the
ongoing uncertainty surrounding the low turnout
Technically,
the important key resistances are placed in Nifty future are at 22312 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 22373 – 22474 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.
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