Dear
Trader…
ICICI Bank and Bharti Airtel were other major contributors
towards the index rally. The 30-stock S&P BSE Sensex scaled a new peak of
78,759.40, before ending the day at 78,674, gaining 621 points or 0.80% while
the broader Nifty Future achieved a lifetime high of 23,906.80 before settling
at 23,862.10, higher by 130.85 points or 0.55%.
Banking gauge Nifty Bank also hit a fresh lifetime high of
52,990.00 and finally ended the session at 52,880.50, up 253.65 points or 0.48%.
Of the 16 sectoral indices on the NSE, 9 ended in the green
with the Nifty Oil & Gas index ending up as the top performing index with
1.4% gains. It was followed by Nifty Private Bank index and Nifty Bank. Among
the laggards were Nifty Auto, Nifty Metal and Nifty Consumer Durables which
fell up to nearly 1%.
The Nifty breadth was slightly tilted towards the bulls with
26 stocks ending in the green, 23 in the red while one remained unchanged. The
top gainers at the closing time were RIL, Bharti Airtel, UltraTech Cement,
Grasim Industries and Britannia Industries while the top losers were Apollo
Hospitals, Mahindra & Mahindra (M&M), Bajaj Auto, Tata Steel and
Hindalco Industries.
Global
Markets –
Most major Asian indices closed in the green with Nikkei 225
once again resuming from where it left on Tuesday. The Japanese index closed
with 1.3% uptick. Meanwhile, Hong Kong’s Hang Seng gained 0.09%. Singapore’s
FTSE Straits Times Index settled 0.16% higher while China’s Shanghai Composite
closed with gains of 0.76%.
Meanwhile, cues from European markets were mixed. UK’s FTSE
100, Germany’s DAX and Stoxx 600 jumped up to 0.44%. French CAC 40 Index and
Spain’s IBEX 35 were trading in the red.
Rupee
Impact – The Indian rupee snapped a
three-session winning run on Wednesday, as weakness across regional peers and
month-end dollar demand from importers weighed on the currency. The rupee
closed at 83.5700 against the U.S. dollar, down from 83.4325 in the previous
session.
Asian currencies were down at least 0.1% each to
the dollar, with the onshore Chinese yuan back at its lowest level since
mid-November.
Nifty futures opened at 23731.25 points against the previous
close of 23731.25 and opened at a low 23676.00 points. Nifty Future closed with
an average movement of 230.80 points and a decline of around 130.85 points and
closed 23862.10 points…!!
Crude
Impact – Crude oil prices were trading higher on
Wednesday with US WTI oil contracts trading at $81.57, up by $0.74 or 0.92%
while Brent oil futures were hovering near $85.67, down by $0.66 or 0.78%.On
the MCX, the July Crude Oil futures were trading at Rs 6,822 per BBL, up by Rs 51
or 0.75%. Oil is currently trading at multiple month highs buoyed by strong
global demand and geopolitical tensions.
At the start of intra-day trading, August gold opened at Rs.71518,
fell from a high of Rs.71522 points to a low of Rs.71168 with a decline of 190 points,
a trend of around Rs.71277 and July Silver opened at Rs.86861, fell from a high
of Rs.87365 points to a low of Rs.86620 with a decline of 121 points, a trend
of around Rs.86890.
Meanwhile,
The Modi government is taking one decision after another
with a determination to move the economic policies forward by operating in 3.0
fullform. Now foreign portfolio investors are again big buyers in the Indian
stock markets despite the potential profit booking of local funds in the coming
days and cautious ahead of the budget. The class may show another correction
trend in the market. So it will be necessary to be careful in the next few days
in new big purchases. Along with this, the bullish sentiment may be shaken in
the event of geopolitical factors, Russia’s increasing proximity to North
Korea, Vietnam and South Korea’s hesitation to provide arms to Ukraine. The
budget countdown has started. Now, in the budget fever, speculations have
started in the market, there is a possibility that the record boom in the
market will be interrupted in the coming days.
Technically, the
important key resistances are placed in Nifty future are at 23862 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 23979 – 24088 levels. Immediate support is placed at 23676 –
23606 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
