Dear
Trader…
The 30-share BSE Sensex rose 102 points, or 0.13%, to close
at 80,905, while the broader NSE Nifty Future added 85 points, or 0.34%, to
finish at 24,796.
Investors await the minutes of the latest Fed policy meeting
and Chair Jerome Powell’s address later this week for clues into the rate cut
trajectory.
From the Sensex stocks, Titan, Asian Paints, HUL, Nestle, and
ITC were the top gainers, rising between 1-2.5%. Conversely, UltraTech Cement,
Tata Steel, Tech Mahindra, Power Grid and HDFC Bank also declined.
On the sectoral front, the highest weighted financials fell
0.15%, while banks shed 0.23%. On the other hand, the Nifty Consumer Durables
index added 1.4% to hit a record high and was the top sectoral gainer by
percentage.
The broader, more domestically focussed small- and mid-caps
rose 1.21% and 0.34%, respectively.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 2.41 lakh crore to Rs 459.27 lakh crore. The market breadth
was skewed in the favour of the bulls. About 2,546 stocks gained, 1,413
declined, and 79 remained unchanged on the BSE.
Global
Market Check –
Global shares paused on Wednesday after a weeks-long rebound
towards record highs, leaving the dollar languishing at 2024 lows as investors
hoped for clearer clues on Friday from the Federal Reserve on the magnitude of
future interest rate cuts.
The MSCI All Country index for global stocks was trading down
just 0.04% at 824.36 points, less than 1% from its mid-July lifetime high and
up 13.4% for the year.
In Europe, the STOXX index of 600 companies was up 0.1% at
512.76 points, nearing its all-time high of 525.59 on June 7.
Crude
Oil – Oil prices held broadly steady after a run of
declines that have pushed Brent down to almost $77, driven by stubborn fears
over Chinese demand and diminishing concerns about conflict spreading in the
Middle East. Brent crude futures were stable at $77.20 a barrel. U.S.
West Texas Intermediate crude was at $73.10, down 7 cents.
Nifty futures opened at 24697 points against the previous
close of 24711 and opened at a low 24685 points. Nifty Future closed with an
average movement of 121 points and a rise of around 85 points and closed 24796 points…!!
Meanwhile,
The Indian market traded on a tight range with a
positive bias supported by strong DII flows. While defensive sector
outperformed due to a continued shift in portfolio towards FMCG, consumer,
commodities, and pharma.
Global markets exhibited a mildly cautious tone ahead of the
release of the FOMC minutes later today. Currently, the expectation of a rate
cut remains high, given the fall in US inflation and moderation in overall
growth.
Rupee
Decline – The Indian rupee dropped on Wednesday to log its
worst single-day performance in nearly two months as dollar demand from
importers and foreign banks wiped off nearly all of the currency’s gains from
earlier in the week. The rupee closed at 83.9225 against the U.S.
dollar, down 0.16% from its close at 83.87 in the previous session, its
sharpest single day decline since June 26.
At the start of intra-day trading, October gold opened at Rs.71857
fell from a high of Rs.72099 points to a low of Rs.71751 with a rise of 23
points, a trend of around Rs.71800 and September Silver opened at Rs.84780,
fell from a high of Rs.85275 points to a low of Rs.84780 with a decline of 238
points, a trend of around Rs.84968.
Technically, the
important key resistances are placed in Nifty future are at 24796 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 24838 – 24979 levels. Immediate support is placed at 24606 –
24474 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
