Dear Trader –
While the S&P BSE
Sensex declined 140 points or 0.21% to close at 65,655.15, the broader Nifty
settled 56.50 points or 0.19% lower at 19,750. Today’s negative closing by
headline indices was the second in a row.
Top Nifty gainers in
the day’s trade were Divi’s Laboratories, Bharti Airtel, Wipro, HCL
Technologies and Coal India while the top losers were Adani Enterprises, Bajaj
Finance, SBI Life Insurance Company, Mahindra & Mahindra (M&M) and
UltraTech Cement.
Out of 15 Nifty
sectoral indices, 10 closed in the red and four in the green while one remained
unchanged. The top losers were Nifty Auto, Nifty FMCG and Nifty Metal which
fell between 0.76% and 0.38%. The top performer was Nifty IT which maintained
its previous week’s winning run and closed with gains of 0.60%. Nifty Pharma,
Nifty PSU Bank and Nifty Healthcare Index closed with small gains amid action
in selective stocks.
Broader markets gave
up their morning gains and ended mixed. While the Nifty Midcap 100 closed 0.09%
up, the Nifty Smallcap 100 declined 0.09%.
Global Markets –
Rupee Vs Dollar – The Indian rupee ended weaker on Monday, matching its record
closing low as sustained dollar demand from state-run and foreign banks
maintained pressure on the local unit, despite a rally in its Asian peers.The
rupee ended at 83.34 against the U.S. dollar, down 0.08% from its close of
83.27 on Friday. The currency had previously closed at this level on Nov. 10,
the same day it fell to a record low of 83.42.
Asian Markets – Asian markets also traded mix today. While Japan’s Nikkei 225
closed at 33,388, lower by 197.17 points or 0.59%, China’s Shanghai Composite
settled at 3,068.32, higher by 13.95 points or 0.46%.
Crude Oil – The MCX December futures were trading at Rs 6407 per BBL and
were up by Rs 61 or 0.96% around 3:50 pm. On Comex, US WTI crude oil futures
were trading at $76.30, up by $0.410 or 0.540%, and Brent oil futures traded at
$81.130, up by $0.520 or 0.65%.
Nifty futures opened at 19798.90 points against the previous close
of 19806.00 and opened at a low of 19718.00 points. Nifty Future closed with an
average movement of 130.00 points and decline of around 56.50 and 19750.00 points…!!
At the start of intra-day trading December gold opened at Rs.60719
fell from a high of Rs.60774 points to a low of Rs.60550 with a rise of 139 points,
a trend of around Rs.60574 and December Silver opened at Rs.72997, fell from a
high of Rs.73359 points to a low of Rs.72357 with a rise of 734 points, a trend
of around Rs.72406.
Meanwhile,
Elevated long-term
interest rate trends and a weakening global economy continue to hurt inflows
and market movement. While the recent softening of inflation in the US &
India and the negative trend of crude are expected to help the view on global
equity and India in the short term.
The ease in FIIs
selling is helping the domestic markets but continues to consolidate primarily
due to India’s premium valuation relative to global peers. In this scenario,the
IT sector is benefiting;however, valuation continues to be on the higher side
compared to long-term history, suggesting a cautious approach in the sector in
the medium term.
Technically,
the important key resistances are placed in October Nifty future are at 19750 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 19808 – 19880 levels. Immediate support is placed at 19676 –
19606 levels.
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