Dear Trader-
Indian benchmark
indices closed higher for the fourth straight session on Wednesday after
fag-end rebound in consumer stocks, led by Tata Consumer Products on a report
of its stake purchase in Haldiram’s, eclipsed global growth concerns. Gains in
HDFC Bank, ITC, and Bharti Airtel also drove the markets.
The BSE benchmark
Sensex recovered 390 points from day’s low, rising 100 points or 0.15% to
settle at 65,880, while the broader NSE Nifty surged 12 points or 0.06% to end
at 19,665.
From the Sensex pack,
Bharti Airtel, HDFC Bank, Titan and ITC were the top gainers, rising over 1%
each. Ultratech Cement, Sun Pharma, Bajaj Finserv, and Bajaj Finance also
closed with gains. On the other hand, Tata Steel, Axis,IndusInd Bank, and NTPC
closed with cuts.
Tata Consumer Products
shares closed 4% higher amid reports that the firm is in talks to buy at least
51% stake in Haldiram’s.
On the sectoral front,
Nifty FMCG advanced 1%, and Nifty Pharma rose 0.92%. Whereas, banks, auto, IT,
and realty stocks closed lower. In the broader market, Nifty Midcap100 gained
0.08%, and Smallcap100 surged 0.15%.
Meanwhile, the market
capitalisation of all listed companies on BSE increased by Rs 71,250 crore to
Rs 317.35 lakh crore.The market breadth was skewed in favour of the bulls. About
1,886 stocks gained, 1,766 declined, and 139 remained unchanged on the BSE.
Global Markets –
Global stocks fell on
Wednesday after faltering growth in China and Europe heightened concerns about
broader economic momentum, while the dollar firmed as investors weighed up the
outlook for Federal Reserve interest rates.
MSCI’s broadest gauge
of world stocks slipped 0.1%.European stocks declined, extending losses
to a sixth consecutive session, dragged lower by global economic slowdown fears
and higher crude prices. The pan-European STOXX 600 index was at a week’s low
of 0.8%.
Crude Impact – Oil prices reversed course on Wednesday after rising over 1%
in the previous session, on a firmer dollar and as investors shrugged off
jitters arising from supply cuts from Saudi Arabia and Russia.Brent
crude futures were down by 39 cents to $89.65 a barrel. US West Texas
Intermediate crude (WTI) futures traded at $86.44 a barrel, also down 25 cents.
Rupee Weakens – The Indian rupee weakened for a third straight session on
Wednesday as elevated US Treasury yields and rising global crude oil prices
weighed on the local unit. The rupee closed at 83.1325 against the US
dollar, down 0.11% from its close of 83.04 on Tuesday. During the session, the
currency dropped to 83.18 — its lowest level in more than 10 months.
Nifty futures opened at 19650.00 points against the previous close
of 19653.55 and opened at a low of 19556.10 points. Nifty Future closed with an
average movement of 117 points and a decline of around 11.65 points and 19665.20
points…!!
On the
NSE, the midcap 100 index will rise 0.08% and small cap100 index is rise 0.15%.
At the
start of intra-day trading October gold opened at Rs.59165 fell from a high of
Rs.59268 points to a low of Rs.59130 with a decline of 08 points, a trend of
around Rs.59235 and October Silver opened at Rs.73472, fell from a high of Rs.73642
points to a low of Rs.72968 with a decline of 281 points, a trend of around Rs.72164.
Meanwhile, Nevertheless, the resilience of the
domestic markets shone through as investors placed their bets on an improved
outlook, ultimately helping the market recover from the initial shock.
A spike in crude oil reverberated across
the globe, reviving concerns about inflation and sparking fears of a Fed rate
hike. This led to a surge in US bond yields, causing investors to shift towards
the safety of bonds and reversing the buying trend of foreign investors in the
domestic market.
Technically, the
important key resistances are placed in August Nifty future are at 19665 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 19707 – 19770 levels. Immediate support is placed at 19606
– 19570 levels.
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