Dear
Trader…
The 30-share BSE benchmark Sensex surged 677 points or 0.93%
to settle at 73,664. The broader NSE Nifty advanced 186 points or 0.84% to end
at 22,473.
US-rate sensitive IT stocks rose 1.7%. All 10 constituents of
the index advanced, adding between 1% and 4.2%. Mphasis, LTIMindtree, Tech
Mahindra were the top gainers from the index. Indian IT companies derive a
significant portion of their revenue from the United States.
Auto major Mahindra & Mahindra closed 3% higher and
remained top Sensex gainer after the company reported a net profit of Rs 2,038
crore in the March quarter. This is an increase of 32% year-on-year (YoY) from
Rs 1,549 crore reported in the last year quarter.
Following M&M Q4 robust results, Nifty Auto index closed
0.56% higher despite losses in Maruti and Tata Motors stock. Metal stocks rose
0.3% helped by a weaker dollar. A weaker dollar makes metals cheaper for
holders of other currencies.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 3.1 lakh crore to Rs 407.35 lakh crore. The market breadth
was skewed in favour of the bulls. About 2,127 stocks gained, 1,704 declined,
and 121 remained unchanged on the BSE.
Global
Markets –
World stocks hit a record high and bond markets rallied on
Thursday as hopes of interest rate cuts in the United States and other major
economies extended a powerful month-long global bull run. MSCI’s benchmark
world stocks index, which tracks 47 countries, was up for a sixth straight day
and the STOXX 600 was trying to take Europe’s winning streak to 10 days, which
would be the longest since August 2021.
Oil
Prices Decline – Brent oil futures held steady
on Thursday, bolstered by signs of stronger demand in the US after
slower-than-expected inflation in April and lower oil stocks in the past week. Brent
crude futures fell 25 cents, or 0.3%, to $82.50 a barrel. U.S. West Texas
Intermediate crude (WTI) shed 26 cents, or 0.33%, to $78.37.
Rupee
Ends Flat – The Indian rupee closed flat on
Thursday as dollar demand from local oil companies and likely equity-related
outflows weighed on the local unit even as most other Asian currencies rallied.
The rupee ended at 83.50 against the US dollar, unchanged from its closing
level in the previous session.
Nifty futures opened at 22287.05 points against the previous
close of 22384.10 and opened at a low of 22154.05 points. Nifty Future closed
with an average movement of 331 points and a rise of around 186.20 points and closed
22473.25 points…!!
At the start of intra-day trading, June gold opened at Rs.73128,
fell from a high of Rs.73268 points to a low of Rs.72981 with a decline of 39 points,
a trend of around Rs.73066 and July Silver opened at Rs.86963, fell from a high
of Rs.87476 points to a low of Rs.86905 with a rise of 410 points, a trend of
around Rs.87280.
Meanwhile,
The domestic market experienced a late surge,
driven by strong global trends that pointed to lower-than-expected US consumer
inflation figures, which suggests at least two interest rate cuts in 2024.
Further, buoyancy in the broader market continues with exports increasing
despite global economic uncertainties, leading the heavyweights’ sectors such
as banking, IT, and industrials to outperform.
Technically, the
important key resistances are placed in Nifty future are at 22473 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 22505 – 22606 levels. Immediate support is placed at 22272 –
22202 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
