Dear
Trader…
The BSE benchmark Sensex advanced 622 points or 0.78% to
settle at 80,519. The broader NSE Nifty Future rose 146 points or 0.60% to end
at 24,502.
Market capitalisation of all BSE-listed companies also hit
all-time highs. It increased by Rs 1.18 lakh crore to Rs 452.36 lakh crore.
TCS, India’s top IT services company, rose 6.7%, after
beating revenue expectations. The gains led to a 4.25% jump in the US
rate-sensitive IT index.
IT stocks were also buoyed by rising hopes of a US rate cut
in September after consumer prices unexpectedly fell in June.
Apart from TCS, Infosys, HCL Tech, Tech Mahindra, Axis Bank,
and JSW Steel were also among the Sensex gainers. On the flip side, Maruti,
Asian Paints, Kotak Bank, Titan, and ICICI Bank closed lower.
Sector-wise, Nifty IT, FMCG, and oil & gas closed with
gains, while Nifty Auto, metal, PSU bank, realty, and consumer durables closed
with losses.
India’s retail inflation data for June is due after market
hours later in the day.Inflation is expected to be close to 5%, in line
with the Reserve Bank of India’s expectations, but still above its 4% target,
central bank chief Shaktikanta Das told local media on Thursday.
The market breadth was skewed in favour of the bears. About
1,624 stocks gained, 2,325 declined, and 87 remained unchanged on the BSE.
Global
Market Check –
Upbeat earnings and US rate cut hopes helped boost the mood
in equity markets on Friday, although skittishness prevailed in forex markets a
day after Tokyo was believed to have stepped in to prop up a weak yen.
US stock futures were mixed , while Europe’s STOXX 600 index
rose to a one-month peak and London’s FTSE-100 stock index gained 0.4%. MSCI’s
broadest index of Asia-Pacific shares outside Japan rose 0.1%, while Japan’s
Nikkei fell over 2%, dragged down by tech stocks.
Oil
Rises – Oil prices rose on Friday amid signs of
easing inflationary pressures in the United States, the world’s biggest oil
consumer, with Brent crude peaking above $86 though it was still set for a
weekly decline. Brent crude futures rose 72 cents, or 0.8%, to $86.12 a
barrel. U.S. West Texas Intermediate crude futures climbed 85 cents, or 1%, to
$83.47 a barrel. Both contracts gained in the prior two sessions.
Nifty futures opened at 24422 points against the previous
close of 24382 and opened at a low 24383 points. Nifty Future closed with an
average movement of 210 points and a rise of around 146 points and closed 24529
points…!!
Rupee
Ends Higher – The Indian rupee edged higher on
Friday, aided by a broadly weaker dollar, although dollar demand from importers
capped further gains in the local currency. The rupee closed at 83.5350
against the US dollar, up from its close at 83.56 in the previous session. The
local unit was largely flat week-on-week.
At the start of intra-day trading, August gold opened at Rs.73204,
fell from a high of Rs.73273 points to a low of Rs.72919 with a decline of 343 points,
a trend of around Rs.72969 and July Silver opened at Rs.94011, fell from a high
of Rs.94011 points to a low of Rs.92077 with a decline of 1930 points, a trend
of around Rs.92254.
Meanwhile,
Multiple tailwinds led the market to come out of
the range bound trajectory. The strong result from the IT bellwether and a drop
in US inflation to a one-year low added optimism to the market.
We expect stock-specific moves to gain traction due to the
ongoing earnings season and upcoming Budget,indeed, IT will be in the limelight
due to the good start to the earnings and outlook.
Technically, the
important key resistances are placed in Nifty future are at 24529 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 24606 – 24707 levels. Immediate support is placed at 24240 –
24088 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
