Dear Trader…
The BSE benchmark Sensex declined 269 points or 0.35% to settle at 77,209. The broader NSE Nifty future dropped 122 points or 0.52% to end at 23,460.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 1.67 lakh crore to Rs 434.07 lakh crore. The market breadth was skewed in the favour of the bears. About 1,784 stocks gained, 2,086 declined, and 117 remained unchanged on the BSE.
From the Sensex pack, Reliance Industries, L&T, and HDFC Bank collectively dragged the index down by 255 points. SBI, HUL, Tata Motors, ITC, and M&M also contributed to the decline.
On the sectoral front, the Nifty IT index, the second-heaviest on the benchmark index, climbed 0.76%. Infosys and TCS added between 1% and 0.6% and were among the top three Sensex gainers.
The rise comes after U.S. peer and sector bellwether Accenture forecast annual revenue growth above expectations on Thursday.
The small- and mid-cap indices fell about 0.1% each.
Global Markets –
Global stocks traded cautiously on Friday as the dollar hit multi-week highs and markets awaited U.S. business surveys for clues about whether the world's largest economy remains strong enough to withstand high interest rates.
MSCI's broad index of global stocks was flat on the day, although still on track for a 0.8% weekly rise, taking its monthly gain to more than 2%.
Europe's Stoxx share index also opened flat, while futures
trading implied Wall Street's S&P 500 would also drift sideways in early
New York dealings.
Nifty futures opened at 23625.00 points against
the previous close of 23582.50 and opened at a low 122.30 points. Nifty Future
closed with an average movement of 217.95 points and a decline of around 122.30
points and closed 23460.20 points...!!
Crude Oil - Crude oil futures were little changed on Friday but on course to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer. Brent futures for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while U.S. West Texas Intermediate crude futures for August delivery were down 10 cents to $81.19.Prices have risen about 5% this month to their highest in more than seven weeks.
At the start of intra-day trading, July gold opened at Rs.72677, fell from a high of Rs.72867 points to a low of Rs.72511 with a rise of 134 points, a trend of around Rs.72719 and July Silver opened at Rs.91252, fell from a high of Rs.90692 points to a low of Rs.90692 with a rise of 778 points, a trend of around Rs.90887.
Meanwhile, The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector. Domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings. Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion.
Rupee Rises - The Indian rupee ended higher on Friday as mild inflows and exporter dollar sales lifted the currency after it hit an all-time low in the previous session. The rupee closed at 83.5325 against the U.S. dollar, up 0.1% from its close at 83.6525 in the previous session. It hit a record low of 83.6650 on Thursday.
Technically, the important key resistances are placed in Nifty future are at 23460 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 23808 – 23979 levels. Immediate support is placed at 23373 - 23188 levels.
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