Dear
Trader…
The 30-share BSE Sensex surged 362 points, or 0.44%, to close
at 81,921, while the broader NSE Nifty future advanced 98 points, or 0.39%, to
settle at 25,083.
The market capitalisation of all listed companies on BSE
surged by Rs 3.41 lakh crore to Rs 463.5 lakh crore. The market breadth was
skewed in the favour of the bulls. About 2,587 stocks gained, 1,352 declined,
and 103 remained unchanged on the BSE.
From the Sensex pack, HCL Tech, Bharti Airtel, NTPC, Power
Grid, Axis Bank, and TCS rose 1-2%. In contrast, Bajaj Finserv, Bajaj Finance,
HUL, M&M, and Tata Motors ended in the red.
Insurance stocks, including SBI Life, HDFC Life, and Star
Health, fell up to 4.4% after the GST Council deferred a decision to reduce GST
on insurance premiums and formed a new GoM to review the rates.
Meanwhile, shares of snack-makers like Bikaji Foods, Gopal
Snacks, and Prataap Snacks surged up to 7.4%, following the GST Council’s
recommendation to reduce the tax rate on namkeens from 18% to 12%.
Sector-wise, Nifty IT rose 1.7%, while Nifty Media surged
2.7%. The Pharma index gained over 1% after the GST Council recommended
reducing tax rates on specific cancer drugs.
Investors are now focused on Wednesday’s U.S. inflation
report, which may offer insight into whether the Federal Reserve will implement
a larger-than-expected 50-basis-point rate cut at its upcoming meeting.
Global
Market Check –
Global shares steadied on Tuesday, struggling to draw
momentum from a rally on Wall Street as concerns about faltering economic
growth dampened investor sentiment, which also dented the oil price.
Oil
Dips – Oil prices gave up the previous day’s gains on
Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical
Storm Francine and global oil oversupply risks that continue to weigh on the
market.
Brent crude futures were down 79 cents, or 1.1%,
at $71.05 a barrel. U.S. West Texas Intermediate crude lost 82 cents, or 1.2%,
to $67.89. Both benchmarks had risen about 1% on Monday.
Rupee
vs Dollar – The Indian rupee ended slightly lower on Tuesday,
tracking a dip in its Asian peers but managing to hold above a key support
level due to dollar sales by state-run banks.The rupee closed at 83.9750
against the U.S. dollar, marginally weaker than its close of 83.9550 in the
previous session.
Nifty futures opened at 25034 points against the previous
close of 24985 and opened at a low 24919 points. Nifty Future closed with an
average movement of 255 points and rise of around 98 points and closed 25083 points…!!
Meanwhile,
The domestic market showcased a gradual rebound
driven by the shift in focus towards upcoming US inflation and potential FED
policy stance. The US political risk and recession fears may set near-term
cautious sentiments in the global market. On the domestic front, a strong
monsoon, and an expectation of an uptick in demand during festival season will
drive investor sentiment.
At the start of intra-day trading, October gold opened at Rs.71695
fell from a high of Rs.71814 points to a low of Rs.71580 with a rise of 86
points, a trend of around Rs.71714 and December Silver opened at Rs.83641, fell
from a high of Rs.84150 points to a low of Rs.83451 with a rise of 344 points,
a trend of around Rs.83989.
Technically, the
important key resistances are placed in Nifty future are at 25083 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 25188 – 25202 levels. Immediate support is placed at 25088 –
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
