Dear
Trader…
The 30-share BSE Sensex fell by 230 points, or 0.28%, to
close at 81,381, while the broader NSE Nifty future declined 68 points, or 0.27%,
finishing at 25,049.
Despite the decline in equity markets, the market
capitalization of all listed companies on the BSE rose by Rs 27k crore to Rs
462.27 lakh crore. The market breadth favored the bulls, with approximately
2,142 stocks gaining, 1,746 declining, and 123 remaining unchanged on the BSE.
ICICI Bank, TCS, HDFC Bank, M&M, ITC, Axis Bank, and
Maruti Suzuki were the top contributors to the Sensex’s decline, while HCL
Tech, Tech Mahindra, JSW Steel, HUL, and L&T closed with gains.
TCS closed 1.8% lower after its September-quarter profit
miss. The software company’s results signalled weakness in demand recovery and
a rare drop in margins while the near-term outlook remained tepid, leading to
brokerages cutting their earnings estimates.
Meanwhile, the Nifty Metal index rose nearly 1%, with 11 of
its 15 constituents closing higher on expectations of fresh stimulus measures
from China, the top consumer.
The broader, more domestically focused Nifty Smallcap100 and
Nifty Midcap100 rose by 0.6% and 0.5%, respectively.
Global
Markets – Global stocks traded sideways on Friday as a
stunning rally in Chinese shares paused and investors held back from placing
more bets ahead of a much-anticipated update on fiscal stimulus from Beijing
this weekend.
European stock markets were steady, Wall Street futures were
also flat and MSCI’s broadest index of Asia-Pacific shares outside Japan ended
the week with a loss after four straight weeks of gains.
Crude
Oil – Oil prices softened on Friday but were set for a
second weekly gain as investors weighed the impact of hurricane damage on U.S.
demand against any broad supply disruption if Israel attacks Iranian oil sites.
Brent crude oil futures fell 60 cents, or 0.8%,
to $78.80 a barrel. U.S. West Texas Intermediate crude futures slipped 57
cents, also 0.8%, to $75.28 per barrel.
Nifty futures opened at 25115 points against the previous
close of 25117 and opened at a low 25001 points. Nifty Future closed with an
average movement of 149 points and decline of around 68 points and closed 25049
points…!!
Meanwhile,
The market traded sideways due to a lack of fresh
triggers for decisive momentum. The uptick in US 10-year yield due to the
unexpected rise in US core inflation and caution ahead of result season added
layers of sentiment in the market.
Investors traded with caution on the last trading day of the
week as any escalation in the Iran-Israel conflict over the weekend could fuel
uncertainty going into the next week. Optimism could return once the earnings
season picks up momentum and results are in line with expectations, else the
mood could remain cautious with a negative bias in the near to medium term.
Rupee
Drops Below $84 – The Indian rupee fell below 84 per dollar for the
first time on Friday, pressured by concerns about the recent spike in oil
prices and the exodus of foreign money from the equity market.The rupee closed
at 84.06, down 0.1% on the day, after hitting a record low of 84.07 earlier in the
session.
At the start of intra-day trading, October gold opened at Rs.76182
fell from a high of Rs.76560 points to a low of Rs.76182 with a rise of 701
points, a trend of around Rs.76482 and December Silver opened at Rs.90592, fell
from a high of Rs.91470 points to a low of Rs.90526 with a rise of 746 points,
a trend of around Rs.91022.
Technically, the
important key resistances are placed in Nifty future are at 25049 levels, which
could offer for the market on the higher side. stainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 25188 – 25303 levels. Immediate support is placed at 24979 –
24808 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
