Dear
Trader…
The 30-share BSE Sensex fell 72 points, or 0.09%, to close at
82,890, while the broader NSE Nifty Future slipped 16 points, or 0.06%, to end at 25,372.
From the Sensex pack, Adani Ports, ITC, Bharti Airtel, NTPC,
Maruti Suzuki, and Asian Paints were the top laggards, falling 0.7% to 1.4%. On
the flip side, Bajaj Finaance, Bajaj Finserv, Axis Bank, IndusInd Bank, and
Tata Steel closed in the green.
Meanwhile, Adani Group stocks fell by up to 2.5%, as the
Indian conglomerate denied involvement in any Swiss court proceedings. This
came after US short-seller Hindenburg Research claimed authorities had frozen
over $310 million of the group’s funds.
India’s August retail inflation remained below the central
bank’s target of 4% for the second consecutive month, data showed after the
market closed on Thursday. However, retail inflation rose to 3.65% in August,
slightly higher than 3.6% reported in July.
Meanwhile, the food inflation, which accounts for around half
of the overall CPI basket, accelerated to 5.66% in August.
The market breadth was skewed in the favour of the bulls.
About 2,477 stocks gained, 1,481 declined, and 109 remained unchanged on the
BSE.
Global
Markets –
MSCI’s broadest index of Asia-Pacific shares outside Japan
rallied 0.53%. U.S. stock futures added 0.1%, following gains on Thursday for
the cash indexes.
Japan, mainland China and South Korea are heading into long
weekends, with Tokyo back on Tuesday, China on Wednesday and South Korea not
until Thursday.
Currency
Watch – The Indian rupee strengthened on Friday
as Asian currencies benefited from the weakness in the US dollar as the odds of
an outsized Federal Reserve rate cut next week rose after media reports said
the decision is likely to be a close call. The rupee closed at 83.8875
against the US dollar, up from its close at 83.9650 in the previous session.
Meanwhile,
The market took a breather and ended on a flat
note after the previous day’s sharp uptick. Despite domestic CPI inflation
being within RBI’s target band, the increase in food prices may influence the
central bank to remain prudent on rates.
Higher liquidity from FIIs to the domestic market and a slide
in US 10-year yield increased the prospects of the FED rate cut, which will aid
domestic sentiment.
At the start of intra-day trading, October gold opened at Rs.73128
fell from a high of Rs.73398 points to a low of Rs.73081 with a rise of 556 points,
a trend of around Rs.73380 and December Silver opened at Rs.87606, fell from a
high of Rs.88730 points to a low of Rs.87352 with a rise of 1607 points, a
trend of around Rs.88713.
Technically, the
important key resistances are placed in Nifty future are at 25372 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 25404 – 25505 levels. Immediate support is placed at 25088 –
25008 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
