Dear
Trader…
The 30-share BSE benchmark Sensex rose 52 points, or 0.06%,
to settle at 80,716. The broader NSE Nifty gained 19 points, or 0.08%, to end
at 24,641.
From the Sensex pack, HUL, Bharati Airtel, Tech Mahindra,
Infosys, M&M and ICICI Bank closed with gains, while Kotak Mahindra Bank,
NTPC, Reliance Industries, UltraTech Cements, and Power Grid ended with cuts.
Meanwhile, Nifty IT index rose about 0.6%, helped by firming
bets of a US rate cut in September and a positive earnings outlook for the
sector on the back of results from TCS and HCL Tech.
IT companies earn a significant share of their revenue from
the US, and a rate cut in the world’s largest economy could lead to improvement
in client spending and spur further foreign inflows into Indian equities.
The market breadth was skewed in favour of the bulls. About
2,005 stocks gained, 1,908 declined, and 95 remained unchanged on the BSE.
Global
Market Check –
Global shares dipped on Tuesday as investors pondered what
Donald Trump’s victory would mean for the rest of the world, while the yen slid
against a firmer dollar, prompting more warnings from Japanese officials after
last week’s suspected intervention.
The MSCI All-World index dipped 0.1% but remained in sight of
record highs, while in Europe, the STOXX 600 fell 0.3%, driven lower by a
handful of earnings misses and the prospect of intensifying trade tensions with
the United States under a second Trump administration.
S&P 500 and Nasdaq futures were up 0.1%, suggesting a
modestly higher open later on.
Crude
Oil – Oil prices dipped on Tuesday on worries of
a slowing Chinese economy crimping demand and despite a growing consensus that
the US Federal Reserve could begin cutting its key interest rate as soon as
September. Brent futures were down 67 cents, or 0.8%, to $84.18 a barrel, while
U.S. West Texas Intermediate (WTI) crude fell 72 cents, or 0.9%, to $81.19.
Rupee
Ends Flat – The Indian rupee ended little
changed on Tuesday, as dollar sales from exporters and mild inflows helped curb
the pressure from weakness in most of its Asian peers, including the Chinese
yuan.
The rupee ended at 83.5825 against the US dollar, compared to
its previous close of 83.5925. The currency hovered in a tight band between
83.57 and 83.6025 through the session.
Nifty futures opened at 24627 points against the previous
close of 24621 and opened at a low 24606 points. Nifty Future closed with an
average movement of 82 points and a rise of around 19 points and closed 24641
points…!!
At the start of intra-day trading, August gold opened at Rs.73657,
fell from a high of Rs.73820 points to a low of Rs.73531 with a rise of 184 points,
a trend of around Rs.73655 and July Silver opened at Rs.92773, fell from a high
of Rs.93252 points to a low of Rs.92621 with a rise of 134 points, a trend of
around Rs.92714.
Meanwhile,
The domestic market failed to uphold the opening
gains as investor concerns about current valuations and subdued expectations
for Q1FY25 earnings. With the earnings season set to fully commence this week,
investors are likely to gain a broader sectoral perspective.
Globally, the dovish comment from the Fed chief on inflation
trajectory and a drop in US 10-year yield ahead of US retail sales data
increased the likelihood of a rate cut in September.
Technically, the
important key resistances are placed in Nifty future are at 24641 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 24707 – 24808 levels. Immediate support is placed at 24474 –
24303 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
