Dear
Trader…
The benchmark S&P BSE Sensex gained 445.29 points or 0.56%
to settle at 80,248.08, while the broader Nifty 50 index closed at 24,276.05,
higher by 144.95 points or 0.6%.
Cement manufacturer Ultratech Cement rose 4%, leading the
rally on the Nifty 50 index. Maruti Suzuki, Adani Ports and Tata Motors
followed suit and were among the top gainers.
India’s economic growth slowed more than anticipated in the
third quarter, owing to poor performance of manufacturing and mining sectors as
well as weak consumption, but the country continued to remain the fastest-growing
large economy, data released on Friday showed.
Global
Markets – On Saturday, U.S. President-elect Trump
threatened 100% tariffs against the so-called BRIC bloc of nine nations if they
act to undermine the U.S. dollar. The BRICs include Brazil, Russia, India,
China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump
said he wants the bloc to promise it won’t create a new currency or otherwise
try to undercut the U.S. dollar.
World shares traded mixed on Monday, with China leading the pack
as monthly surveys showed improving conditions for manufacturing, partly driven
by a surge in orders ahead of President-elect Donald Trump’s inauguration next
month.
Hong Kong’s Hang Seng gained 0.7%, while Tokyo’s Nikkei 225
index advanced 0.8%. In South Korea, the Kospi slipped less than 0.1%.
Rupee
– The Indian rupee weakened 0.25% versus the U.S.
dollar to 84.6950 on Tuesday, pressured by concerns about economic growth
slowing to its lowest in seven quarters.
The U.S. currency got an additional boost from U.S.
President-elect Donald Trump on the weekend, who warned BRICS emerging nations
against trying to replace the greenback with any other currency. The dollar
index, which measures the currency against six others, was up 0.25% at 106.31.
Crude
Oil – Oil prices rose on Monday, supported by strong
factory activity in China, the world’s second-largest oil consumer, and
escalating tensions in the Middle East, where Israel resumed attacks on Lebanon
despite a ceasefire deal.
Brent crude futures were up 75 cents, or 1.04%, to $72.59 a
barrel by 1002 GMT while U.S. West Texas Intermediate crude was at $68.70 a
barrel, up 70 cents, or 1.03%.
Foreign institutional investors (FIIs) sold Rs 26,000 crore
worth of Indian stocks in November, a slowdown from October’s Rs 94,000 crore.
Nifty futures opened at 24300 points against the previous
close of 24304 and opened at a low 24168 points. Nifty Future closed with an
average movement of 309 points and rise of around 124 points and closed 24428 points…!!
Meanwhile, the market maintained a positive bias as the core sector
output in October shows signs of recovery.
Slowing earnings growth is already factored in the market and
mid & small caps are rebounding. However, investors stay marginally
cautious ahead of RBI policy this week due to the risk of a cut in GDP
forecast. The current inflation dynamics are not favorable for a rate cut in
the short-term and the RBI is likely to turn more realistic on its growth
projection for FY25.
Technically, the
important key resistances are placed in Nifty future are at 24428 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 24474 – 24606 levels. Immediate support is placed at 24303 –
24180 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
