Dear Trader –
The BSE Sensex fell
1887.75 points or 0.28% to settle at 65,794. The broader NSE Nifty declined 26.70
points or 0.13% to end at 19803.00. The indexes logged their third consecutive
weekly gains, boosted by information technology (IT) stocks on easing global
interest rate outlooks.
From the Sensex pack,
SBI and Axis Bank were the top laggards, falling over 3% each. Bajaj Finance,
ICICI Bank, Bajaj Finserv, and IndusInd Bank also ended with cuts. On the other
hand, L&T, HUL, Power Grid, and Asian Paints closed with gains.
Stocks of IT
companies, which earn a significant share of their revenue from the U.S.,
climbed 5.07%, their best week in 16 months.
Among individual
stocks, Tata Investment Corporation ended with a 20% upper circuit on account
of value unlocking opportunity with Tata Technologies IPO, which opens for
subscription on November 22.
On the sectoral front,
Nifty PSU Bank declined 2.4%, and Nifty Financial Services fell 0.9%, whereas
Nifty Auto, FMCG, Pharma, and Healthcare closed higher. Meanwhile, Nifty
Midcap100 gained 0.2%, and Smallcap100 rose 0.1%.
Global Markets –
Asian shares took a
breather on Friday as a batch of softer US economic data took some of the steam
out of Wall Street, but also boosted bonds in a big way while slugging oil
prices in a boon for the inflation outlook.
MSCI’s broadest index of Asia-Pacific shares
outside Japan eased 0.67% from a two-month high, but was still up 2.7% for the
week.European shares rose on Friday and were set for weekly gains, boosted by
healthcare stocks. The pan-European STOXX 600 rose 0.9% and eyed a weekly rise
of 2.8%.
Crude Oil – Oil prices were little changed on Friday but on track for
their fourth straight week of losses after tumbling about 5% to a
four-month-low on Thursday on worries over global demand.
Brent futures edged up
63 cents, or 0.8%, to $78.07 a barrel at 1 p.m. US West Texas Intermediate
crude (WTI) was at $73.56, up 68 cents, or 0.9%. Both have lost around a sixth
of their value over the last four weeks.
Rupee Weakens – The Indian rupee ended slightly weaker on Friday as buoyant US
dollar demand from local companies offset the positive cues from strength in
its Asian peers.
The rupee closed at
83.27 compared with its close of 83.2325 in the previous session. The currency
was rangebound between 83.01 and 83.3325 this week and ended largely unchanged
from last Friday.
Nifty futures opened at 19871.10 points against the previous close
of 19829.70 and opened at a low of 19750.55 points. Nifty Future closed with an
average movement of 120.55 points and adecline of around 26.70 and 19803.00 points…!!
At the start of intra-day trading December gold opened at Rs.60686
fell from a high of Rs.61000 points to a low of Rs.60686 with a rise of 173 points,
a trend of around Rs.60895 and December Silver opened at Rs.73343, fell from a
high of Rs.74000 points to a low of Rs.73141 with a rise of 401 points, a trend
of around Rs.73761.
Meanwhile, The RBI’s action to
raise risk weights for unsecured loans dampened banking stocks and caused a
temporary disruption in the broader indices’ resurgence. Despite this, a
positive undercurrent prevails, buoyed by the conclusion of a robust earnings
season.
Investors are awaiting
eurozone inflation data later today, which is expected to show a softening
trend. Sharp drop in oil prices, and the moderation of US yield will help the
market to sustain buoyancy, in the short-term.
Technically,
the important key resistances are placed in October Nifty future are at 19803 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 19909 – 20008 levels. Immediate support is placed at 19676 –
19606 levels.
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