Dear
Trader…
The 30-share BSE benchmark Sensex declined 166 points or 0.21%
to settle at 78,593, while the broader NSE Nifty future dropped 13 points or 0.05%
to end at 24,090.
Among Sensex stocks, HDFC Bank, Bharti Airtel, SBI, ICICI
Bank, Axis Bank, and Bajaj Finance were the main drags on the index. In
contrast, L&T, Reliance Industries, HUL, and HCL Tech ended in positive
territory.
Sector-wise, Nifty Financial Services and PSU Bank closed
over 1% each. Nifty Auto, Healthcare, Consumer Durables, and Oil & Gas also
ended in the red. In the broader market, Nifty Midacap100 and Nifty Smallcap100
fell 0.4% and 0.6%, respectively.
The fear gauge India VIX also ended 8% lower to 18.74.
Textile stocks like Gokaldas Exports, Century Enka and SP
Apparels also closed 13-20% higher as investors believe that the Bangladesh
crisis will boost textile exports from India.
The market capitalisation of all listed companies on BSE
declined by Rs 1.57 lakh crore to Rs 440.27 lakh crore. The market breadth was
skewed in favour of the bears. About 2,344 stocks declined, 1,592 gained, and
92 remained unchanged on the BSE.
Global
Market Check –
The Nikkei’s 10% rebound in Tokyo overnight delivered an
initial sense of relief after the index’s 12.4% drop on Monday — its biggest
daily sell-off since the 1987 Black Monday crash.
S&P 500 futures were up by just 0.3%, having risen
earlier by as much as 1.7%, while Nasdaq futures were up 0.2%, having gained as
much as 2.4%.
Crude
Oil – Oil prices pared gains in volatile trade
on Tuesday as fears of an escalation in the Middle East conflict and a drop in
production at Libya’s largest Sharara oilfield raised the prospect of tight
supplies.
However, buying was capped by a weak demand outlook in China,
while a global market recovery from a sell-off on Monday provided support.
Brent crude futures were up 12 cents, or 0.16%, to $76.42 a
barrel, while U.S. West Texas Intermediate crude futures were up 22 cents, or
0.3%, to $73.16. Both contracts gained over $1 a barrel earlier in the session.
Rupee
ends at record low – The Indian rupee fell on
Tuesday and closed at its weakest level on record, pressured by a decline in
its Asian peers and strong dollar demand in the non-deliverable forwards
market. The rupee hit an all-time low of 83.96 per U.S. dollar before closing
at 83.9525, down 0.1% from its close of 83.8450 in the previous session.
Nifty futures opened at 24230 points against the previous
close of 24102 and opened at a low 24001 points. Nifty Future closed with an
average movement of 397 points and a decline of around 13 points and closed 24090
points…!!
Meanwhile,
The domestic market tried to rebound mirroring
the Asian markets. However, momentum was short-lived and closed below the
threshold level of 24,000. Investors are watching the appreciating Yen, weak US
economic data, and rising geopolitical tensions. They are now exercising
caution and shifting towards defensive sectors such as FMCG, IT, and pharma.
Nonetheless, the market is looking forward to the decline of
crude prices and potential rate cuts by the US Fed & RBI to mitigate the
downturn risk.
At the start of intra-day trading, October gold opened at Rs.69437
fell from a high of Rs.69470 points to a low of Rs.68900 with a decline of 216
points, a trend of around Rs.69090 and September Silver opened at Rs.79822,
fell from a high of Rs.80057 points to a low of Rs.78311 with a decline of 773
points, a trend of around Rs.78825.
Technically, the
important key resistances are placed in Nifty future are at 24090 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 24202 – 24303 levels. Immediate support is placed at 24004 –
23880 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
