Dear
Trader…
The 30-share BSE benchmark Sensex surged 204 points, or
0.27%, to settle at a record high of 76,811. The broader NSE Nifty gained 42
points, or 0.18%, to end at a fresh peak of 23,396.
The market capitalisation of all listed companies on BSE rose
by Rs 2.39 lakh crore to Rs 431.7 lakh crore. The market breadth was skewed in
favour of the bulls. About 2,279 stocks gained, 1,601 declined, and 104
remained unchanged on the BSE.
Earlier, the indices opened at record highs today, with the
Sensex hitting 77,145.46 and Nifty fo touching 23,482.00, breaching the 23,400
mark, following overnight US and early Asian markets.
U.S. consumer prices were unexpectedly unchanged in May,
while core prices grew at their slowest annual pace in over three years,
lifting bets of a rate cut in September to 56.7% from 46.8% previously, per the
CMEGroup’s FedWatch tool.
Nifty IT index stocks, which rely heavily on U.S. clients for
revenue, jumped up to 2%.Nifty Financials index, more sensitive to domestic interest
rates, climbed 0.3% after data showed India’s retail inflation eased slightly
in May.
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 –
World stocks retreated from record highs on Thursday, as the
feel-good factor of slowing U.S. inflation and somewhat comforting Fed signals made
way for a fresh bout of politics- and tariffs-induced weakness in Europe.
Europe’s continent-wide STOXX 600 was driven 0.4% lower by a
1.5% slump in its car makers as China signalled it would respond to the EU’s
move to slap tariffs of up to 38.1% on China-made electric vehicles.
MSCI’s index of Asia-Pacific shares outside Japan climbed
0.6% though as Taiwan’s tech-heavy stock market surged 1.8% to a new high
buoyed by the U.S. S&P 500 and Nasdaq closing at all-time peaks on
Wednesday.
Nifty futures opened at 23461.05 points against the previous
close of 23355.10 and opened at a low 23371.35 points. Nifty Future closed with
an average movement of 110.65 points and a rise of around 41.85 points and
closed 23396.95 points…!!
Crude
Oil – Oil prices slipped on Thursday as
investors digested that the U.S. Federal Reserve had likely pushed back an
interest rate cut to December and as U.S. crude and fuel stocks rose.
Brent crude futures was down 43 cents, or 0.5%, to $82.17 a
barrel. West Texas Intermediate (WTI) U.S. crude futures fell 46 cents, or
0.6%, to $78.04. Both benchmarks had gained nearly 1% in the previous session.
At the start of intra-day trading, July gold opened at Rs.71475,
fell from a high of Rs.71750 points to a low of Rs.71234 with a decline of 364 points,
a trend of around Rs.71635 and July Silver opened at Rs.88946, fell from a high
of Rs.89297 points to a low of Rs.88223 with a decline of 1440 points, a trend
of around Rs.89005.
Meanwhile,
The domestic equity benchmark traded with a modest
gain, with domestic CPI data indicating that inflation is on a slow track of
decline. A similar trend is reported in the US CPI, which brought down the
market expectation from 2 rate cuts in CY24 to 1, which is having a mixed
effect on the global markets. In the domestic broader market, the realty and
consumer durables sectors took the lead owing to government initiatives to
revive the affordable housing segment.
Technically, the
important key resistances are placed in Nifty future are at 23396 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 23474 – 23575 levels. Immediate support is placed at 23188 –
23008 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
