Dear Trader-
Despite negative
global sentiment, Indian equity indices defied early losses to extend their
winning streak for the fifth consecutive session on Thursday, led mainly by
gains in Larsen & Toubro and also banking, financial and IT stocks.
The 30-share BSE benchmark
Sensex advanced 385 points or 0.58% to settle at 66,265. The broader NSE Nifty futures
advanced 110 points or 0.55% to end at 19,767.
From the Sensex pack,
L&T and IndusInd Bank were the top gainers, rising 4% and 2%, respectively.SBI,
Tech Mahindra, HCL Tech, Power Grid, and NTPC also closed higher.
On the flip side, Sun
Pharma, Infosys, M&M, UltraTech Cement, and HUL ended with losses.From
the sectoral front, Nifty Bank rose 1.06%, and Nifty Financial Services surged
1.02%. Auto, IT, media, realty, consumer durables, and oil & gas sectors
also closed higher.
In the broader market,
Nifty Midcap100 hit a 52-week high and ended 0.77% higher, led by IRFC, PFC,and
Devyani International. Meanwhile, Smallcap100 also hit a 52-week high and
closed 0.47% higher, led by Cochin Shipyard and Mazgon Dock.
The market
capitalisation of all listed companies on BSE increased by Rs 1.77 lakh crore
to Rs 319.1 lakh crore. The market breadth was skewed in favour of the bulls.
About 2,198 stocks gained, 1,490 declined, and 119 remained unchanged on the
BSE.
Global Markets –
World stocks slid for
a third straight day on Thursday and were choppy in Europe, as new signs of
sustained inflationary pressures in the US and rising energy prices globally
boosted the case for higher-for-longer interest rates.
Hong Kong’s Hang Seng
and an index of mainland Chinese blue chips each dropped around 1.3%.
Australia’s benchmark lost 1.2% while Japan’s Nikkei fell 0.75%, which snapped
an eight-session winning streak.
Oil Falls – Oil prices eased on Thursday as worries over demand due to a
seasonal slowdown during winter and an uncertain economic outlook for China
outweighed expectations of tighter supplies from extended production cuts in
Saudi Arabia and Russia.Brent crude futures fell 41 cents to $90.19 a
barrel, after a nine-session winning streak. US West Texas Intermediate crude
(WTI) futures fell 52 cents to $87.02 a barrel after seven sessions of gains.
Rupee Weakens – The Indian rupee weakened 0.10% versus the US dollar and was
quoted at 83.21 per dollar, despite likely dollar-selling intervention from the
Reserve Bank of India (RBI) as elevated US treasury yields and weakness in
other Asian currencies weighed on the local unit.
Nifty futures opened at 19625.65 points against the previous close
of 19658.85 and opened at a low of 19601.50 points. Nifty Future closed with an
average movement of 188 points and a decline of around 110 points and 19767.90 points…!!
On the
NSE, the midcap 100 index will rise 0.77% and small cap100 index is rise 0.47%.
At the
start of intra-day trading October gold opened at Rs.59043 fell from a high of
Rs.59114 points to a low of Rs.58970 with a decline of 12 points, a trend of
around Rs.59100 and October Silver opened at Rs.72265, fell from a high of Rs.72379
points to a low of Rs.71980 with a decline of 291 points, a trend of around Rs.72181.
Meanwhile, The domestic market initially opened with a
lackluster performance, influenced by weak global cues.However, as the day
progressed, a decline in US bond yields and crude oil prices injected some
positivity into the market.
Interestingly,mid and smallcap stocks
managed to retain investor interest even though their valuations are relatively
high. Nonetheless, the persistently weak trade data from China continues to
cast a shadow over the global market’s outlook.
Technically, the
important key resistances are placed in August Nifty future are at 19767 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 19808 – 19880 levels. Immediate support is placed at 19676
– 19606 levels.
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