Dear Trader…
Indian equity indices
ended lower for the second straight day on Friday while posting their longest
weekly losing streak since May 2022. The shares were dragged by banking,
financial and IT stocks, tracking a slide in global markets as concerns over US
interest rates and China’s flagging economic recovery dampened risk appetite.
The 30-share BSE
benchmark Sensex fell 202 points or 0.31% to settle at 64,948 while the broader
NSE Nifty future shed 63 points or 0.32% to end at 19,331.
Both Nifty 50 and
Sensex declined for a fourth consecutive week. The Nifty 50 has lost 3.4% since
hitting a record high on July 20.
From the Sensex pack, TCS and Tech Mahindra were
the top laggards, falling about 2% each. M&M, Infosys, Power Grid, and Sun
Pharma also ended with cuts. On the other hand, Reliance Industries, Maruti,
Nestle, Axis Bank, and HUL ended higher.
On the other hand,
Reliance Industries, Maruti, Nestle, Axis Bank, and HUL ended higher.
Global Markets –
Global shares declined
as investors bet on US interest rates staying elevated for longer, with worries
over China’s shadow banking sector also weighing on sentiment.
Chinese blue-chips
dropped 1.2% and Hong Kong’s Hang Seng Index slumped another 2%, heading for
the biggest weekly losses in two months. S&P 500 futures and Nasdaq futures
were slightly weaker.
Oil prices fall –Oil prices slightly fell on Friday as
concerns about China’s slowing economic growth and the possibility of more US
interest rate hikes outweighed signs of tightening supply. Brent crude declined
24 cents, or 0.18%, at $83.97 a barrel, while the US West Texas Intermediate
crude (WTI) fell 3 cents, or 0.04%, to $80.39 a barrel.
Currency Watch – The Indian rupee strengthened 0.06% versus the US dollar and
was quoted at 83.1025 per dollar, aided by softness in US treasury yields but
continued its streak of posting weekly losses in August.
Nifty futures opened at 19329.80 points against the previous close
of 19393.90 and opened at a low of 19275.00 points. Nifty Future closed with an
average movement of 105.00 points and a decline of around 62.40 points and 19331.50
points…!!
On the
NSE, the midcap 100 index will decline 0.21% and small cap100 index is decline 0.53%.
At the
start of intra-day trading August gold opened at Rs.58370 fell from a high of
Rs.58498 points to a low of Rs.58360 with a rise of 208 points, a trend of
around Rs.58498 and September Silver opened at Rs.70440, fell from a high of Rs.70504
points to a low of Rs.69969 with a decline of 204 points, a trend of around Rs.70222.
Meanwhile, Fears of a Fed rate hike, coupled with a
decline in global equities, exerted additional downward pressure, specifically
on IT stocks. Higher US bond yields and default risk in China are poised to
prompt FIIs to adopt a more prudent stance when considering investments in
emerging markets.
Technically, the
important key resistances are placed in August Nifty future are at 19331 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 19373 – 19474 levels. Immediate support is placed at 19190 –
19090 levels.
Note :- Before Act please refer & agree Terms
& conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
