Dear
Trader…
Indian headline indices recovered from day’s lows to end the
session flat, pulled by gains in Reliance Industries (RIL) and State Bank of
India (SBI) even as HDFC Bank was the biggest spoiler for the
day.Notwithstanding a lackluster trade, market capitalisation of BSE-listed
companies crossed Rs 450 lakh crore mark.
The 30-stock S&P BSE ended with minor declines at
79,996.60, losing 53.07 points or 0.07%. Meanwhile, the broader Nifty closed
with 27 points or 0.11% gains at 24,386 Nifty posts another record close,
longest weekly rising streak of 2024.Banking gauge Nifty Bank also recovered
from 800 points intraday losses to end at 52,710.35. This was still a 455.85
points or 0.86% drop over Thursday’s closing.
Top Gainers & Losers – While the markets ended flat, 34
stocks in Nifty closed with positive bias while rest 16 in the red, indicating
a shift towards the bulls as far as the market breadth is concerned. The top
gainers at the closing time were ONGC, Reliance Industries (RIL), State Bank of
India (SBI), Britannia Industries and Cipla while the top losers were HDFC
Bank, Titan, LTIMindtree, Tata Steel and IndusInd Bank.
While the markets ended flat, 34 stocks in Nifty closed with
positive bias while rest 16 in the red, indicating a shift towards the bulls as
far as the market breadth is concerned. The top gainers at the closing time
were ONGC, Reliance Industries (RIL), State Bank of India (SBI), Britannia Industries
and Cipla while the top losers were HDFC Bank, Titan, LTIMindtree, Tata Steel
and IndusInd Bank.
Of the 16 sectoral indices, 9 ended in the green with Nifty
FMCG, Nifty Pharma and Nifty PSU Bank were among top performers settling with
gains up to 1.3%. Apart from banks and financial services, select realty and IT
stocks also closed with declines.
Global
Market Check –
Most major Asian indices finished in the negative. China’s
Shanghai Composite index ended with 0.26% decline while Singapore’s FTSE
Straits Times Index was down by 0.85%. Hong Kong’s Hang Seng index was the
biggest underperformer falling 1.27% while Japan’s Nikkei 225 closed flat.
Their European peers were also trading positive
around 4 pm India time. UK’s FTSE was up by 0.23% while Germany’s Dax was
higher by 0.92%. French CAC 40 and Stoxx 600 gained by 0.50% gains. Spain’s
IBEX closed down by 0.13%.
Nifty futures opened at 24306.90 points against the previous
close of 24359.45 and opened at a low 24240.00 points. Nifty Future closed with
an average movement of 179.20 points and a rise of around 26.55 points and
closed 24386.00 points…!!
At the start of intra-day trading, August gold opened at Rs.72412,
fell from a high of Rs.72849 points to a low of Rs.72205 with a decline of 336 points,
a trend of around Rs.72721 and July Silver opened at Rs.92211, fell from a high
of Rs.92905 points to a low of Rs.91499 with a decline of 607 points, a trend
of around Rs.92588.
Crude
Impact – Crude oil prices were trading mixed on
Friday with US WTI oil contracts trading at $83.90, up by $0.02 or 0.02% while
Brent oil futures were hovering near $87.33, lower by $0.10 or 0.11%. On the
MCX, the July Crude Oil futures were trading at Rs 7,008 per BBL, down by Rs 16
or 0.23%. Higher crude oil prices do not augur well for the equity markets,
fuelling inflation fears.
Meanwhile,
Investors seem to be paying more attention to the
consumer sector in the expectation that the government will come up with
populist proposals to support the economy in the coming budget after the
BJP-led government is installed at the Centre. After the slow progress of the
monsoon, the bullish sentiment is now likely to remain in view of the good
progress of the monsoon in various parts of the country. is possible. Along
with the boom in the global markets, the Indian stock market at home has been
on an uninterrupted bullish streak.
Technically, the
important key resistances are placed in Nifty future are at 24386 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 24434 – 24606 levels. Immediate support is placed at 24088 –
24008 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
