Dear Trader…
The BSE Sensex was
trading 693 points or 1.04% lower at 65,765. Nifty50 was trading at 19,527,
down 206 points or 1.05% at around 11.08 am.
Among the Sensex stocks, Tata Steel, L&T,
JSW Steel, Bajaj Finserv, HDFC Bank, TCS, and Tata Motors opened lower, while
only Reliance Industries and Asian Paints opened higher.
On the sectoral front,
Nifty Metal dropped 0.95%, and Nifty PSU Bank fell 0.74%. Nifty Financial
Services and Nifty IT also opened lower. In the broader market, Nifty Midcap
100 fell 0.48%, and Nifty Smallcap 100 plunged 0.11%.
Global Markets –
Wall Street stocks
ended mostly lower on Tuesday amid a slew of corporate earnings results, while
manufacturing sector data supported hopes that the central bank could skip
another rate hike in September.
The S&P 500 fell
0.3% Tuesday, coming off its fifth straight winning month. The Dow was up 0.2%,
and the Nasdaq was 0.4% lower.Asian shares dipped Wednesday after Wall Street
took a step back from its big rally as markets tried to digest a slew of
earnings.
Japan’s benchmark
Nikkei 225 dove 1.8% in morning trading, and South Korea’s Kospi slid 1.1%.
Hong Kong’s Hang Seng dipped 1.5%, while the Shanghai Composite lost 0.5%.
FII/DII tracker –Foreign institutional investors (FIIs) sold
Rs 92.85 crore worth of shares on a net basis on Tuesday, while domestic
institutional investors (DIIs) purchased Rs 1,036 crore of equities, as per
provisional NSE data.
Oil prices rise – Oil prices surged by almost 1% on
Wednesday, trading near their highest since April, as crude and fuel products
inventory data showing robust demand from the world’s biggest fuel consumer,
the US, offset demand concerns elsewhere.
Brent crude futures
for October rose 76 cents, or 0.90%, to $85.67 a barrel. Likewise, US West
Texas Intermediate crude for September climbed 76 cents, or 0.93%, to $82.13 a
barrel.
Rupee decline – The Indian rupee declined 18 paise to $82.40 against
the US dollar in early trade on Wednesday on the back of a decline in Asian
currencies and weak risk appetite after rating agency Fitch cut the US credit
rating.
Nifty futures opened at 19755.65 points against the previous close
of 19812.55 and opened at a low of 19514.00 points. Nifty Future closed with an
average movement of 246.00 points and a rise of around 216.00 points and 19596.55
points…!!
On the
NSE, the midcap 100 index will decline 1.33% and small cap100 index is decline 1.58%.
At the
start of intra-day trading August gold opened at Rs.59182 fell from a high of
Rs.59332 points to a low of Rs.59100 with a rise of 311 points, a trend of
around Rs.59250 and September Silver opened at Rs.74090, fell from a high of Rs.74819
points to a low of Rs.74060 with a rise of 307 points, a trend of around Rs.74250.
Meanwhile,The major news after
market close yesterday is the rating agency Fitch’s downgrade of US sovereign
rating from AAA to AA+. This has impacted bond and currency markets with the US
10-year yield rising above 4%.
The impact on the
stock markets is likely to be negative but not large since the US economy is
now headed for a soft landing and not a recession, as markets feared earlier.
Technically, the
important key resistances are placed in August Nifty future are at 19596 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 19606 – 19707 levels. Immediate support is placed at 19474 –
19404 levels.
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