Dear Trader –
The 30-share BSE benchmark Sensex fell 232 points
or 0.35% to settle at 65,397. The broader NSE Nifty dropped 96 points or 0.49%
to end at 19,523.
From the Sensex pack, ITC, Tata Steel, and HUL
were the top laggards, falling over 2% each. SBI, JSW Steel, and Power Grid
also ended lower, while Kotak Bank, IndusInd Bank, TCS, and NTPC closed higher.
Tata Communication closed 3.7% lower after the
firm reported a 58% YoY decline in consolidated profit after tax to Rs 221.26
crore for the second quarter of FY24.
Sector-wise, Nifty FMCG fell 1.3%, dragged by ITC
and HUL. Nifty PSU Bank also declined 1.6%, dragged by Punjab & Sind Bank,
Bank of Maharashtra, and Bank of India. Nifty Realty and Nifty Metal also ended
lower.
In the broader market, Nifty Midcap100 dropped
1.13%, and Smallcap100 plunged 0.8%.
Meanwhile, the market capitalisation of all
listed companies on BSE declined by Rs 2.06 lakh crore to Rs 318.9 lakh crore.
The market breadth was skewed in the favour of the bears. About 2,402 stocks
declined, 1,312 declined, and 122 remained unchanged on the BSE.
Global Markets –
Red October rumbled on in world markets on Friday
as the sight of US government bond yields hitting 5% for the first time since
2007 amid an increasingly threatening conflict in the Middle East left
investors searching for safety.
Tokyo’s Nikkei had finished 0.5% lower on the day
and -3.2% for the week, which was just short of being its worst week of the
year. China’s blue chips and Hong Kong’s Hang Seng both dropped 0.7%.Meanwhile,
the pan-European STOXX 600 hit its lowest level in seven months and was last
down 0.9%.
Oil Impact – Oil prices extended
gains on Friday and were on track to rise for a second week on heightened fears
that the Israel-Gaza crisis may spread in the Middle East and disrupt supply
from one of the world’s top-producing regions.Brent crude futures was up
$1 to $93.39 a barrel. The December WTI contract was up $1.14 at $89.50 a
barrel.
Rupee Strengthens – The Indian rupee
logged its biggest one-day advance in three weeks against the dollar on Friday,
helped by likely central bank intervention in the spot and non-deliverable
forward markets, which traders described as aggressive. The rupee ended
at 83.1225 to the US dollar, compared with a close of 83.2450 in the previous
session, to log its best one-day gain since September 29.
Nifty futures opened at 19549.60 points against the previous close
of 19618.75 and opened at a low of 19508.30 points. Nifty Future closed with an
average movement of 89 points and a decline of around 95.45 and 19523.30 points…!!
At the start of intra-day trading December gold opened at Rs.60401
fell from a high of Rs.60776 points to a low of Rs.60313 with a rise of 162 points,
a trend of around Rs.60480 and December Silver opened at Rs.71995, fell from a
high of Rs.72516 points to a low of Rs.71721 with a rise of 507 points, a trend
of around Rs.72123.
Meanwhile,The added uncertainty stemming from West Asia tensions and
the imperative for continued monetary tightening emphasized by the US Fed Chair
created a layer of volatility in the market. While heightened oil prices and
elevated US bond yields will impact the domestic monetary environment and
operational metrics of the companies.
Furthermore, the varied results of blue-chip
companies, influenced by subdued global & domestic demand, are steering the
market towards a consolidation trajectory in the near term.
Technically,
the important key resistances are placed in October Nifty future are at 19523 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 – 19707 levels. Immediate support is placed at 19447 –
19373 levels.
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