October 31, 2024

+91 99390 80808

October 31, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 16 May 2024 

Stock Market Trend : 16 May 2024 

Dear Trader…

The 30-share BSE benchmark Sensex declined 118 points or 0.16% to settle at 72,987. The broader NSE Nifty future dropped 28 points or 0.13% to end at 22,280.

The US inflation data is due later in the day. Hotter-than-expected inflation could lead to a further delay in US rate cuts.

Heaviest-weighted financial services dropped 0.3%, with HDFC Bank losing 1.4%. Nifty Auto, FMCG, and Media also closed in the red. On the flip side, Nifty PSU Bank, Realty, Metal, Oil & Gas, and Pharma closed in the green.

The market breadth was skewed in the favour of the bulls. About 2,161 stocks gained, 1,589 declined, and 142 remained unchanged on the BSE.

Global Markets

The MSCI All-World share index traded at a record high, up 0.15% on the day, which brought gains for 2024 so far to 8.3%.

In European trading, the STOXX rose 0.3%, buoyed largely by healthcare shares, while US stock futures were broadly flat on the day, indicating a more muted start on Wall Street, where activity the previous day centred on the meme-stock rally.

Oil Prices Rise – Oil prices rose on Wednesday on expectations for higher demand as the US dollar weakened and a report showed US crude and gasoline inventories fell while the release of inflation data may point to a more supportive economic outlook. Brent crude futures were up 39 cents, or 0.5%, at $82.77 a barrel. US West Texas Intermediate crude futures (WTI) rose 42 cents, or 0.5%, to $78.44 a barrel.

Nifty futures opened at 22342.35 points against the previous close of 22308.70 and opened at a low of 22211.00 points. Nifty Future closed with an average movement of 164.45 points and a rise of around 28.20 points and closed 22280.50 points…!!

Currency Watch – The Indian rupee sidestepped gains in its broader Asian peers to end barely changed on Wednesday, as traders awaited the US consumer inflation data for cues on when the Federal Reserve may kick off rate cuts. The rupee closed at 83.50 against the US dollar, compared to its previous close of 83.51. Meanwhile, the dollar index slipped 0.2% to 104.8.

At the start of intra-day trading, June gold opened at Rs.72336, fell from a high of Rs.72868 points to a low of Rs.72308 with a decline of 68 points, a trend of around Rs.72790 and July Silver opened at Rs.85521, fell from a high of Rs.86200 points to a low of Rs.85358 with a rise of 715 points, a trend of around Rs.86112.

Meanwhile, The market witnessed a sideways movement throughout the day as the emotions of investors were impacted by the election-led jitters. The positive results from the capital goods sector and robust growth outlook gained investors’ attention and led the segment to outperform. A drop in US 10-year yield ahead of the release of sensitive CPI data from the US will be watched carefully by the market to gain insights on rates.

Technically, the important key resistances are placed in Nifty future are at 22280 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 22303 – 22404 levels. Immediate support is placed at 22088 – 22008 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

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