Dear Trader –
The BSE benchmark Sensex fell 16 points or 0.03%
to settle at 64,942, while the NSE Nifty dropped 7 points or 0.03% to end at
19,480.
Gains from Axis Bank,Sun Pharma and SBI were
offset by index heavyweights Reliance Industries, HDFC Bank and Bajaj Finance.
Among sectors, Nifty Pharma surged 1.3% and was
the top sectoral gainer, while Nifty Healthcare surged 1%. Nifty Bank, FMCG,
Metal, and Oil & Gas also ended higher.On the other hand, Nifty Auto,
Media, Realty, and Consumer Durables closed in the red.In the broader market,
Nifty Midcap100 gained 0.28%, while Smallcap100 advanced 0.75%.
The market breadth was skewed in the favour of
the bulls. About 1,929 stocks gained, 1,760 declined, and 124 remained
unchanged on the BSE.
Global Markets –
World shares lost steam on Tuesday as investor
enthusiasm about a peak in global interest rates faded, while the Australian
dollar dropped after investors bet central bank rate hikes were nearing their
end.
The MSCI world equity index, which tracks shares
in 47 countries, fell 0.3%. MSCI’s broadest index of Asia-Pacific shares
outside Japan slipped 1.2%, snapping three straight days of gains.
Oil Prices Fall – Oil prices slipped by 2% on Tuesday, erasing most of Monday’s
gains, as mixed economic data from the world’s second-largest oil consumer
China and winter demand worries offset the impact of Saudi Arabia and Russia
extending output cuts.Brent crude futures slipped $1.6, or 1.93%, to $83.5 a
barrel, while US West Texas Intermediate crude was at $79.22 a barrel, down
$1.6, or 2%.
Rupee Weakens – The Indian rupee weakened 0.06% versus the US dollar and
quoted at 83.2575 per dollar tracking a decline in Asian currencies, with
investors eyeing comments by senior Federal Reserve officials this week for
fresh cues.
Nifty futures opened at 19461.10 points against the previous close
of 19486.50 and opened at a low of 19415.00 points. Nifty Future closed with an
average movement of 78.09 points and a decline of around 6.45 and 19480.05 points…!!
At the start of intra-day trading December gold opened at Rs.60596
fell from a high of Rs.60603 points to a low of Rs.60165 with a decline of 566 points,
a trend of around Rs.60602 and December Silver opened at Rs.72000, fell from a
high of Rs.72000 points to a low of Rs.70690 with a decline of 1299 points, a
trend of around Rs.70818.
Meanwhile,The market witnessed some resistance at
higher levels as caution prevails due to the start of the key state elections,
and further negative global cues on account of a more than expected fall in
Chinese exports, highlighting a continued slowdown in global trade.
Despite the extension of supply cuts by Saudi
Arabia and Russia, crude oil prices moderated, a positive for India in the
midst of geopolitical tension. This, along with the moderation in US bond
yields and the positive ongoing earnings season, will support long-term returns.
Technically,
the important key resistances are placed in October Nifty future are at 19480 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 19505 – 19575 levels. Immediate support is placed at 19373 –
19303 levels.
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