Dear Trader –
The 30-share BSE
benchmark Sensex declined 283 points or 0.44% to settle at 63,591. The broader
NSE Nifty fell 105 points or 0.54% to end at 19,054.
Nifty small-caps and
mid-caps declined 0.26% and 0.7%, respectively. Amongst sectors, Nifty Metal
fell 1.4%, and Nifty IT dropped 0.8%. While Nifty Media, Pharma, PSU Bank,
Realty, Healthcare, and Oil & Gas ended higher.
From Sensex stocks, Asian Paints, Tata Steel,
Nestle and Maruti ended with cuts, while only Sun Pharma, Bajaj Finserv,
Reliance Industries, SBI and Bharti Airtel closed with gains.
Sun Pharma closed 2.6%
higher after the firm reported a 6% YoY growth in consolidated net profit for
the September quarter to Rs 2,385 crore.
The market
capitalisation of all listed companies on BSE declined by Rs 1.21 lakh crore to
Rs 310.24 lakh crore.Meanwhile, the market breadth was skewed in the favour of
the bears. About 2,090 stocks declined, 1,575 gained, and 118 remained
unchanged on the BSE.
Global Markets –
Subdued stocks inched
higher on Wednesday ahead of a policy decision from the Federal Reserve, while
the yen was stuck near one-year lows against the dollar as Tokyo ramped up
intervention warnings.
Europe’s benchmark
STOXX index rose 0.46%, more positive than the 0.1% gain in MSCI’s broadest
index of Asia-Pacific shares outside Japan which has clocked three straight
months of losses.
Japan’s Nikkei was 2%
higher as investors remained on red alert for yen-buying intervention from
authorities to try to scrape the currency off the floor after recent central
bank policy tweaks failed to reverse its recent losses.
Rupee ends at record low – The Indian rupee dropped to a record low against the
US dollar on Thursday, pressured by elevated US Treasury yields and weakness
among its Asian peers. The rupee fell to a low of 83.2950, slipping past its
previous lifetime low of 83.29 hit in October last year.
Oil Rises – Oil prices edged up in Asian trade on Wednesday, while the
market closely watched the latest developments in the Israel-Hamas
conflict.Brent January crude futures rose 1.02%, or 87 cents, to $85.89 a
barrel, after falling more than 1% on Tuesday. US West Texas Intermediate crude
futures gained 1.1%, or 87 cents, to $81.9 a barrel after losing about 1.6% in
the previous session.
Nifty futures opened at 19144.05 points against the previous close
of 19158.20 and opened at a low of 19050.40 points. Nifty Future closed with an
average movement of 124.00 points and a decline of around 104.20 and 19054.00 points…!!
At the start of intra-day trading December gold opened at Rs.60820
fell from a high of Rs.60998 points to a low of Rs.60680 with a rise of 19 points,
a trend of around Rs.60959 and December Silver opened at Rs.71325, fell from a
high of Rs.71325 points to a low of Rs.70880 with a decline of 403 points, a trend
of around Rs.71266.
Meanwhile,
The domestic indices
were responding to the global signals ahead of the Fed’s monetary policy
decision later in the day, while the global market was also assimilating to the
mixed bag of US corporate earnings reports. Markets anticipate a status quo in
the Fed policy; however, sustenance of the high rate for a prolonged period is
the issue.
Ease in demand, as
reflected by October PMI data, led to more cautiousness in India compared to
Asian and European peers. However, good H1 gross tax collection and in-line
expectation monthly volume demand by the auto sector resulted in a minimal
negative effect.
Technically,
the important key resistances are placed in October Nifty future are at 19054 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 19109 – 19190 levels. Immediate support is placed at 19009 –
18880 levels.
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