Dear Trader –
The 30-share BSE
benchmark Sensex tumbled 580 pts from day’s high and fell 238 points or 0.37%
to settle at 63,874. The broader NSE Nifty declined 55.90 points or 0.29 % to
end at 19,165.
Among Sensex stocks,
Sun Pharma and M&M were the top laggards, falling over 2% each. Bharti
Airtel, ICICI Bank, IndusInd Bank, and Reliance Industries also closed in the
red.
On the other hand,
Titan, Kotak Bank, Asian Paints, HCL Tech, and Power Grid closed with gains.
Sector-wise, Nifty PSU
Bank declined 0.67%, and Nifty Pharma fell 0.62%. Nifty Bank and Nifty Auto
also closed lower. In the broader market, Nifty Midcap100 gained 0.37%, while
Smallcap100 fell 0.06%.
The market breadth was
skewed in favour of the bulls. About 1,836 stocks gained, 1,798 declined, and 126
remained unchanged on the BSE.
Global Markets –
World shares struggled
on Tuesday while the Japanese yen slid to near a one-year low against the
dollar after the Bank of Japan’s moves towards ending years of massive monetary
stimulus underwhelmed some investors.
European shares edged up 0.3%, led by real
estate and chemical stocks, offering some relief after Asian equities earlier
lost ground on renewed fears over the prospects for the Chinese economy
following weak manufacturing data.
The STOXX 600 is
nevertheless poised for its worst monthly performance since September 2022.
Oil Impact – Oil prices rebounded in Asian trade on Tuesday, after a drop
of more than 3% in the previous session, as worries over supply stirred by conflict
in the Middle East offset dismal China data. January Brent crude futures rose
81 cents, or 0.90%, to stand at $87.15 a barrel.US West Texas Intermediate
crude increased 81 cents, or 0.98%, to $83.11.
Rupee Ends Flat – The Indian rupee ended unchanged on Tuesday after holding in
a narrow range through the session, as buoyant US dollar demand squared off
against expectations the central bank will prevent further weakness in the
local currency.The rupee closed at 83.25, the same as the previous session. The
unit logged its fourth consecutive monthly decline in October, weakening 0.25%.
Nifty futures opened at 19275.00 points against the previous close
of 19220.90 and opened at a low of 19120.00 points. Nifty Future closed with an
average movement of 159.00 points and a decline of around 55.90 and 19165.00 points…!!
At the start of intra-day trading December gold opened at Rs.61117
fell from a high of Rs.61360 points to a low of Rs.61110 with a rise of 38 points,
a trend of around Rs.61242 and December Silver opened at Rs.72492, fell from a
high of Rs.72671 points to a low of Rs.72024 with a decline of 625 points, a
trend of around Rs.72130.
Meanwhile,
Modest cautiousness
returned post yesterday’s bounce, ahead of the US Fed policy meeting, dragging
Asian and developed markets. The Fed is widely expected to keep rates
unchanged, and the commentary on the future path will be the crucial factor to
influence further direction.
Main indices witnessed
marginal losses particularly led by IT stocks, while mid- & small-caps
gained due to the recent moderation in valuations and buy-in dip strategy of
domestic investors on the hope of pickup in demand in the upcoming festive
season.
Technically,
the important key resistances are placed in October Nifty future are at 19165 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 19202 – 19303 levels. Immediate support is placed at 19090 –
19009 levels.
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