Dear Trader…
Benchmark indices closed lower on Thursday,
dragged by financials and consumer stocks after the Reserve Bank of India (RBI)
delivered a hawkish note on inflation in the short term, despite an anticipated
hold on interest rates to reduce excess liquidity.
The 30-share Sensex fell 307 points to settle at
65,688, while the broader Nifty ended at 19,596.
Sectors sensitive to domestic interest rates like
banks and financial services stocks were among the top losers as Nifty Bank
fell 0.76%. Meanwhile, FMCG index lost 0.91%, followed by Pharma, which was
down 0.74%.
From the Sensex pack, IndusInd Bank, JSW Steel
and Titan were the top gainers, while on the other hand HDFC Bank, Tata Motors
and Nestle India declined the most.
Market analysts say inflation concerns have
resurfaced in the domestic market after the RBI elevated CPI forecast, thereby
increasing the chances of a protracted rate cut trajectory. About 1,612 stocks gained, 1,994 declined,
and 136 remained unchanged on the BSE.
Global Markets –
Global benchmarks mostly rose on Thursday as
investors braced for a highly anticipated US inflation report. Meanwhile, Asian
shares are trading near two-week low on China deflation concerns.
The MSCI’s broadest index of Asia-Pacific shares
outside Japan was last down 0.1% and looked set to log a second straight week
of losses.
Rupee gains – The Rupee appreciated 15 paise to close at 82.70
(provisional) against the US dollar, tracking the weakness in American currency
ahead of US inflation data.
Oil prices – Oil prices were marginally down on Thursday as Brent crude
dipped to $87.43 a barrel while West Texas Intermediate crude (WTI) edged down
to $84.19.
Nifty futures opened at 19639.90 points against the previous close
of 19689.60 and opened at a low of 19535.00 points. Nifty Future closed with an
average movement of 134.00 points and a decline of around 92.80 points and 19596.80
points…!!
On the
NSE, the midcap 100 index will decline 0.08% and small cap100 index is decline 0.47%.
At the
start of intra-day trading August gold opened at Rs.59130 fell from a high of
Rs.59130 points to a low of Rs.58906 with a rise of 22 points, a trend of
around Rs.58995 and September Silver opened at Rs.69989, fell from a high of Rs.70375
points to a low of Rs.69760 with a rise of 73 points, a trend of around Rs.70045.
Meanwhile, The RBI’s move to control liquidity
through incremental CRR dented the sentiments of the banking sector, although
the impact is projected to be limited.
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 19676 – 19770 levels. Immediate support is placed at 19505 –
19474 levels.
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