Dear Trader…
Nifty managed to end at near a lifetime high of 25,479 on a
closing basis. It was up by 07 points or 0.03% over Monday’s closing. Its
89.4-point trading range is the smallest in two weeks.
Meanwhile, S&P BSE Sensex also finished the session at
83,079.66, also a record on a closing basis. The 30-stock index settled higher
by 91 points or 0.11%.
Nifty breadth was in favour of the bears with 29 declines and
21 gains. The top gainers were Hero MotoCorp, Bajaj Auto, Bharti Airtel, NTPC
and Mahindra & Mahindra (M&M) while the top losers included Tata
Motors, Eicher Motors, Tata Steel, Coal India and JSW Steel.
Among 16 Nifty sectoral indices, 9 closed in the green with
Nifty Realty as the top performer gaining by 0.61%. Meanwhile, Nifty Consumer
Durables gained 0.49% and was the second top gainer. Nifty Media was the
biggest loser, falling by 1.2% and was followed by Nifty PSU Bank which
declined by 0.6%.
Among 16 Nifty sectoral indices, 9 closed in the green with
Nifty Realty as the top performer gaining by 0.61%. Meanwhile, Nifty Consumer
Durables gained 0.49% and was the second top gainer. Nifty Media was the
biggest loser, falling by 1.2% and was followed by Nifty PSU Bank which
declined by 0.6%.
Global
Markets – Among major Asian indices, Japan’s
Nikkei 225 closed with a decline of over 1% while Hong Kong’s Hang Seng index
settled 1.37% higher along with Singapore’s FTSE Straits Times Index which
managed a positive closing of 0.64%.
Their European peers were trading with a positive bias around
4 pm India time. UK’s FTSE was up by 0.76% while Germany’s Dax was higher by
0.80%. French CAC 40, Spain’s IBEX and Stoxx 600 gained 0.86%, 1.35% and 0.75%,
respectively around this time.
Currency
Watch – The Indian rupee climbed to its highest
level in over one month on Tuesday, lifted by rising expectations that the US
Federal Reserve will kick off policy easing with a 50 basis points rate cut on
Wednesday. The rupee closed at 83.75 against the US dollar, up 0.1% from its
close at 83.8875 on Monday. The currency touched a peak of 83.71 during the
session, its highest since August 1.
The dollar index was down slightly at 100.6 on Tuesday,
hovering close to its year-to-date low, as markets raised the odds of a 50
basis point Fed rate cut to 67%, up from 34% a week earlier.
Crude
Impact – Crude oil prices were trading higher on
Tuesday with US WTI oil contracts trading at $70.120, up by $1.47 or 2.14%
while Brent oil futures were hovering near $72.86, higher by $1.25 or
1.75%.Higher crude oil prices do not augur well for the equity markets,
fuelling inflation fears.
Nifty futures opened at 25455 points against the previous
close of 25442 and opened at a low 25385 points. Nifty Future closed with an
average movement of 94 points and rise of around 07 points and closed 25449
points…!!
At the start of intra-day trading, October gold opened at Rs.74496
fell from a high of Rs.74596 points to a low of Rs.74395 with a rise of 249 points,
a trend of around Rs.74395 and December Silver opened at Rs.89727, fell from a
high of Rs.89801 points to a low of Rs.89000 with a rise of 153 points, a trend
of around Rs.89445.
Technically, the
important key resistances are placed in Nifty future are at 25449 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 25474 – 25606 levels. Immediate support is placed at 25303 –
25188 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
