Dear
Trader…
Ahead of the Reserve Bank of India’s
monetary policy decision on Thursday and on hopes of an interest rate pause by
other major central banks, Indian equity markets closed higher on Wednesday,
led by index heavyweight Reliance Industries, HDFC Bank, TCS, and Infosys.The
30-share BSE benchmark Sensex rose 350 points or 0.56% to settle above the
63,000 mark for the first time in 2023. The broader NSE Nifty surged 127 points
or 127.4% to end at 18,726.
From the Sensex pack, Nestle, Tata Steel,
and Tata Motors were the top performer, rising 2-3%. Power Grid, Bharti Airtel,
L&T, NTPC, and TCS also opened with gains. On the flip side only, Kotak Bank,
Maruti, Bajaj Finance, ICICI Bank, and M&M closed in the red.Sectorally,
Nifty Realty rose 1.59% and Nifty Metal surged 1.51%. Nifty Bank and Nifty FMCG
also closed lower. In the broader market, Nifty Midcap100 gained 1.04%, and
Smallcap100 surged 1.35%.
Meanwhile, the market capitalisation of all
listed companies on BSE surged by Rs 2.46 lakh crore to Rs 265.68 lakh crore.
The market breadth was skewed in the favour of the bulls. About 2,293 stocks
gained, 1,270 declined, and 135 remained unchanged on the BSE.
Global Markets –
Asian shares were mixed on Wednesday after
a day of listless trading on Wall Street in the absence of market-moving data.
China reported its exports fell 7.5% from a year earlier in May and imports
were down 4.5%, adding to signs of a slowing of its economic recovery following
the lifting in December of anti-virus controls that disrupted travel and
commerce.
The Shanghai Composite index lost 0.1% while the
Hang Seng in Hong Kong gained 0.7%. Tokyo’s Nikkei 225 index lost 1.8%.
Rupee rises – The Indian rupee ended
higher on Wednesday, helped by possible dollar inflows into equities, while
traders waited for the monetary policy outcome from the Reserve Bank of India
on Thursday. The rupee ended at 82.5475 to the US dollar, compared with 82.6050
in the previous session.
Oil falls – Oil fell for a second day on
Wednesday as concerns over global economic headwinds deepened, erasing the
price gains booked after top crude exporter Saudi Arabia’s surprise weekend
pledge to deepen output cuts. Brent crude futures were down 56 cents, or 0.7%,
at $75.73 a barrel. The US West Texas Intermediate crude futures fell 52 cents,
also 0.7%, to $71.22 a barrel.
Nifty
futures opened at 18715.50 points against the previous close of 18672.95 and
opened at a low of 18706.60 points. Nifty Future closed with an average
movement of 101.05 points and a rise of around 125.45 points and 18798.40
points…!!
On the
NSE, the midcap 100 index will up 1.04% and small cap 100 index is closing up 1.35%.
At the
start of intra-day trading, August gold opened at Rs.59977 fell from a high of
Rs.59996 points to a low of Rs. 59751 with a decline of 135 points, a trend of
around Rs.59960 and JULY Silver opened at Rs.71883, fell from a high of Rs.72242
points to a low of Rs.71530 with a decline of 44 points, a trend of around Rs.71912.
Meanwhile, Investors are
becoming more optimistic due to the anticipation of a positive revision in the
RBI’s inflation forecast during the ongoing MPC meeting, It is expected that
the RBI will maintain its pause on rate hikes, considering the significant
improvement in inflation, which has now come within the RBI’s comfort zone.
Furthermore, the participation of FIIs as net buyers, after a brief halt,
contributed to today’s market rally, particularly driven by mid-and small-cap
stocks.
Technically, the
important key resistances are placed in Nifty future are at 18798 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 18939 – 19090 levels. Immediate support is placed at 18676 –
18606 levels.
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