Dear
Trader…
The 30-share BSE benchmark Sensex fell 208
points or 0.34% to settle at 61,773, while the blue-chip Nifty index was down
to 18,285, dragged by high-weightage financial and metal stocks.
From the Sensex pack, Sun Pharma, Titan,
ITC, IndusInd Bank, Tech Mahindra and Power Grid were the top gainers, while
Infosys, Nestle, Kotak Bank, HUL, Tata Steel closed lower.
Among individual stocks, shares of Deepak
Nitrite rallied 9% after the company announced investment plans in Gujarat.
Biocon, too, gained after strong fourth quarter revenue and profit growth.
Engineers India and NBCC have risen over 7% each.
Sectorally, Nifty Metal declined 1.56%,
while Nifty Pharma gained 1.03%. Nifty PSU Bank and Nifty FMCG have closed
lower. In the broader market, Nifty Midcap100 rose 0.21%, and Smallcap100 was
flat.
The market breadth was in favour of bears on
Wednesday. About 1,677 stocks gained, 1,796 declined, and 129 remained
unchanged on the BSE.
Global Markets –
Asian stocks on Wednesday extended a global
sell-off as US debt ceiling negotiations dragged on without any resolution.
The Shanghai Composite Index fell 1.28%,
while Hong Kong’s Hang Seng Index lost 1.62%. Japan’s benchmark Nikkei 225 shed
0.89% to finish at 30,682.
A fresh wave of selling also hit European stock
markets on Wednesday a jump in the UK core inflation and more losses in
market-heavy luxury names hurt risk sentiment.
The Europe-wide STOXX 600 index fell 1.1%
by 07:18 GMT to hit a nearly three-week low,with all regional markets trading
in the red.
Rupee watch – Rupee jumped 17 paise to close at 82.68 (provisional)
against the dollar amid possible dollar inflows and recovery of the Chinese yuan.
Oil prices – Oil prices rose on Wednesday after data
showed US inventories and fuel supplies tightening and following a warning from
the Saudi energy minister to speculators raised the prospect of further OPEC+
output cuts.Brent crude futures rose 1.2%, to $77.72 a barrel, while US
WTI gained 1.3%, to $73.89 a barrel.
Nifty
futures opened at 18365.80 points against the
previous close of 18301.00 and opened at a low of 18265.20 points. Nifty Future closed with an average movement of 129.30 points and a decline of around 69.90 points
and 18295.90 points…!!
On the
NSE, the midcap 100 index will up 0.21% and small
cap 100 index is closing up 0.01%.
At the
start of intra-day trading, JUNE gold opened at Rs.60196 fell from a high of Rs.60338 points
to a low of Rs.60101 with a rise of 121 points,
a trend of around Rs.60318 and JULY Silver opened at Rs.71924, fell from a high of Rs.72134 points
to a low of Rs.71510 with a decline of 198 points,
a trend of around Rs.71966.
Meanwhile,
The US debt ceiling
impasse continues to affect markets. Since failure to reach a resolution will
have catastrophic consequences for the global economy and markets, a resolution
of the crisis at the eleventh hour is the most likely scenario.But markets will
be on tenterhooks till then. A global risk-on and rally is the most likely
scenario after the resolution of the impasse.
Technically, the
important key resistances are placed in Nifty future are at 18292 levels, which
could offer for the market on the higher side. Sustainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 18474 – 18505 levels. Immediate support is placed at 18232 –
18088 levels.
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