Dear Trader…
Indian equity indices
ended in the red for the second straight session on Friday, dragged by losses
in private-banking, financial, FMCG and IT stocks.
The Nifty Future index
was down 0.47% or 93 points at 19504, while the S&P BSE Sensex settled
0.56% or 365 points lower at 65,322.
From the Sensex pack,
IndusInd Bank, NTPC, Bajaj Finance, Sun Pharma and HUL closed with cuts. On the
other hand, HCL Tech, Power Grid, Titan, and Relaince Industries closed with
gains.
Sector-wise, bank,
financial, FMCG, pharma, metal and IT closed lower. Meanwhile, in the broader
market, Nifty Midcap100 fell 0.43%, and Smallcap100 dropped 0.18%.
Nifty Financial and
Nifty Bank led the losses in the previous session too after the RBI asked banks
to set aside a larger part of incremental deposits under the cash reserve ratio
(CRR) to mop up excess liquidity.
The market breadth was
skewed in favour of bears. About 2094 stocks declined, 1491 gained, and 139
remained unchanged on the BSE.
Global Markets –
European stock indexes
fell in early trading on Friday after data showed US consumer prices increased
moderately in July, which kept investors cautious ahead of more US numbers
later in the session.
Asian stocks fell to a
one-month low and European indexes were in the red, with the STOXX 600 down
0.7%. The MSCI World Equity index was down 0.3% on the day, set for a small
overall weekly decline.
Crude Impact – Oil prices held near recent highs on Friday amid optimistic
demand forecasts from the OPEC producer group and the International Energy
Agency (IEA). Brent crude was down 12 cents, or 0.1%, at $86.28 a barrel, while
US West Texas Intermediate (WTI) crude futures were down 7 cents, or 0.1%, at
$82.75.
Rupee Weakens – The Indian rupee weakened 0.16% versus the US dollar, and
quoted at 82.85 per dollar, alongside its Asian peers with the Chinese Yuan depreciating
to a one-month low.
Nifty futures opened at 19599.00 points against the previous close
of 19596.80 and opened at a low of 19488.60 points. Nifty Future closed with an
average movement of 111.40 points and a decline of around 92.45 points and 19504.35
points…!!
On the
NSE, the midcap 100 index will decline 0.45% and small cap100 index is decline 0.18%.
At the
start of intra-day trading August gold opened at Rs.58800 fell from a high of
Rs.58983 points to a low of Rs.58740 with a rise of 17 points, a trend of
around Rs.58870 and September Silver opened at Rs.70050, fell from a high of Rs.70129
points to a low of Rs.69776 with a decline of 190 points, a trend of around Rs.69791.
Meanwhile, The domestic market continued to experience
selling pressure, with banking stocks extending their decline in reaction to
the RBI’s liquidity absorption measures.
The escalating concerns about inflation
further weighed down domestic market sentiments. Despite the US CPI coming in
lower than expected and the UK GDP beating estimates, global sentiment remained
unfavourable.
Technically, the
important key resistances are placed in August Nifty future are at 19504 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 19570 – 19636 levels. Immediate support is placed at 19404 –
19303 levels.
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