Dear
Trader…
The benchmark S&P BSE Sensex gained 597 points or 0.74%
to settle at 80,845, while the broader Nifty Future index closed at 24,547,
higher by 118 points or 0.49%.
High-weightage financial stocks added 1%, led by a 1.2% gain
in HDFC Bank. Public sector banks climbed 2.6%, with State Bank of India,
Punjab National Bank and Bank of Baroda adding gains between 2% and 3.3%.
Heavyweight Reliance Industries, which has gained 3% in the
last two sessions, added 1.2% on the day.
Global
Markets – Global shares were mostly higher on Tuesday, with
Asian and European stocks rallying after tech companies spurred Wall Street to
record highs overnight.
Hong Kong’s Hang Seng added 1.0% to 19,746.32, while Japan’s
tech-heavy Nikkei stock index rose 1.91%. The MSCI Asia index, which excludes
Japan, climbed 1.16% .
This week is lined up with several big updates on the U.S.
job market, including the October job openings report, weekly unemployment
benefits data and the all-important November jobs report. They could steer the
next moves for the U.S. Federal Reserve, which recently began pulling interest
rates lower to give support to the economy.
Forex
Watch – The Indian rupee closed nearly unchanged on
Tuesday at 84.6850 per U.S. dollar. It fell to a record low earlier, weighed
down by a broadly stronger greenback and slump in the offshore Chinese yuan.
Meanwhile, the dollar index, which tracks the
U.S. currency against six others, was last down 0.15%.
Crude
Oil – Oil prices rose on Tuesday as
traders awaited the outcome of an OPEC+ meeting later this week. Brent crude,
the international standard, rose 55 cents to $72.38 a barrel.
FIIs
– On December 2, Foreign
Institutional Investors (FIIs) were net sellers of equities worth Rs 238 crore,
while Domestic Institutional Investors (DIIs) stepped in with net buying of
over Rs 3,588 crore.
Nifty futures opened at 24451 points against the previous
close of 24428 and opened at a low 24390 points. Nifty Future closed with an
average movement of 200 points and rise of around 118 points and closed 24547 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 24547 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 24580 – 24676 levels. Immediate support is placed at 24373 –
24303 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
