Dear
Trader…
The S&P BSE Sensex closed at 77,155, down by 422 points
or 0.54% while the broader Nifty Future finished at 23348, lower by 186 points
or 0.79%.
The Sensex fell 776 points on an intraday basis and the Nifty
by 255 points.The total market capitalisation of BSE listed companies was down
by Rs 6.7 lakh crore.
The Nifty breadth remained skewed in favour of the bears with
37 stocks closing in the red. The worst losers were Adani Enterprises, Adani
Ports, SBI Life Insurance Company, SBI and NTPC while the gainers were Power
Grid Corporation, UltraTech, Hindalco Industries, Apollo Hospitals and Grasim
Industries.
Led by a 23% crash in Adani Enterprises, the
combined market capitalisation of 10 Adani stocks fell by around Rs 2.25 lakh
crore to Rs 12 lakh crore, marking the conglomerate’s worst trading day since
the Hindenburg bombshell in early 2023.
Global
Markets – Major Asian indices ended in a weak territory.
Singapore’s FTSE Straits Times Index declined 0.12% while Japan’s Nikkei 225
closed down by 0.85%. Hong Kong’s Hang Seng index fell by 0.53% while China’s
Shanghai Composite settled 0.07% higher.
European markets drew a similar picture around 4 pm India
time today. UK’s FTSE fell by 0.03% while Germany’s Dax, French CAC 40 and
Stoxx 600 were lower by 0.28%, 0.60% and 0.42%. Spain’s IBEX gained by 0.41%.
Currency
Watch – The Indian rupee declined to its weakest level on
record on Thursday due to outflows from local stocks, which were dragged by a
slump in Adani group shares, while uncertainty about the Federal Reserve’s path
to lowering policy rates also weighed.
The rupee closed at its all-time low of 84.4925, down nearly
0.1% on the day.
Foreign outflows from local equities hurt the
rupee on Thursday.
The dollar index was nudged higher to 106.7
after snapping a three-day losing streak on Wednesday as investors awaited
clarity on US President-elect Donald Trump’s proposed policies and gauged an
uncertain outlook for the Fed’s benchmark interest rates.
Crude Impact – Crude oil prices were trading higher on Thursday. The US WTI oil contracts trading at $69.77, up by $1.02 or 1.48% while Brent oil futures were hovering near $73.79, up by $0.98 or 1.35%.Higher crude oil prices do not augur well for the equity markets, fuelling inflation fears.
Nifty futures opened at 23460 points against the previous
close of 23534 and opened at a low 23277 points. Nifty Future closed with an
average movement of 230 points and decline of around 186 points and closed 23348
points…!!
At the start of intra-day trading, December gold opened at
Rs.76225 fell from a high of Rs.76728 points to a low of Rs.76119 with a rise of 508 points, a trend of around Rs.76119 and
December Silver opened at Rs.90280, fell from a high of Rs.90927 points to a
low of Rs.90171 with a rise of 201 points, a trend of around Rs.90285.
Meanwhile, Global brokerages CLSA, Citi, and HSBC have recently shifted
their focus from China to India due to contrasting economic conditions. CLSA,
for example, decided to reverse its earlier move from India to China, citing
growing concerns over China’s economy and investor sentiment.
Technically, the
important key resistances are placed in Nifty future are at 23348 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 23404 – 23505 levels. Immediate support is placed at 23188 –
23088 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
