Dear
Trader…
The 30-share BSE benchmark Sensex fell 109 points or 0.14% to
settle at 80,039. The broader NSE Nifty Future dropped 31 points or 0.13% to
end at 24,461.
From the Sensex pack, Axis Bank, Nestle India, ICICI Bank,
and Titan were the top laggards, falling 2-5%. Tata Steel, IndusInd Bank, ITC,
JSW Steel, and SBI also ended in the red, while Tata Motors, L&T, Sun
Pharma, Kotak Bank, and HDFC Bank closed with gains.
Nestle India closed 2.6% lower after both the topline and
bottomline figures were below Street estimates.
Meanwhile, Tata Motors closed over 6% higher after the global
brokerage firm Nomura upgraded the bluechip Nifty stock to buy with a target
price of Rs 1,294.
Sector-wise, Nifty Oil & Gas closed 2.2% higher, led by
Hindustan Petroleum, Oil Indian and IOC. Nifty Auto also closed 1.3% higher,
led by Tata Motors, and Bosch. Contrary, Nifty Bank, Financial IT, Metal, and
Realty closed lower. In the broader market, Nifty Midcap and Smallcap closed
over 0.2% lower.
The market breadth was skewed in the favour of the bulls.
About 2,103 stocks gained, 1,806 declined, and 114 remained unchanged on the
BSE.
Global
Market Check –
Europe’s main bourses thudded more than 1% lower in early
moves as both there and in Asia traders reacted to Wednesday’s worst day for
the Nasdaq since 2022 after underwhelming earnings from the likes of Alphabet
and Tesla.
MSCI’s broadest index of world stocks lost 1%,
while Japan’s Nikkei tumbled 3.3%, exacerbated by a 11% plunge in Nissan Motor
after its quarterly profit slumped 99%.
Oil
Slips – Oil prices fell on Thursday on mixed demand
signals a day after large draws on U.S. inventories while consumption in China,
the world’s largest crude importer, remains lacklustre. Brent crude futures for
September fell 74 cents, or 0.9%, to $80.97 a barrel. U.S. West Texas
Intermediate crude for September slid 74 cents, or 1%, to $76.85.
Nifty futures opened at 24368 points against the previous
close of 24492 and opened at a low 24308 points. Nifty Future closed with an
average movement of 172 points and a decline of around 31 points and closed 24461
points…!!
Rupee
closes higher – The Indian rupee ended mildly stronger on
Thursday as a rally in the Chinese yuan and likely intervention from the
Reserve Bank of India supported the local currency. The rupee ended at 83.6975
against the U.S. dollar, up slightly from its close at 83.7175 in the previous
session.
At the start of intra-day trading, August gold opened at Rs.68015
fell from a high of Rs.68105 points to a low of Rs.67606 with a rise of 1144 points,
a trend of around Rs.67808 and July Silver opened at Rs.84501, fell from a high
of Rs.84501 points to a low of Rs.80666 with a rise of 3677 points, a trend of
around Rs.81174.
Meanwhile,
After a volatile session, the Indian market
concluded on a flat note, influenced by lower-than-expected earnings growth
from major banks. Global indices also reacted pessimistically due to the
disappointing results from top US tech companies. However, the government’s
commitment to improving consumption and bridging the gap for energy transition
in the budget buoyed sectoral sentiments.
Despite ongoing enthusiasm from retail investors in the
broader market, the current high valuations are likely to prompt a shift
towards large-cap stocks.
Technically, the
important key resistances are placed in Nifty future are at 24461 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 24505 – 24606 levels. Immediate support is placed at 24303 –
24240 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
