Dear
Trader…
The 30-stock S&P BSE Sensex ended the day at 79,476.19,
gaining 443.46 points or 0.56% while the broader Nifty Future closed at 24,212.00,
settling 79.75 points or 0.33% higher.
Banking gauge on Monday settled at 52,700.00, up by 170.30
points or 0.32%.
The Nifty breadth was skewed in favour of the bulls with 31
stocks ending in the green while the remaining 19 in the red. The top gainers
at the closing time were Tech Mahindra, Wipro, Bajaj Finance, Grasim Industries
and UltraTech Cement while the top losers were NTPC, Eicher Motors, Apollo
Hospitals Enterprise, State Bank of India (SBI) and Dr Reddy’s Laboratories.
Of the 16 sectoral indices on the NSE, 14 ended in the green
and just closed with declines. Nifty IT led the charge along with banks and
financial stocks. While the former closed with 2% gains, Nifty Financial
Services was up nearly 1%. The losers were Nifty PSU Bank and Nifty Realty
which were down by up to 0.76%.
Market capitalisation of all the BSE listed companies
increased by Rs 344,798 crore.
Global
Markets –
Major Asian markets also traded positive. China’s Shanghai
Composite closed up by 0.92% while Singapore’s FTSE Straits Times Index fell
0.17%. Japan’s Nikkei 225 gained 0.12% while Hong Kong’s Hang Seng index ended
flat albeit with slightly positive bias.
Major European headline indices were also trading positive
around 4 pm India time. UK’s FTSE was up by 0.32% while Germany’s Dax was
higher by 0.37%. Spain’s IBEX and Stoxx 600 gained by up to 0.92% while French
CAC 40 was the leader with 1.51% gains.
Crude
Impact – Crude oil prices were trading higher on
Monday with US WTI oil contracts trading at $81.84, up by $0.30 or 0.37% while
Brent oil futures were hovering near $85.32, higher by $0.32 or 0.38%. On the
MCX, the July Crude Oil futures were trading at Rs 6,836 per BBL, up by Rs 31
or 0.46%.
Nifty futures opened at 24125.00 points against the previous
close of 24132.25 and opened at a low 24082.00 points. Nifty Future closed with
an average movement of 143.20 points and a rise of around 79.75 points and
closed 24212.00 points…!!
Currency
Watch – The Indian rupee closed weaker on Monday
as broad-based interbank dollar demand pressured the currency even as the
greenback weakened. The rupee ended at 83.4375 against the US dollar, lower
than the close of 83.3825 in the previous session, Reuters reported. The rupee
had gained last week aided by portfolio inflows, including into the country’s sovereign
bonds on account of their inclusion in the JPMorgan emerging market debt index.
The dollar index was down 0.1% at 105.6 and most Asian currencies ticked up,
with the Indonesian rupiah up 0.3% and leading gains.
At the start of intra-day trading, August gold opened at Rs.71606,
fell from a high of Rs.71875 points to a low of Rs.71375 with a rise of 228 points,
a trend of around Rs.71810 and July Silver opened at Rs.89453, fell from a high
of Rs.89891 points to a low of Rs.89035 with a rise of 225 points, a trend of
around Rs.89762.
Meanwhile,
the domestic market sustained its upward
momentum, with a reduction in US PCE inflation raising hopes for a rate cut by
the Fed in September. This optimism contributed to the strong performance of IT
stocks. We anticipate this trend will persist in the near term due to
expectations of a rebound in discretionary spending. Investors are now focusing
on upcoming US job data and the Fed Chair’s speech for further indication on
interest rates.
Technically, the
important key resistances are placed in Nifty future are at 24212 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 24373 – 24404 levels. Immediate support is placed at 24188 –
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
