Dear Trader…
Benchmark indices
closed flat in a highly volatile session on Tuesday as losses in HDFC Bank, Jio
Financial Service and ICICI Bank were offset by auto and FMCG stocks.
Persistent concerns over US interest rates and China’s economic health weighed
on investor sentiment, although the mid-cap index rallied to a fresh record on
brighter domestic prospects.
The BSE benchmark
Sensex rose 4 points or 0.01% to end at 65,220.The NSE Nifty down 11 points or
0.06% to end at 19,388.
From the Sensex pack,
NTPC, M&M, Wipro, L&T, Axis Bank and Tata Steel closed higher, whereas
Jio Financial Services, Bajaj Finserv, SBI, ICICI Bank, and TCS settled with
cuts.
The market breadth was
skewed in the favour of the bulls. About 2,165 stocks gained, 1,503 declined,
and 117 remained unchanged on the BSE.
Global Markets –
Global stocks extended
their comeback rally on Tuesday, while benchmark Treasury yields scaled 16-year
highs on concerns that interest rates could stay higher for longer and the
safe-haven dollar pulled back from recent 10-week highs.
The MSCI All Country
stock index climbed 0.4% in a second straight session of gains – pulling
further away from Friday’s 2-1/2 month trough. Pan-European stocks gained 0.7%,
while US futures pointed to small gains for Wall Street later on.
Oil prices decline – Oil prices were little changed on Tuesday as investors stay
sour on China’s economic prospects and demand from the world’s top crude
importer, limiting the impact of supply cuts.Brent crude was down 32
cents at $84.14 a barrel, while the more active US West Texas Intermediate
October contract slipped 24 cents to $79.88 a barrel.
Rupee rises – The Indian rupee strengthened 0.21% versus the US dollar, and
quoted at 82.94 per dollar, tracking weakness in dollar index and likely dollar
sales from foreign banks.
Nifty futures opened at 19411.05 points against the previous close
of 19399.55 and opened at a low of 19365.60 points. Nifty Future closed with an
average movement of 65.60 points and a decline of around 10.80 points and 19388.75
points…!!
On the
NSE, the midcap 100 index will rise 1.10% and small cap100 index is rise 0.81%.
At the
start of intra-day trading August gold opened at Rs.58500 fell from a high of
Rs.58674 points to a low of Rs.58466 with a rise of 10 points, a trend of
around Rs.58500 and September Silver opened at Rs.71754, fell from a high of Rs.72050
points to a low of Rs.71550 with a rise of 99 points, a trend of around Rs.71761.
Meanwhile, Despite the support of positive
international markets, Indian equities struggled to maintain their upward
momentum due to lingering apprehensions over ongoing global uncertainties.
The influence of higher bond yields and
concerns about potential rate hikes in the US is prompting FIIs to withdraw
funds from the domestic market, contributing to the market’s volatility.
Technically, the
important key resistances are placed in August Nifty future are at 19388 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 19404 – 19474 levels. Immediate support is placed at 19272 –
19202 levels.
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