Dear Trader…
Extending the day’s gains, benchmark indices rose
more than 1%, with the Sensex seeing 555 points rally on the back of
encouraging GDP data, and automobile sales data.
The Sensex rose 0.86% or 555 points to end at
65,387 and the Nifty Future gained 0.54% or 105.25 points to end above the 19,519
mark.
The market capitalisation of all listed companies
on BSE surged by Rs 2.74 lakh crore to Rs 312.33 lakh crore. Meanwhile, the
market breadth was skewed in the favour of the bulls. About 2,124 stocks
gained, 1,554 declined, and 108 remained unchanged on the BSE.
Aided by the robust growth in the services
sector, India’s GDP growth in the quarter ended June rose to a four-quarter
high of 7.8%. The Indian economy grew 6.1% in the March quarter and 13.1% in
the June quarter of last year.
Following the encouraging numbers, Moody’s
Investors Service raised India’s growth projection for 2023 sharply to 6.7%
from 5.5% earlier.
Global Markets –
Encouraging macroeconomic data from China, which
drove gains in Asian markets, also supported domestic equities. China reported
a surprise expansion in factory activity in August, as the Caixin/S&P
Global manufacturing purchasing managers’ index rose to 51 from 49.2 in
July.Benchmark indices in China, South Korea, Malaysia, Singapore, and Japan
ended 0.3-0.5% higher.
Rupee ends stronger – The
Indian rupee ended stronger on Friday but was off the day’s high as dollar
demand from importers mounted pressure on the local unit.The rupee closed at
82.7150, compared with 82.7850 in the previous session. Despite Friday’s gains,
the rupee was down slightly week on week.
Oil Impact – Oil prices were
set to snap a two-week losing streak as they rose for a fourth consecutive
session due to tightening supplies and expectations that the OPEC+ group of oil
producers would extend output cuts to the end of the year.The US West Texas
Intermediate crude (WTI) was up 95 cents, or 1.14%, at $84.58 a barrel, while
Brent crude was up 97 cents, also 1.13%, at $87.81 a barrel. WTI has risen 6%
during the week, while Brent was up about 4%.
Nifty futures opened at 19409.50 points against the previous close
of 19414.25 and opened at a low of 19377.00 points. Nifty Future closed with an
average movement of 151.95 points and a decline of around 105.25 points and 19519.50
points…!!
On the
NSE, the midcap 100 index will rise 0.84% and small cap100 index is rise 1.17%.
At the
start of intra-day trading August gold opened at Rs.59296 fell from a high of
Rs.59665 points to a low of Rs.59277 with a rise of 198 points, a trend of
around Rs.59572 and September Silver opened at Rs.74203, fell from a high of Rs.74920
points to a low of Rs.74171 with a rise of 777 points, a trend of around Rs.74920.
Meanwhile,Domestic markets made significant gains,
buoyed by favourable global cues, a higher-than-expected domestic manufacturing
PMI, and positive GDP growth data, The positive opening in global markets
provided additional momentum for investor sentiment, particularly as US PCE
inflation aligned with expectations.
Technically, the
important key resistances are placed in August Nifty future are at 19519
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 19575 – 19676 levels. Immediate support is placed
at 19434 – 19373 levels.
Note :- Before Act please refer & agree Terms
& conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
