Dear
Trader…
The 30-share BSE benchmark Sensex declined 57 points or 0.07%
to settle at 79,648.9. The broader NSE Nifty future dropped 41 points or 0.17%
to end at 24,360.
Over the weekend, US-based Hindenburg alleged Adani Group. The impact of the report was seen in Adani stocks, which
closed up to 4% lower. Shares of Adani Wilmar and Adani Total Gas fell 4%,
while Adani Energy Solutions, Adani Ports, Adani Enterprises, and Adani Power
ended 1-3.5% lower. However, Ambuja Cement and Adani Green Energy ended
slightly higher.
Global
Market Check –
Markets were calmer on Monday with Europe’s STOXX 600 index
down 0.1% after finishing last week 0.3% higher. Germany’s DAX index GDAXI>
was flat and Britain’s FTSE 100 was up 0.3%. Futures for the U.S. S&P 500
ticked up 0.1%. The index ended broadly flat for the week on Friday, recovering
from a 3% drop on Monday.
Investors were looking ahead to U.S. consumer price index
data for July on Wednesday, which is expected to show month-on-month inflation
ticked up to 0.2% after a minus 0.1% reading in June. Retail sales data is due
on Thursday.
Crude
Oil Prices Surge Above $80 per Barrel – Oil
prices rose for a fifth consecutive session on Monday, extending gains from the
previous week’s more than 3% rise, as U.S. recession fears eased while
geopolitical tensions in the Middle East supported prices.
Brent crude futures were up 73 cents, or 0.9%, to $80.39 a
barrel, while U.S. West Texas Intermediate crude futures rose 88 cents, or
1.2%, to $77.72.
Rupee
Slips to Record Closing Low – The
Indian rupee slipped to its weakest closing level on Monday, pressured by a
decline in its Asian peers while likely intervention by the Reserve Bank of
India ensured the currency did not weaken more. The rupee closed at 83.9725
against the U.S. dollar, after closing at 83.9550 in the previous session. The
currency hovered in a narrow range between 83.95 and 83.97 during the session.
Nifty futures opened at 24355 points against the previous
close of 24401 and opened at a low 24272 points. Nifty Future closed with an
average movement of 258 points and a decline of around 41 points and closed 24360
points…!!
Meanwhile,
The Indian market exhibited a mild optimism,
although the initial path was eclipsed by continuation of the
Adani-Hindenburg-SEBI saga. However, the market brushed away these noises,
taking positive cues from global markets.
At the start of intra-day trading, October gold opened at Rs.69719
fell from a high of Rs.70225 points to a low of Rs.69714 with a rise of 320
points, a trend of around Rs.70214 and September Silver opened at Rs.80425,
fell from a high of Rs.81725 points to a low of Rs.80232 with a rise of 862 points,
a trend of around Rs.81405.
Technically, the
important key resistances are placed in Nifty future are at 24360levels, 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 24404 – 24505 levels. Immediate support is placed at 24240 –
24180levels.
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
