Dear Trader –
The BSE Sensex surged 72 points or
0.11% to settle at 64,904. The broader NSE Nifty rose 15.60 points or 0.08% to end at 19,500.
In early trade, Sensex
and Nifty opened with losses after Federal Reserve Chairman Jerome Powell said
the US central bank is not confident that interest rates are high enough to
control inflation.From the Sensex pack, NTPC, TechMahindra, UltraTechCement, BajajFinance,and Bajaj
Finserv closed in the green, while M&M, HCL
Tech, Titan, and IndusInd Bank ended in the red.
ectora-wise, Nifty
Metal rose 0.7%, and Nifty Oil & Gas gained 0.6%. Nifty Bank, Financial
Services, FMCG, Pharma, and Realty sectors also closed with gains. In the
broader market, Nifty Midcap100 rose 0.48%, while Smallcap100 gained 0.47%.
The market breadth was
skewed in the favour of the bulls. About 1,919 stocks gained, 1,769 declined,
and 132 remained unchanged on the BSE.
Global Markets –
World stocks slipped,
with European shares retreating from three-week highs on Friday, while the
dollar was steady as hawkish comments from US Federal Reserve Chair Jerome
Powell dashed expectations of a peak in interest rates.The pan-European
STOXX 600 fell 0.8% by 0930 GMT. Germany’s DAX dropped 0.7% while France’s CAC
40 and Britain’s FTSE both tumbled 0.9% lower.
The three major US
stock indices closed lower on Thursday, snapping the longest winning streaks
for the Nasdaq and S&P 500 in two years as market optimism over looser
monetary policy faded.
Oil Prices Rise – Oil
prices were up on Friday but are set to fall for a third week as concerns of supply
disruptions from the Israel-Hamas conflict have ebbed, allowing demand worries
to reassert themselves. Brent crude futures for January were up 84
cents, or 1.07%, at $80.81 a barrel at 4:05 pm, while the US West Texas
Intermediate (WTI) crude futures for December were at $76.5, up 76 cents, or
1.02%.
Rupee Falls – The Indian rupee fell to a record low on Friday as a
rebound in US Treasury yields pressured Asian currencies.The rupee
closed at 83.34 against the US dollar, a record closing low, and down 0.07%
versus its close of 83.28 on Thursday. On the week, the local unit shed 0.2%.
The rupee hit its record low of 83.42 during the
session after breaching its previous all-time low of 83.2950, which was hit on
November 1.
Nifty futures opened at 19424.00 points against the previous close
of 19484.60 and opened at a low of 19373.00 points. Nifty Future closed with an
average movement of 131.00 points and a rise of around 15.60 and 19500.00 points…!!
At the start of intra-day trading December gold opened at Rs.60233
fell from a high of Rs.60269 points to a low of Rs.59880 with a decline of 389 points,
a trend of around Rs.59893 and December Silver opened at Rs.70998, fell from a
high of Rs.711272 points to a low of Rs.70431 with a decline of 612 points, a
trend of around Rs.70601.
Meanwhile, The benchmark index is
taking cues from the global market as the US central bank is not confident that
headline inflation is under control and bond yields are mounting higher.
Despite these concerns, the market has displayed strong resistance, anticipating
that India’s October inflation will be manageable and upside revision is
expected for Q1FY24 GDP growth.
Technically,
the important key resistances are placed in October Nifty future are at 19500 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 19575 – 19676 levels. Immediate support is placed at 19373 –
19303 levels.
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