Dear
Trader…
Indian headline indices ended their four-session gaining
streak on Friday even after hitting fresh highs dragged by selling pressure in
bank stocks. The 30-stock S&P BSE Sensex scaled a new peak of 79671.58,
before ending the day at 79,033, declining 210 points or 0.27% while the
broader Nifty hit the lifetime high of 24,240 before settling at 24,131.00,
lower by 36 points or 0.15%.
Banking gauge Bank Nifty future on Friday
settled at 53,050, down by 386 points or 0.73%.
Of the 16 sectoral indices on the NSE, 5 ended in the red
with the Nifty Bank and Nifty Financial Services ending up as major losers
which fell up to 1%. Among the major gainers were Nifty Healthcare index and
Nifty Oil & Gas, which were up in excess of 1%.
Global
Markets –
Major Asian markets gave a mixed closing as Japan’s Nikkei
225 gained 0.61% while Hong Kong’s Hang Seng index ended flat albeit slightly
positive. China’s Shanghai Composite was up by 0.73% while Singapore’s FTSE
Straits Times Index fell 0.27%.
Major European headline indices were trading largely positive
around 4 pm India time. UK’s FTSE was up by 0.54% while Germany’s Dax was
higher by 0.60%. Spain’s IBEX and Stoxx 600 gained by up to 0.26%. Meanwhile,
French CAC 40 traded 0.40% lower.
Crude
Impact – Crude oil prices were trading higher on
Friday with US WTI oil contracts trading at $82.57, up by $0.83 or 1.02% while
Brent oil futures were hovering near $85.24, higher by $0.80 or 0.95%.On the
MCX, the July Crude Oil futures were trading at Rs 6,785 per BBL, up by Rs 20
or 0.29%.
Oil is currently trading at multiple month highs buoyed by
strong global demand and geopolitical tensions.
Nifty futures opened at 24151.00 points against the previous
close of 24095.85 and opened at a low 24102.10 points. Nifty Future closed with
an average movement of 137.90 points and a decline of around 35.15 points and
closed 24131.00 points…!!
Currency
Watch – The Indian rupee ended stronger on
Friday, aided by inflows spurred by the inclusion of the country’s bonds into
the JPMorgan emerging market debt index. The rupee closed at 83.3825 against
the US dollar on Friday, up nearly 0.1% from its close at 83.46 in the previous
session, Reuters reported.
Eligible Indian bonds are being included into the widely
tracked JPMorgan index starting Friday, setting the stage for billions of
dollars to flow into the world’s fifth-largest economy. While large foreign
banks were spotted offering dollars, state-run banks’ dollar bids capped the
rupee’s gains, traders said.
The rupee has also fared better than most of its Asian peers
over the first half of calendar year 2024 aided by portfolio inflows, a strong
macroeconomic backdrop and intervention from the Reserve Bank of India (RBI).
At the start of intra-day trading, August gold opened at Rs.71422,
fell from a high of Rs.71850 points to a low of Rs.71402 with a rise of 24 points,
a trend of around Rs.71590 and July Silver opened at Rs.87216, fell from a high
of Rs.88474 points to a low of Rs.87081 with a rise of 579 points, a trend of
around Rs.87618.
Meanwhile,
Sensex and Nifty are making record after record in June. The Modi government is
taking one decision after another with a determination to move forward with
economic policies by operating in 3.0 full on. 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.
Class is likely to show a correction trend in the market again. Budget
countdown has started.
Technically, the
important key resistances are placed in Nifty future are at 24131 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 24303 – 24373 levels. Immediate support is placed at 24088 –
23979 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
