Dear
Trader…
The 30-share BSE benchmark Sensex advanced 694 points or
0.88% to settle at 79,476. The broader NSE Nifty gained 179 points or 0.74% to
end at 24,293. During the day, both Nifty and Sensex fell as much as 0.6% each.
The market capitalisation of all listed companies on the BSE
surged by Rs 2.5 lakh crore to Rs 444.6 lakh crore.
Among Sensex stocks, JSW Steel, Tata Steel, Axis Bank,
IndusInd Bank, HDFC Bank, and SBI were the top gainers, advancing 2-4.7%.
Meanwhile, Adani Ports, ITC, Asian Paints, Infosys, and L&T closed with
losses.
Democrat Kamala Harris and Republican Donald Trump remain
virtually tied in opinion polls ahead of Tuesday’s US election. The winner will
likely not be known for days after voting ends.
Analysts expect volatility to increase further as investors
await the election outcome to make sector-specific investments.
On the sectoral front, Nifty Metal rose 2.84%, while Nifty
Financial Services surged 1.98%. Nifty Bank, Auto, Pharma, PSU Bank, Realty,
Consumer Durables, and Oil & Gas also closed higher.
The market breadth was skewed in the favour of the bulls.
About 2,469 stocks gained, 1,476 declined, and 113 remained unchanged on the
BSE.
Global
Markets – Stocks were steady on Tuesday but
implied volatility ratcheted up in currency markets in an early indication of
the market frenzy to come, as the world awaits the outcome of a knife-edge U.S.
election.
Europe’s benchmark STOXX index edged down 0.2% while MSCI’s
broadest index of Asia-Pacific shares outside Japan inched 0.7% higher, as
stock markets held their breath ahead of Wednesday’s open. China’s blue chip
CSI300 jumped 2.5% and Hong Kong’s Hang Seng rose 1.4%.
Crude
Oil – Oil prices traded in a narrow range on
Tuesday ahead of what is expected to be an exceptionally close US presidential
election, after rising more than 2% in the previous session as OPEC+ delayed
plans to hike production in December.
Brent crude futures ticked up 16 cents, or 0.2%, to $75.24 a
barrel, while US West Texas Intermediate crude was at $71.65 a barrel, up 18
cents, or 0.3%.
Rupee
vs Dollar – The Indian rupee was nearly
unchanged on Tuesday, wedged between likely foreign outflows from domestic
equities and intervention by the central bank, while uncertainty about the US
election loomed with Americans heading to the polls later in the day.
The rupee closed at 84.1075 against the dollar, compared to
its previous close of 84.1150.
Nifty futures opened at 24074 points against the previous
close of 24114 and opened at a low 23980 points. Nifty Future closed with an
average movement of 340 points and decline of around 179 points and closed 24293
points…!!
Meanwhile, The domestic market experienced a sharp
recovery, reclaiming most of the previous day’s losses amid uncertainty
surrounding the likely downgrade in Q2 GDP forecast and closely contested US
presidential election.
However, the recent rebound in domestic manufacturing
activity data along with the expected revival of consumption in the H2, are
likely to support market sentiment. Metals led the gains, driven by the
anticipation of significant stimulus from China later this week.
Technically, the
important key resistances are placed in Nifty future are at 24293 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 24373 – 24404 levels. Immediate support is placed at 24202 –
24008 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
