Dear Trader –
The 30-share BSE benchmark Sensex advanced 330
points or 0.52% to settle at 64,112. The broader NSE Nifty rose 103 points or
0.54% to end at 19,234.
From the Sensex stocks, UltraTech Cement,
Reliance Industries, ICICI Bank, HDFC Bank and Airtel closed higher, while Tata
Motors, Maruti, Axis Bank, M&M, and NTPC ended in the red.
Adani Energy shares closed 5% higher after the
company reported robust earnings for the quarter ended September 2023, with the
consolidated net profit rising 2.5 times year-on-year (YoY) to Rs 372 crore.
Meanwhile, SBI Card shares ended over 5% lower
after disappointing July-September quarter earnings.
Meanwhile, the market capitalisation of all
listed companies on BSE surged by Rs 1.09 lakh crore to Rs 311.54 lakh crore.
The market breadth was skewed in the favour of the bulls. About 1,922 stocks
gained, 1,813 declined, and 200 remained unchanged on the BSE.
Global Markets –
European stock indices opened a touch higher on
Monday as investors focused on the outlook for interest rates ahead of a busy
week of central bank meetings and economic data. Europe’s STOXX 600 was up 0.7%
and London’s FTSE 100 was up 0.8%.Japan’s Nikkei fell 0.95% amid speculation
the BOJ might tweak its yield curve control policy when its two-day policy
meeting wraps up on Tuesday.
Oil Declines – Oil slipped more than 1% on Monday as concern eased about the
Israel-Hamas war affecting supply from the region and as investors adopted
caution ahead of this week’s US Federal Reserve meeting and other indications
of global economic health.Brent crude futures dropped $1.09, or 1.13%, to
$88.18 a barrel, while US West Texas Intermediate crude was down $1.04, or
1.2%, at $84.5.
Rupee Ends Flat – The Indian rupee ended flat on Monday as pressure from
month-end US dollar demand from importers was blunted by the Reserve Bank of
India’s continued defence of the local unit.The rupee closed at 83.25, little
changed from its close at 83.2450 in the previous session. The currency traded
in a narrow 83.2450 to 83.27 range in the spot session.
Nifty futures opened at 19069.50 points against the previous close
of 19131.35 and opened at a low of 19014.60 points. Nifty Future closed with an
average movement of 219.65 points and a decline of around 102.90 and 19234.25 points…!!
At the start of intra-day trading December gold opened at Rs.61396
fell from a high of Rs.61396 points to a low of Rs.61110 with a rise of 14 points,
a trend of around Rs.61170 and December Silver opened at Rs.72319, fell from a
high of Rs.72468 points to a low of Rs.71839 with a rise of 602 points, a trend
of around Rs.72319.
Meanwhile,
The domestic market mirrored the
upbeat European & Asian markets, as geopolitical risk in West Asia
continues. Equities are experiencing a short-term bounce after the heavy
selling last week, as crude moderates and Q2 results provide some relief. But a
full containment will depend on a radical fall in geopolitical risk and global
bond yield.
Crucially, this week’s US FED meeting is forecast
to hold the status quo. Holding the global bond yield at the current elevated
levels will continue to distract investors unless supplemented with the
reasonable medium-term target of Fed rate trajectory.
Technically,
the important key resistances are placed in October Nifty future are at 19234 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 19272 – 19373 levels. Immediate support is placed at 19108 –
19088 levels.
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