Dear Trader –
The benchmarks have lost nearly 5% over the last
six sessions, which pushed the Nifty into oversold territory for the first time
in 16 months.The BSE benchmark Sensex plunged 901 points or 1.41% to settle at
63,148. The broader NSE Nifty dropped 260 points or 1.35% to end at 18,950, its
first close below the 18950.00 mark since June 28.
The volatility index jumped 3.69% to 11.73 at the
close, its highest in over three weeks.The market capitalisation of all listed
companies on the BSE declined by 3 lakh crore to Rs 306.22 lakh crore.From the
Sensex stock, M&M, Bajaj Finance, Asian Paints, and Nestle were the top
laggards, falling 3-4%. JSW Steel, Bajaj Finserv, and Titan also ended with
cuts. While Axis Bank, NTPC, HCL Tech and IndusInd Bank ended with gains.
Sector-wise, Nifty Metal fell 1.6%, dragged by
JSW Steel, Adani Enterprises, and Vedanta. Banks, auto, financial, FMCG, IT,
pharma, and realty sectors also ended in the red.Meanwhile, Nifty Midcap 100
fell 1.2%, dragged by Paytm, Macrotech Developers, and Jubilant Foods. Nifty
Smallcap 100 declined 0.34%.
Global Markets –
US Treasury yields were heading back towards 5%
on Wednesday, dragging shares around the world to multi-month lows in the middle
of a busy week for corporate earnings, with an ECB meeting and the release of
US GDP to come later in the day.US futures slipped after some of the most
influential US companies turned in mixed profit reports.
Tokyo’s Nikkei 225 sank 2.1% and the Kospi in
Seoul declined 2.3%. Hong Kong’s Hang Seng lost 0.8%, while the Shanghai
Composite index gave up 0.3%.
Oil Falls – Oil prices fell on Thursday after a rise in US crude
stockpiles and a climb in the dollar index, giving up some ground gained a day
earlier when prices jumped on fears of a broader conflict in the Middle East.
Brent crude futures declined by 80 cents, or
0.9%, to $89.33 a barrel. US West Texas Intermediate crude futures eased 91
cents, or 1.1%, to $84.48 a barrel.
Rupee Ends Down – The Indian rupee
closed slightly weaker on Thursday, pressured by persistent equity outflows and
elevated US Treasury yields. However, likely US dollar sales from the Reserve
Bank of India (RBI) capped the losses.The rupee ended at 83.23, down 0.06% from
its close at 83.18 in the previous session.
Nifty futures opened at 19149.80 points against the previous close
of 19224.95 and opened at a low of 18950.00 points. Nifty Future closed with an
average movement of 199.80 points and a decline of around 259.05 and 18965.90 points…!!
At the start of intra-day trading December gold opened at Rs.60824
fell from a high of Rs.61070 points to a low of Rs.60820 with a rise of 75 points,
a trend of around Rs.60901and December Silver opened at Rs.71799, fell from a
high of Rs.72350 points to a low of Rs.71701 with a rise of 174 points, a trend
of around Rs.71961.
Meanwhile,
To date, the actual domestic Q2 results are below
par in comparison to the excited earnings forecasted. Similar disappointments
are visible in developed economies. Downgrade in earnings and valuation is
arising due to risk of further slowdown of the economy due to geopolitical and
elevated interest rates. Also selling pressure intensified due to expiry-led
volatility influencing investors to stay cautious.
Technically,
the important key resistances are placed in October Nifty future are at 18965 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 19009 – 19109 levels. Immediate support is placed at 18808 –
18676 levels.
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