Dear
Trader…
Indian equity indices closed in the red for
the second straight session on Friday, tracking negative cues from global
markets amid higher-than-expected interest rate hikes in Britain. Selling was
seen across all major sectors as hawkish central banks soured risk appetite.
The 30-share BSE benchmark Sensex declined
260 points or 0.41% to settle at 62,979 due to profit-taking in financials, IT
and oil shares. The broader NSE Nifty dropped 106 points or 0.56% to end at
18,665.
From the Sensex pack, Tata Motors, SBI,
Power Grid, Tata Steel, Infosys, and UltraTech Cement closed in the red, while
IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Tech, and HDFC closed
higher.
Adani Group stocks closed up to 7% lower after a
report of US attorney inquiries from investors holding large stakes went viral.
Sector-wise, Nifty Metal declined 2.48%,
and Nifty Auto fell 1.03%. Banks, financial, FMCG, IT, media, realty, consumer
durables and oil & gas also closed lower. In the broader market, Nifty
Midcap100 dropped 1.24%, and Smallcap100 fell 1.17%.
Meanwhile, the market capitalisation of all
listed companies on BSE declined by Rs 2.78 lakh crore to Rs 289.47 lakh crore.
The market breadth was skewed in favour of the bears. About 2,290 stocks
declined, 1,173 gained, and 147 remained unchanged on the BSE.
Global Markets –
Global stocks ended the week lower on
Friday as investors bet on interest rates remaining higher for longer to quell
stubborn inflation. The MSCI All Country stock index was down 0.38% at 673.66
points, and off 1.6% for the week, though still up 11.5% for the year.
Japan’s Nikkei fell 1.45% and was set to
snap a 10-week winning streak with a 2.7% weekly drop. In Europe, the STOXX 600
index was down slightly and set to end the week lower. While S&P 500
futures were down 0.4%.
The Bank of England on Thursday surprised
investors with a bigger-than-expected rate hike, while Swiss National Bank and
Norges Bank also raised their rates, citing inflationary concerns.
Rupee falls – The Indian rupee
closed lower for the week but managed to outperform its Asian peers — thanks to
foreign inflows and the absence of dollar demand from oil companies, traders
and market participants said on Friday. The rupee ended trading at 82.0350 per
US dollar compared to 81.95 in the previous session, posting a decline of 0.13%
on the week.
Nifty
futures opened at 18789.00 points against the previous close of 18830.05 and
opened at a low of 18690.00 points. Nifty Future closed with an average
movement of 118.25 points and a rise of around 124.15 points and 18705.90
points…!!
On the
NSE, the midcap 100 index will decline1.24% and small cap100 index is closing decline
1.17%.
At the
start of intra-day trading August gold opened at Rs.58136 fell from a high of
Rs.58740 points to a low of Rs.58096 with a decline of 274 points, a trend of
around Rs.58470 and JULY Silver opened at Rs.67784, fell from a high of Rs.68899
points to a low of Rs.67515 with a decline of 38 points, a trend of around Rs.68270.
Meanwhile, Global central banks are currently focused
on addressing inflation and have reiterated their commitment to reaching their
target levels, as evidenced by the hawkish commentary from Powell and the
unexpected rate hike by the Bank of England, The downward revision of earnings
guidance by major US tech company Accenture has raised concerns about potential
earnings downgrades in the Indian IT sector.
Technically, the
important key resistances are placed in Nifty future are at 18705.90 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 18737 – 18880 levels. Immediate support is placed at 18606 –
18474 levels.
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