Dear
Trader…
The BSE Sensex gained 148 points or 0.18% to settle at
81,053, while the NSE Nifty future rose 42 points or 0.17% to end at 24,840.
The Fed minutes validated bets on a rate cut next month and
said the “vast majority” of policymakers felt that if data came in as
expected, a September cut was likely to be appropriate.
In the Nifty space, Grasim, Tata Consumer Products, Bharti
Airtel, and Tata Steel were the top gainers, while Wipro, NTPC, Tata Motors,
M&M, and Dr. Reddy’s Laboratories closed with losses.
On the sectoral front, high-weightage financials added 0.45%,
while consumer stocks gained 0.62% to reach a record high. Domestically focused
small-caps and mid-caps rose by approximately 0.2% and 0.7%, respectively.
Global
Market Check –
European shares opened slightly higher, with the STOXX 600
index gaining 0.3%, helped by retail stocks, after a subdued session for Asian
indexes.
MSCI’s broadest index of Asia-Pacific shares outside Japan
was mostly flat. Meanwhile, Wall Street futures gauges pointed towards gains of
about 0.7%.
Crude
Oil – Oil prices edged lower for a fifth session
on Thursday as investors worried about the global demand outlook, however a
decline in US fuel inventories limited declines. Brent crude futures
slipped 2 cents to $76.03 a barrel, while U.S. West Texas Intermediate crude
futures fell 13 cents to trade at $71.80.
Rupee
Ends Lower – The Indian rupee weakened slightly
on Thursday tracking mild declines in most of its Asian peers and pressured by
sustained dollar demand from local importers. The rupee closed at
83.9525 against the US dollar, marginally lower than its close at 83.9225 in
the previous session. The currency hovered in a tight band between 83.9375 and
83.9650 during the day.
Nifty futures opened at 24849 points against the previous
close of 24798 and opened at a low 24805 points. Nifty Future closed with an
average movement of 68 points and a rise of around 42 points and closed 24840 points…!!
Meanwhile,
The domestic market witnessed modest gains owing
to the positive global sentiments. Particularly, the recent signs of weakness
in the US non-farm payroll data have strengthened the case for potential
interest rate cuts in September. However, in the broader market, investors are
being cautious, opting for a selective approach, awaiting more clarity from
central bank leaders in Japan and the US.
At the start of intra-day trading,October gold opened at Rs.71670
fell from a high of Rs.71884 points to a low of Rs.71525 with a decline of 190
points, a trend of around Rs.71640 and September Silver opened at Rs.85053,
fell from a high of Rs.85191 points to a low of Rs.84528 with a rise of 150
points, a trend of around Rs.85013.
Technically, the
important key resistances are placed in Nifty future are at 24840 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 24880 – 25008 levels. Immediate support is placed at 24707–
24676 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
