Dear Trader…
After trading downward
throughout the day, the 30-share BSE benchmark Sensex recovered 550 pts from
day’s low to end 149 pts or 0.23% higher at 65,996 in the last leg of trade on
Wednesday.
Ahead of US inflation
data and the Reserve Bank of India’s (RBI’s) policy decision due on Thursday,
the broader Nifty future rose 78 points or 0.40% to end at 19,689.
From the Sensex pack,
JSW Steel, Tata Motors, and M&M were the top gainers, rising 2-3%. Tata
Steel, Titan, ITC, Tech Mahindra, and NTPC also ended higher. On the flip side,
Bajaj Finance, Maruti, ICICI Bank, Asian Paints, and Axis Bank closed in the
red.
Sector-wise, auto,
FMCG, IT, media, metal, and pharma closed higher, while bank, financials, and
realty closed lower. In the broader market, Nifty Midcap100 gained 0.33%, and
Smallcap100 rose 0.59%.
The market breadth was
skewed in favour of the bulls. About 2,027 stocks gained, 1,560 declined, and
156 remained unchanged on the BSE.
Global Markets –
Global stocks rose on
Wednesday and European equities outperformed as Italy soothed market nerves
with the news that a windfall tax on bank profits would be less punishing than
analysts had expected.
MSCI’s broad index of
global shares was 0.3% higher in early European trade. Europe’s regional Stoxx
600 share index rose 1%, with bank stocks around 1.6% higher. Italy’s FTSE MIB
share index gained 2%.
In Asia, the MSCI’s
broadest index of Asia-Pacific shares outside Japan edged 0.2% higher,
following a 1.2% tumble a day earlier. Japan’s Nikkei slipped 0.4%.
Oil prices rise – Oil edged higher on Wednesday as tighter supply arising from
output cuts by Saudi Arabia and Russia offset concerns over slow demand from
top crude importer China and a report showing rising US crude inventories.
Brent crude futures rose 81 cents, or 0.94%, to $86.98 a barrel. US West Texas
Intermediate (WTI) crude gained 91 cents, or 1.11%, to $83.83.Both contracts
gained nearly $1 the previous day.
Rupee marginally
stronger – The rupee ended flat on Wednesday due to
limited risk appetite as traders awaited cues from two key events on Thursday —
the Reserve Bank of India’s (RBI) monetary policy decision and consumer
inflation print in the United States. The rupee ended at 82.8150 at
close, little-changed from 82.8275 in the previous session. The local currency
has hovered in a range between 81.50 and 83.00 against the dollar since
February.
Nifty futures opened at 19611.20 points against the previous close
of 19611.25 and opened at a low of 19512.25 points. Nifty Future closed with an
average movement of 189.65 points and a rise of around 78.35 points and 19689.60
points…!!
On the
NSE, the midcap 100 index will rise 0.33% and small cap100 index is rise 0.59%.
At the start
of intra-day trading August gold opened at Rs.59321 fell from a high of Rs.59361
points to a low of Rs.59220 with a decline of 28 points, a trend of around Rs.59220
and September Silver opened at Rs.70530, fell from a high of Rs.70591 points to
a low of Rs.70055 with a decline of 148 points, a trend of around Rs.70068.
Meanwhile,a late recovery in the domestic market was
supported by a positive uptick in the European market and hope of an optimistic
RBI policy not impacting domestic economic growth.
The domestic market started adopting a
defensive stance as investors awaited crucial inflation data for both India and
the US. The deflationary trend in China and downgrade of the US mid and
small-sized banks affected the market sentiment.
Technically, the
important key resistances are placed in August Nifty future are at 19689.60 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 19707 – 19808 levels. Immediate support is placed at 19606 –
19570 levels.
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