Dear
Trader…
The broader NSE Nifty future ended 25 points or 0.10% higher,
just 60 points shy of its new all-time high. The BSE Sensex gained 13 points,
or 0.02%, ending at 81,711.
The indices have risen about 3.6% over the past nine
sessions. This uptick followed the Federal Reserve’s announcement of plans to
begin cutting interest rates in September, which is anticipated to redirect
foreign funds into India.
Bajaj Finserv, SBI Life, Maruti Suzuki, HDFC Life, and
L&T led the gains on the Nifty, while JSW Steel, Titan, HUL, Grasim, and
Coal India were the top laggards.
Nifty Bank, Financial Services, IT, Pharma, Realty, and
Healthcare sectors closed higher. In the broader market, the Nifty Midcap 100
gained 0.5%, while the Nifty Smallcap 100 advanced over 1%.
The market breadth was skewed in the favour of the bulls.
About 2,150 stocks gained, 1,812 declined, and 89 remained unchanged on the BSE.
Global
Market Check –
European stocks edged up in early trading, following a late
rally in Japan’s Nikkei index. Global stock indices were little changed
overall, with forecast-beating profit from the world’s biggest listed miner BHP
helping to prop up sentiment. A key measure of U.S. inflation due on
Friday could further influence market perceptions of how quickly the Fed will
act.
Crude
Oil – Oil prices slipped slightly on Tuesday after
rebounding more than 7% over the previous three sessions on supply concerns
prompted by fears of widening Middle East conflict and potential shutdown of
Libyan oil fields. Brent crude futures were down 30 cents, or 0.4%, at
$81.13 a barrel. U.S. West Texas Intermediate crude futures dropped 40 cents,
or 0.5%, to $77.02.
Rupee
vs Dollar –The Indian rupee ended marginally lower on
Tuesday as weakness in its Asian peers and dollar demand from importers pushed
the currency back towards its weakest level on record.The rupee closed
at 83.9250 against the U.S. dollar, within touching distance of its all-time
low of 83.9725 hit earlier in the month. The unit closed at 83.90 in the
previous session.
The dollar index was just off a one-year low at
100.82, reflecting bets on faster rate cuts, while the euro and pound nudged
towards multi-month highs versus the greenback.
Nifty futures opened at 25043 points against the previous
close of 25043 and opened at a low 24980 points. Nifty Future closed with an
average movement of 115 points and a rise of around 25 points and closed 25017 points…!!
Meanwhile,
The domestic market witnessed profit-booking near
record highs. While the positive expectations regarding a potential rate cut by
the Fed in September remain, the recent geopolitical tensions and rising crude
oil prices have made investors cautious amid high valuations.
Further, the recent shift in FII stance towards the domestic
market and the anticipation that the RBI will align with the Fed’s actions are
expected to foster a positive outlook in the near term.
At the start of intra-day trading, October gold opened at Rs.71898
fell from a high of Rs.72062 points to a low of Rs.71752 with a decline of 130
points, a trend of around Rs.71909 and September Silver opened at Rs.85350,
fell from a high of Rs.85969 points to a low of Rs.85240 with a decline of 117
points, a trend of around Rs.85519.
Technically, the
important key resistances are placed in Nifty future are at 25017 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 25088 – 25188 levels. Immediate support is placed at 24880 –
24808 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
