Dear Trader –
After two straight sessions of losses, The NSE
Nifty Futures index settled 0.99% higher
at 19,249, while the S&P BSE Sensex surged 490 pts or 0.77% to 64,080.
All sectoral indices closed higher. Nifty Realty
surged 2.5% and was the top sectoral gainer, while Nifty PSU Bank, Metal, FMCG
and Healthcare surged 1% each. High-weightage IT stocks rose 0.78%, led
by Infosus, and LTTS.
The Fed held interest rates steady, as was widely
expected, on Wednesday, with Chair Jerome Powell saying inflation had been
coming down.
From Sensex stocks, IndusInd Bank, Tata Motors,
Sun Pharma, and Tata Steel ended with gains, while only Tech Mahindra and Bajaj
Finance closed in the red.The more domestically focused Nifty Small-cap
and Mid-cap also gained over 1.3% each.
Meanwhile, the market capitalisation of all
listed companies on BSE surged by Rs 3.1 lakh crore to Rs 313.32 lakh crore.
The market breadth was skewed in the favour of the bulls. About 2,269 stocks
gained, 1,387 declined, and 135 remained unchanged on the BSE.
Global Markets –
European shares and bonds extended a global rally
on Thursday as a non-committal Federal Reserve chief had traders doubling down
on bets that US interest rates, the main driver of world borrowing costs, have
finally peaked.
With expectations that the Bank of England might
send a similar signal in a few hours, Europe’s STOXX 600 and London’s FTSE were
both up over 1% early on, with the former on course for its first four-day run
of gains since July.Tokyo’s Nikkei had also gained 1.1% while S&P
500 futures and Nasdaq futures were pointing to another 0.5% rise on Wall
Street later.
Oil Rises – Oil gained 1% on Thursday to snap its three-day
decline, as risk appetite returned to financial markets after the US Federal
Reserve kept benchmark interest rates on hold.Brent crude futures rose
$1.28, or 1.51%, to $85.91 a barrel, while US West Texas Intermediate crude
futures gained $1.33, or 1.65%, to $81.77 a barrel.
Currency Watch – The Indian rupee closed marginally higher on Thursday aided
by a pullback in US Treasury yields but dollar demand from importers, including
local oil companies, curbed gains.The rupee closed at 83.2425 against
the US dollar, compared with its close at 83.28 in the previous session.
Nifty futures opened at 19200.20 points against the previous close
of 19060.25 and opened at a low of 19140.20 points. Nifty Future closed with an
average movement of 310.45 points and a decline of around 189.05 and 10249.30 points…!!
At the start of intra-day trading December gold opened at Rs.60890
fell from a high of Rs.61042 points to a low of Rs.60831 with a rise of 215 points,
a trend of around Rs.61000 and December Silver opened at Rs.71690, fell from a
high of Rs.72186 points to a low of Rs.71690 with a decline of 588 points, a trend
of around Rs.71886.
Meanwhile,
A pause with dovish commentary from
the Fed led to a rebound in the global and domestic market sentiment. Further,
the fall in US bond yields indicates a prolonged pause in interest rates hike.
And the domestic macros are favourable with positive auto numbers, a surge in
GST collection, good factory data and better than estimated Q2 quarter earnings.
Technically,
the important key resistances are placed in October Nifty future are at 19249 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 19303 – 19404 levels. Immediate support is placed at 19109 –
19009 levels.
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