Dear Trader –
The 30-share BSE benchmark Sensex declined 78
points or 0.12% to settle at 65,945. The broader NSE Nifty Future dropped 35
points or 0.18% to end at 19,666.
From the Sensex pack, Tech Mahindra, Infosys,
Asian Paints, ICICI Bank, and Kotak Bank closed with cuts, while Nestle, Tata
Steel, M&M, Bajaj Finance, and HUL closed higher.
Nifty IT index fell 0.54% on fears of a delayed
demand recovery in the US due to higher interest rates. Mphasis, Coforge, Tech
Mahindra and Infosys were the top losers. Nifty Bank also declined 0.32%,
dragged by Bank of Baroda, PNB and Indian Bank.
In the broader market, Nifty Midcap100 fell
0.17%, while smallcap 100 rose 0.57%. The market breadth was skewed in favour
of the bulls. About 1,803 stocks gained, 1,861 declined, and 129 remained
unchanged on the BSE.
Global Markets –
Markets fell further on Tuesday as investors grew
increasingly fearful about another possible US interest rate hike and the
prospect they will be kept elevated for some time to combat persistent
inflation. Japan’s benchmark Nikkei 225 index slipped 1.06%, while South
Korea’s Kospi dropped nearly 1.3%. Hong Kong’s Hang Seng shed 1.4%, while the
Shanghai Composite fell 0.4%. The pan-European STOXX 600 shed 0.4%, as the
benchmark 10-year Bund yields edged lower but hovered near their highest level since
2011.
Oil Declines – Oil prices fell on Tuesday
as a stronger US dollar compounded concerns that demand for fuel will be held
back by major central banks holding interest rates higher for longer. Brent
crude futures were down 58 cents, or 0.63%, at $91.30 a barrel, while US West
Texas Intermediate crude futures were trading 59 cents lower, or 0.66%, at
$89.09.
Rupee Falls – The Indian rupee
fell because of month-end dollar demand, and as US Treasury yields gained on
renewed bets that interest rates in the US will be kept higher for longer. The
rupee ended at 83.23 against the US dollar compared with 83.1450 in the
previous session.
Nifty futures opened at 19679.00 points against the previous close
of 19700.50 and opened at a low of 19640.95 points. Nifty Future closed with an
average movement of 78.85 points and a decline of around 34.50 points and 19666.00
points…!!
On the NSE, the midcap 100 index will decline 0.17% and small cap100
index is rise 0.57%.
At the start of intra-day trading October gold opened at Rs.58616 fell
from a high of Rs.58749 points to a low of Rs.58489 with a decline of 196 points,
a trend of around Rs.58505 and October Silver opened at Rs.71961, fell from a
high of Rs.72150 points to a low of Rs.71541 with a decline of 432 points, a
trend of around Rs.71718.
Meanwhile,
Trading remained flat as headwinds from the
global market and continued selling by FIIs kept domestic investors under
vigil. While bargain hunting was visible in small-cap stocks due to the recent
correction and favourable valuation compared to large and mid-caps, IT indices
slid due to the fear of one more rate hike by the Fed and a consequent
reduction in spending.
Technically,
the important key resistances are placed in August Nifty future are at 19666 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 – 19808 levels. Immediate support is placed at 19570 –
19505 levels.
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