Dear
Trader…
The BSE benchmark Sensex fell 319 points, or 0.39%, to settle
at 81,501, while the broader NSE Nifty future dropped 69 points, or 0.28%, to
close at 25,048.
M&M, Infosys, JSW
Steel, Adani
Ports, Tata
Motors, and Kotak
Bank were the top laggards on the Sensex, falling between
1-3%. On the flip side, HDFC
Bank, Bharti
Airtel, Reliance
Industries, Asian
Paints, and SBI were the only gainers.
Mahindra & Mahindra was the biggest drag on the Sensex,
sliding 2.9%, while Infosys fell by 2%. The more domestically focused Nifty
Smallcap 100 closed flat, while the Nifty Midcap 100 slipped 0.24%.
The more domestically focused Nifty
Smallcap 100 closed flat, while the Nifty Midcap 100 slipped 0.24%.
On the sectoral front, Nifty Auto and Nifty
IT both declined by over 1%. Nifty Bank, FMCG, Media, Metal, Pharma, Consumer
Durables, and Healthcare also ended in the red.
Meanwhile, the market breadth favoured the
bulls, with 2,021 stocks advancing, 1,941 declining, and 106 remaining
unchanged on the BSE.
Global
Markets – Global stocks fell on
Wednesday after gloomy results from European heavyweights LVMH and tech company
ASML dented sentiments, while the dollar gained as investors banked on a more
moderate decline in U.S. interest rates.
Meanwhile, shares in LVMH, considered a
play on the Chinese consumer almost more than anything else, tumbled by the
most in a year after reporting weaker-than-expected third-quarter sales. With
the optimism washing through markets over China’s recent stimulus measures, the
results were not what investors wanted to see, leaving Paris’ CAC 40 down 0.6%
and the STOXX 600 down 0.3%.S&P 500 and Nasdaq futures were flat,
pointing to a more stable open on Wall Street later, after Tuesday’s declines
in the major indices.
Nifty futures opened at 25060 points against the previous
close of 25118 and opened at a low 24969 points. Nifty Future closed with an
average movement of 213 points and decline of around 69 points and closed 25048
points…!!
Rupee vs Dollar – The Indian rupee closed slightly
stronger on Wednesday, supported by broad-based interbank dollar sales towards
the end of the session after having spent the day locked in a narrow range just
shy of its all-time low.
The rupee closed at 83.9950 against the
U.S. dollar, up from its close at 84.0375 in the previous session.
Meanwhile, The national market traded
range-bound with a negative bias due to the fear of a downgrade in FY25
earnings, which could impact the sustainability of premium valuation
The participants are expecting only a slow
pace in earnings expansion in Q2FY25 due to insipid demand and volatility in
input prices. The rate of recovery in Q2 compared to Q1 is below expectation.
Weak global market cues also contributed to
the overall weakness, persistent offloading of domestic shares by foreign
investors this month have made local traders jittery and are mostly adopting a
cautious approach.
Crude Oil – Oil steadied on Wednesday,
supported by OPEC+ cuts and uncertainty over what may happen next in the Middle
East conflict. However, an outlook for ample supply next year added downward
pressure.
Crude fell over 4% to a near two-week low on Tuesday in response to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Brent crude oil futures rose 16 cents, or 0.2%, to $74.41 a
barrel. U.S. West Texas Intermediate crude futures slipped 19 cents, or 0.3%,
to $70.39.
At the start of intra-day trading, October gold opened at Rs.76866
fell from a high of Rs.77339 points to a low of Rs.76865 with a rise of 396
points, a trend of around Rs.77250 and December Silver opened at Rs.91623, fell
from a high of Rs.92479 points to a low of Rs.91605 with a rise of 737 points,
a trend of around Rs.92360.
Technically, the
important key resistances are placed in Nifty future are at 25048 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 25088 – 25188 levels. Immediate support is placed at 24939 – 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
