Dear
Trader…
The 30-share BSE Sensex rose 150 points, or 0.20%, to settle
at 76,607. Meanwhile, the broader NSE Nifty future gained 51 points, or 0.22%,
to end at 23360.
During the day’s trading, the Nifty hit a record high of
23,441.
State-owned companies such as Coal India, Power
Grid, NTPC, and BPCL were among the top gainers from the Nifty50 index.
Additionally, domestically focused smallcap and midcap
indices rose by over 1% each.IT companies, which count the US as a key
revenue geography, jumped up to 1.65%.
US headline consumer price inflation is expected to have
eased last month, but a stronger-than-expected jobs report has raised the
prospect of inflation remaining sticky while growth stays strong.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 2.37 lakh crore to Rs 429.31 lakh crore. The market breadth
was skewed in the favour of the bulls. About 2,518 stocks gained, 1,376 declined,
and 97 remained unchanged on the BSE.
Global
Markets –
Global stocks rose on Wednesday, helped by positive sentiment
in the technology sector, ahead of a key US inflation report and Federal
Reserve policy decision that could determine the near-term outlook for interest
rates.
The MSCI All-World index rose 0.14% on the day. In Europe,
the STOXX 600 gained 0.6%, rising for the first time in four days. US stock
futures were up 0.1%, indicating a modestly stronger start on Wall Street later.
On the Asian markets, Chinese blue chips ended the day mostly
steady, as still-soft price data failed to lift sentiment much. Data showed on
Wednesday that China’s consumer prices fell 0.1% in May from a month earlier,
missing forecasts. On an annual basis, they rose 0.3%.
Crude
Oil – Oil prices ticked higher on Wednesday
after three key forecasters predicted that global oil inventories would fall in
the second half of 2024, boosting prices.
Brent crude futures were up 76 cents, or 0.9%, to $82.68 a
barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 86
cents, or 1.1%, to $78.76. Both contracts rose by $1 or more earlier in the
session.
Nifty futures opened at 23321.65 points against the previous
close of 23309.80 and opened at a low 23303.30 points. Nifty Future closed with
an average movement of 170.70 points and a rise of around 50.20 points and
closed 23360.00 points…!!
Rupee
Ends Flat – The Indian rupee closed nearly flat
on Wednesday even as dollar demand from local oil companies and other importers
put pressure on the currency but likely intervention from the Reserve Bank of
India helped avert a drop towards its all-time low.
The rupee ended at 83.5450 against the U.S. dollar, little
changed from its previous close at 83.5650. The currency had hit its all-time
low of 83.5750 on April 19.
At the start of intra-day trading, July gold opened at Rs.71523,
fell from a high of Rs.72172 points to a low of Rs.71421 with a rise of 550 points,
a trend of around Rs.72033 and July Silver opened at Rs.89250, fell from a high
of Rs.91190 points to a low of Rs.88905 with a rise of 2277 points, a trend of
around Rs.90920.
Meanwhile,
The consensus indicates expectations of stable US
inflation, but the trajectory of potential rate cuts holds significant
importance for future direction, as rate cut expectations have tempered to 2
from 3 earlier. The domestic market is trading at a new high on expectations of
a final Budget with a focus on growth, which was amplified by the RBI’s upgrade
in GDP growth forecast.
Technically, the
important key resistances are placed in Nifty future are at 23360 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 23404 – 23505 levels. Immediate support is placed at 23303 –
23232 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
