Dear
Trader…
The S&P BSE Sensex hit a lifetime high of 84,694.46
before ending the session at 84,544.31, which was a 1,359 points or 1.63% lead
over the last closing. The broader Nifty Future settled at 25,767.75 gaining by
375.15 points or 1.09%. The 50-stock index today hit a fresh all-time high of
25,798.80. Bank Nifty crossed the 53,643.95 mark for the first time ever before
ending the session at 53,550, gaining 373 points or 0.70%.
The combined market capitalisation of all BSE-listed stocks
shot up by Rs 5.5 lakh crore to Rs 471 lakh crore.
The protagonists in today’s rally were ICICI Bank and HDFC
Bank which helped both benchmarks close at record levels. ICICI Bank itself hit
a fresh 52-week high of Rs 1,362.35 on the NSE. HDFC Bank closed at 1,737.20,
up by Rs 28.70 or 1.68%.
For the 10th time this year, Sensex closed with gains of over
1,000 points.
Top
Gainers & Losers – In the
50-stock Nifty, 44 scrips closed in the green. The top gainers were Mahindra
& Mahindra (M&M), ICICI Bank, JSW Steel, Larsen & Toubro (L&T)
and Coal India while the top losers were Grasim Industries, State Bank of India
(SBI), NTPC, IndusInd Bank and Hero MotoCorp.
Among sectoral toppers were Nifty Auto, Nifty Bank and Nifty
Financial Services which ended with an uptick of 1.9%, 1.4% and 1.6%,
respectively. The only laggard out of the 16 Nifty sectoral indices was Nifty
PSU Bank which closed with minor declines of 0.1%.
Broader market joined the party as well, with Nifty Midcap
100 and Nifty Smallcap 100 gaining 1.4% and 1%, respectively.
Global
Markets – Among major Asian indices,
Singapore’s FTSE Straits Times Index fell 0.23% while Japan’s Nikkei 225 and
Hong Kong’s Hang Seng index closed with gains of up to 1.5%. China’s Shanghai
Composite settled flat.
Meanwhile, European markets were largely down around 4 pm
India time today. UK’s FTSE fell by 0.6% while Germany’s Dax, French CAC 40 and
Stoxx 600 were lower by 0.9%, 0.7% and 0.6%. Spain’s IBEX traded with gains of
0.1% around this time.
Currency
Watch – The Indian rupee rose for the fifth straight
session on Friday, helped by gains in Asian peers and likely portfolio inflows,
after the U.S. Federal Reserve kicked off its interest rate cutting cycle
earlier this week. The rupee closed at 83.5625 against the U.S. dollar, up from
its close at 83.68 in the previous session, Reuters reported.
The Indian currency jumped to an more than two-month high of
83.4850 earlier in the session and gained nearly 0.4% week-on-week, its
strongest weekly rise this year.
The Fed’s larger-than-usual 50-basis-point rate cut on
Wednesday, and inflows into local stocks and bonds have lifted the rupee Overseas
investors have net bought more than $7 billion of Indian debt and equities so
far in September, the highest monthly inflow since December 2023.
Nifty futures opened at 25552 points against the previous
close of 25489 and opened at a low 25447 points. Nifty Future closed with an
average movement of 351 points and rise of around 278 points and closed 25767 points…!!
Crude
Impact – Crude oil prices were trading lower on Friday.
The US WTI oil contracts traded at $71.85, down by $0.10 or 0.14% while Brent
oil futures were hovering near $74.72, lower by $0.16 or 0.21%. 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.74307
fell from a high of Rs.75354 points to a low of Rs.74307 with a rise of 642 points,
a trend of around Rs.75201 and December Silver opened at Rs.89992, fell from a
high of Rs.90743 points to a low of Rs.89576 with a decline of 170 points, a
trend of around Rs.89798.
Technically, the
important key resistances are placed in Nifty future are at 25767 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 25808 – 26008 levels. Immediate support is placed at 25606 –
25474 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
