Dear
Trader…
The 30-share BSE benchmark Sensex gained 74 points or 0.09%
to settle at 81,785 and is just 0.4% away from hitting a fresh high of 82,129.
The broader NSE Nifty surged 31 points or 0.12% to end at 25,048, a record
closing high too.
From the Nifty50 pack, LTIMindtree, Wipro, Divi’s Labs, Bharti
Airtel, and Infosys were the top gainers, rising between 2-6%. On the other
hand, Maruti Suzuki, Asian Paints, Adani Enterprises, Shriram Finance, and
Britannia were the top laggards.
The Nifty IT index, which has the second-highest weightage,
rose about 1.6% to a record high, with LTIMindtree, Wipro, LTTS, and Coforge
leading the gains.
IT companies, which earn a significant portion of their
revenue from the U.S., could benefit from a potential rate cut, supporting
growth in the world’s largest economy.
The Nifty Financials index, which has the highest weightage,
fell 0.24%. Meanwhile, the Nifty FMCG, Metal, Media, PSU Bank, Realty, and
Consumer Durables indices also closed in the red.
The broader, more domestically focused Nifty Smallcap 100
slipped 0.07%, while the Nifty Midcap 100 declined 0.12%.
The market breadth was skewed in the favour of the bears.
About 1,786 stocks declined, 2,185 gained, and 85 remained unchanged on the BSE.
Global
Market Check –
MSCI’s gauge of all stocks across the globe gained 0.05%,
near a record high reached earlier this month, as early August’s turmoil
receded amid signs policymakers have begun to tame the worst surge in inflation
in 40 years.
Europe’s benchmark STOXX index climbed 0.25% to
a one-month high, boosted by technology stocks ahead of rosy expectations for
the Nvidia earnings update later in the day.
S&P 500 futures were steady during early European trading
hours, while Nasdaq 100 futures fell 0.01%.
Crude
Oil – Oil prices fell on Wednesday amid persistent
concerns over potential supply losses from the Middle East and North Africa as
well as global fuel demand worries. Brent crude futures were down $1.08
at $77.58 a barrel.U.S.West Texas Intermediate crude futures down $1.17 to
trade at $74.39.
Ruppe
vs Dollar – The Indian rupee weakened slightly on Wednesday,
tracking a dip in most Asian currencies, but managed to hold above its all-time
low, supported by mild dollar sales from state-run banks.
The rupee closed at 83.9525 against the U.S.
dollar, a tad lower than its close at 83.9250 in the previous session.
Nifty futures opened at 25017 points against the previous
close of 25019 and opened at a low 24981 points. Nifty Future closed with an
average movement of 115 points and a rise of around 31 points and closed 25048 points…!!
Meanwhile,
A consolidation in the US 10-yr bond yield and an
inflow of FIIs kept the domestic market sentiment optimistic. However,
valuation remains a near-term deterrent, which will be further tested based on
the upcoming India Q1 FY25 GDP data this week. On the other hand, investors are
giving more emphasis to defensive bets, which is evident with the
outperformance in IT and pharma stocks.
At the start of intra-day trading, October gold opened at Rs.71980
fell from a high of Rs.72075 points to a low of Rs.71514 with a decline of 370
points, a trend of around Rs.71752 and September Silver opened at Rs.85373,
fell from a high of Rs.85418 points to a low of Rs.83927 with a decline of 1448
points, a trend of around Rs.84210.
Technically, the
important key resistances are placed in Nifty future are at 25048 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 24939 –
24880 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
