Dear
Trader…
Benchmark
equity indices, Nifty50 and Sensex, clocked fresh lifetime highs on Friday,
driven by index heavyweights HDFC Bank and Reliance Industries. Meanwhile,
small and midcap stocks also hit record highs for the fourth straight session
as the post-election results rally continued.
The 30-share BSE benchmark Sensex surged 182 points, or
0.24%, to settle at 76,993. The broader NSE Nifty Future rose 58 points, or 0.25%,
to end at 23,457.
HDFC Bank, Reliance Industries, M&M, Titan, Axis Bank,
and Bajaj Finance were the top contributors driving the Sensex higher, while
TCS, L&T, Infosys, ICICI Bank, and SBI dragged the index down.
The IT sector dropped 0.9%, the largest decline among the
sectoral indices. This came after a 1% jump on Thursday amid renewed
expectations of imminent US interest rate cuts.The broader, more
domestically focussed small and midcaps rose about 1% each to hit the all-time
highs.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 3.2 lakh crore to Rs 434.86 lakh crore. The market breadth
was skewed in favour of the bulls. About 2,238 stocks gained, 1,625 declined,
and 117 remained unchanged on the BSE.
Global
Markets –
World stocks were down 0.2% on the day, having fallen since
they hit an all-time high earlier the week. The STOXX 600 was down 0.6% on the
day. France’s CAC 40 was down 1.6%, plunging to its lowest since February.
Across Asia, stocks wavered, with MSCI’s broadest index of
Asia-Pacific shares outside Japan down 0.10%. Chinese stocks also fell, with
the blue chip stocks off 0.4%.
Crude
Oil – Oil prices were stable on Friday and on
course for their best week in more than two months after solid projections for
crude oil and fuel demand. Brent crude futures were down 19 cents, or
0.23%, at $82.56 a barrel. West Texas Intermediate (WTI) U.S. crude futures
lost 32 cents, or 0.41%, to $78.30.
Nifty futures opened at 23421.70 points against the previous
close of 23399.25 and opened at a low 23350.80 points. Nifty Future closed with
an average movement of 139.05 points and a rise of around 57.85 points and
closed 23457.10 points…!!
Rupee
Ends Flat – The Indian rupee closed nearly
unchanged on Friday as intervention from the Indian central bank prevented it
from hitting a lifetime low even as a broadly stronger dollar pressured most
Asian currencies.The rupee closed at 83.5550 against the US dollar,
barely changed from its close at 83.5425 in the previous session. The currency
was down 0.2% week-on-week.
At the start of intra-day trading, July gold opened at Rs.71263,
fell from a high of Rs.72034 points to a low of Rs.71158 with a rise of 737 points,
a trend of around Rs.71875 and July Silver opened at Rs.88241, fell from a high
of Rs.88988 points to a low of Rs.87824 with a decline of 592 points, a trend
of around Rs.88594.
Meanwhile,
There is a temporary blip in the market momentum,
due to a lack of fresh triggers after the hawkish commentary from the US Fed,
lowering the plausibility of rate cut in the short-term.
A near-term consolidation seems probable as domestic
investors await cues from the upcoming Union Budget. There is a growing opinion
that the government could place emphasis on welfare, giving a fillip to
consumption-led stocks.
Technically, the
important key resistances are placed in Nifty future are at 23457 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 23505 – 23606 levels. Immediate support is placed at 23230 –
23188 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
