Dear
Trader…
The 30-stock S&P BSE Sensex scaled 83,773 led by HDFC
Bank and ended the session at 83,184, up by 236 points or 0.29%.Nifty crossed
the 25,640 mark for the first time ever before ending the session at 25,489,
gaining 93 points or 0.37%.
Banking gauge Bank Nifty crossed the 53,447 mark for the
first time ever before ending the session at 53,177, gaining 420 points or 0.37%.
The day belonged to bulls as the Nifty breadth showed 30
stocks ending in the green while the remaining 20 in the red. The top gainers
were NTPC, Titan, Nestle India, Kotak Mahindra Bank and Tata Consumer while the
top losers were Bharat Petroleum Corporation (BPCL), Coal India, Oil &
Natural Gas Corporation (ONGC), Adani Ports and Special Economic Zone and
Shriram Finance.
Out of the 16 sectoral indices 9 ended in the green. Nifty Auto,
Nifty Consumer Durables and Nifty FMCG were other sectoral gainers which were
up by 0.40%, 0.47% and 0.56%, respectively. Among the top laggards were Nifty
IT and Nifty Oil & Gas which fell by 0.34% and 1.34%.
Global
Markets – Other major Asian indices ended
with strong gains. While Japan’s Nikkei 225 closed 2.13% higher, Hong Kong’s
Hang Seng index was up 2%. Singapore’s FTSE Straits Times Index ended with over
1% gains China’s Shanghai Composite climbed 0.7%.
Meanwhile, European markets was a sea of green as most major
indices were up following the US Federal Reserve’s policy outcome. UK’s FTSE
saw an uptick of 1.17% around 4 pm India time while Germany’s Dax was higher by
1.43%. French CAC 40, Spain’s IBEX and Stoxx 600 were higher by up to 2%.
Currency
Watch – The Indian rupee hit a two-month high on
Thursday, aided by likely portfolio inflows and a rally in the Chinese yuan
after the Federal Reserve delivered a 50 basis points interest rate cut. The
rupee ended at 83.68 against the U.S. dollar, up 0.1% from its previous close
of 83.75. The currency scaled as high as 83.57 in the session, its strongest
since July 18.
Asian currencies gained, with the offshore Chinese yuan , a
closely watched peer of the rupee, rising 0.4% to 7.06, its strongest level
since May 2023. The Fed’s larger-than-usual rate reduction propelled global
stocks higher as well. India’s benchmark equity indices Sensex and Nifty 50 hit
record highs before ending higher by about 0.3% and 0.1%, respectively.
Nifty futures opened at 25480 points against the previous
close of 25396 and opened at a low 25420 points. Nifty Future closed with an
average movement of 220 points and rise of around 93 points and closed 25489 points…!!
Crude
Impact – Crude oil prices were trading lower on Thursday
with US WTI oil contracts trading at $70.82, down by $0.09 or 0.13% while Brent
oil futures were hovering near $73.69, lower by $0.04 or 0.05%. Higher crude
oil prices do not augur well for the equity markets, fuelling inflation fears.
At the start of intra-day trading, October gold opened at Rs.72930
fell from a high of Rs.73620 points to a low of Rs.72785 with a rise of 173 points,
a trend of around Rs.73228 and December Silver opened at Rs.88548, fell from a
high of Rs.90600 points to a low of Rs.88255 with a rise of 1480 points, a
trend of around Rs.89781.
Technically, the
important key resistances are placed in Nifty future are at 25489 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 25570 – 25676 levels. Immediate support is placed at 25373 –
25303 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
