Dear
Trader…
The BSE Sensex fell 280 points, or 0.35%, to settle at
80,149.The broader NSE Nifty declined 42 points, or 0.17%, to end at 24,421.
Despite the decline in the benchmark indices, the market
capitalisation of all listed companies on BSE surged by Rs.3.2 lakh crore to Rs
449.6 lakh crore.
From the Sensex stocks, Bajaj Finserv, Bajaj
Finance, HUL, Adani Ports, SBI, and Axis Bank were the top laggards, falling
1-2.5%. On the other hand, Tech Mahindra, NTPC, Tata Motors, Sun Pharma, Power
Grid and Asian Paints closed in the green.
Among individual stocks, Kalyan Jewellers closed 6.3% higher
after the government slashed the customs duty on gold and silver to 6% from
15%, respectively.
ICICI Prudential Life Insurance shares also closed 9% higher
after the company posted an 8.7% YoY jump in profit after tax to Rs 225 crore
for Q1FY25.
On the sectoral front, Nifty Oil & Gas rose 1.7%, and
Nifty Consumer Durables surged 1.1%. Nifty Media, IT, Pharma, Realty, and
Healthcare also ended higher, while Nifty Bank, Financial Services, and FMCG
closed lower.
Global
Market Check –
Stocks sagged worldwide on Wednesday as earnings from Tesla,
Alphabet as well as European luxury brands disappointed.
The pan-European STOXX 600 index slipped 0.8%. That was led
by a 2% slump in the personal and household goods sector after the world’s
biggest luxury group LVMH reported slower sales growth as Chinese shoppers rein
in their spending.
MSCI’s broadest index of Asia-Pacific shares outside Japan
lost 0.4%, while Japan’s Nikkei fell 1%.
Crude
Oil – Oil prices traded around their lowest
level in six weeks on Wednesday, as the northern hemisphere gets deeper into
summer with limited signs of the expected fuel consumption surge the period
usually sees. Brent crude futures for September rose 66 cents, or 0.8%,
to $81.67 a barrel. U.S. West Texas Intermediate crude for September increased
65 cents, or 0.8%, to $77.61 per barrel.
Nifty futures opened at 24418 points against the previous
close of 24463 and opened at a low 24281 points. Nifty Future closed with an
average movement of 208 points and a decline of around 42 points and closed 24421
points…!!
Rupee
slips to record low – The Indian rupee fell to
an all-time low on Wednesday as likely outflows from local equities weighed on
the currency, though the pressure was eased by the Reserve Bank of India’s
intervention.
The rupee hit a record low of 83.72 against the
US dollar in the final minutes of the session, eclipsing the previous record of
83.7150 hit on Tuesday. It ended the day at 83.7175, also its weakest
closing level on record and marginally lower than its close of 83.6875 in the
previous session.
At the start of intra-day trading, August gold opened at Rs.68790
fell from a high of Rs.69065 points to a low of Rs.68652 with a rise of 472 points,
a trend of around Rs.78974 and July Silver opened at Rs.85200, fell from a high
of Rs.85640 points to a low of Rs.85000 with a rise of 439 points, a trend of
around Rs.85336.
Meanwhile,
The Budget event has gone by leaving a mixed bias
while reshuffling of capital gains tax is only a short-term negative surprise.
The broad market seems to be losing momentum due to lack of further traction.
The domestic investors are biased but strong government fiscal and growth
policy is attractive for FIIs, which will help to hold the ground.
The recovery noticed from Wednesday’s low will be evident
only post the monthly expiry on Thursday. At the same time, the ongoing Q1
results, which to date is muted, will decide the near-term trend.
Technically, the
important key resistances are placed in Nifty future are at 24421 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 24474 – 24570 levels. Immediate support is placed at 24240 –
24180 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
