Dear Trader…
Markets started the week on a
volatile note and settled with modest gains. After the initial uptick,
Nifty inched gradually higher but profit-taking in the final hours trimmed the
gains.
Even as a drop in
information technology (IT) stocks on US rate concerns capped gains, the
30-share BSE benchmark Sensex surged 110 points or 0.17% to settle at 64,996,
led by banking, financial and auto stocks.
The broader NSE Nifty
rose 64.25 points or 0.33% to end at 19,314.From the Sensex pack, L&T and
M&M were the top gainers, rising over 2%. HDFC Bank, Sun Pharma, Maruti
Kotak Bank and IndusInd Bank closed with gains.On the other hand, Reliance
Industries that fell 1.38%, and Jio Financial Services that declined 0.97%,
remained the top laggards.
In the broader market,
Nifty Midcap100 gained 0.50%, and Smallcap100 advanced 0.74%. Meanwhile,
sectorally, banks, financial, auto, pharma, media, metal, realty, and
healthcare closed higher.
The market
capitalisation of all listed companies on BSE surged by Rs 1.01 lakh crore to
Rs 307.85 lakh crore. The market breadth was skewed in favour of the bulls.
About 1676 stocks declined, 2066 gained, and 165 remained unchanged on the BSE.
Global Markets –
World shares rallied
on Monday after China announced measures to support its ailing markets, but
Western markets remained cautious ahead of European and US economic data
expected later in the week to determine central bankers’ next steps.The
pan-European stock index had climbed 0.6%.
The FTSE was closed
for a holiday. S&P 500 futures and Nasdaq futures edged up 0.2% and 0.3%,
respectively, indicating the benchmark indices may extend last week’s modest
rise.
Currency Watch – The Indian rupee closed marginally stronger on Monday as a
softer US dollar aided the domestic unit in a relatively quiet trading session.
The rupee closed at 82.63, as compared to 82.6475 in the previous session.
Oil rises – Oil ticked higher on Monday after China took steps to bolster
its flagging economy, though investors remained worried about the pace of
growth as well as further US interest rate hikes that could dampen demand.
Brent crude rose 31 cents, or 0.4%, to $84.79 a barrel, while US West Texas
Intermediate crude gained 46 cents, or 0.6%, to $80.29.
Nifty futures opened at 19278.30 points against the previous close
of 10250.30 and opened at a low of 19247.10 points. Nifty Future closed with an
average movement of 114.10 points and a decline of around 64.25 points and 19314.55
points…!!
On the
NSE, the midcap 100 index will rise 0.50% and small cap100 index is rise 0.74%.
At the
start of intra-day trading August gold opened at Rs.58685 fell from a high of
Rs.58785 points to a low of Rs.58685 with a rise of 85 points, a trend of
around Rs.58725 and September Silver opened at Rs.73668, fell from a high of Rs.73668
points to a low of Rs.73408 with a rise of 14 points, a trend of around Rs.73563.
Meanwhile, Global markets traded positively, led by
Asian peers, as China’s measures to support the property sector boosted
sentiment, Domestically, all major sectors, along with mid and small caps,
remained positive, except for the IT sector, which faced concerns related to
potential rate hikes.
Technically, the
important key resistances are placed in August Nifty future are at 19314
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 – 19108 levels.
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