Dear Trader –
The 30-share BSE
benchmark Sensex advanced 1,384 points or 2.05% to settle at 68,865. The
broader NSE Nifty surged 419 points or 2.07% to end at 20,687.Meanwhile,
the market capitalisation of all listed companies on BSE surged by Rs 5.78 lakh
crore to Rs 343.45 lakh crore.
From the Sensex pack,
ICICI Bank, Kotak Bank, and SBI were the top gainers, rising 4-5%. L&T,
IndusInd Bank, HDFC Bank, UltraTech Cement, Bajaj Finance, NTPC, Axis Bank, and
M&M also closed higher.
On the other hand,
Wipro, Maruti, Sun Pharma, and Tata Motors ended with cuts.Adani Group
stocks also closed up to 9.4% higher. Adani Green Energy rose 9.4%, while
Ambuja Cement and Adani Enterprises surged over 6% each. Adani Energy
Solutions, Adani Total Gas, ACC, Adani Power and Adani Ports gained 4-6%.
On the sectoral front,
Nifty Bank rose 3.6%, Nifty Financial Services surged 3.3%, and Nifty Oil &
Gas gained 3.1%. Nifty Auto, FMCG, IT, Metal, Realty and Consumer Durables also
closed higher. In the broader market, Nifty Midcap 110 rose 1%, and Nifty
Smallcap gained 1.2%.The market breadth was skewed in favour of the
bulls. About 2,373 stocks gained, 1,480 declined, and 165 remained unchanged on
the BSE.
Global Markets –
Asian shares were
mixed on Monday as investors awaited a slew of US economic data set for release
later in the week. Japan’s benchmark Nikkei 225 shed 0.6%, while South Korea’s
Kospi rose 0.5%. Hong Kong’s Hang Seng lost 0.5%, while the Shanghai Composite
edged 0.2% lower. Meanwhile, miners and energy stocks dragged Europe’s
STOXX 600 lower on Monday. The pan-European STOXX 600 was down 0.2%, after
touching a fresh four-month high in early trade and posting its third straight
weekly gain on Friday.
State election
results – Dalal Street gained momentum and reached a
record high after the Bharatiya Janata Party got a clear mandate in the three
major northern states of India. The market likes political stability and
a reform-oriented, market-friendly government. From the market perspective, the
results were better than expected.
Crude prices decline
– Oil prices extended declines on Monday,
pressured by investor scepticism over the latest OPEC+ decision on supply cuts
and uncertainty surrounding global fuel demand, though the risk of supply
disruptions from the Middle East conflict limited losses. Brent crude
futures were down $1.10, or 1.4%, at $77.78 a barrel. US West Texas Intermediate
crude futures fell $1.09, or 1.5%, to $72.98. Falling crude oil prices are
considered good for the Indian economy.
Currency watch – The Indian rupee weakened 0.09% versus the US dollar and was
quoted at 83.37 per dollar, pressured by a slight recovery in the greenback.
Nifty futures opened at 20640.00 points against the previous close
of 20375.15 and opened at a low of 20615.50 points. Nifty Future closed with an
average movement of 212.80 points and decline of around 428.90 and 20804.05 points…!!
At the start of intra-day trading December gold opened at Rs.63550
fell from a high of Rs.63881 points to a low of Rs.63080 with a decline of 238 points,
a trend of around Rs.63350 and December Silver opened at Rs.78590, fell from a
high of Rs.78590 points to a low of Rs.76136 with a rise of 307 points, a trend
of around Rs.76286.
Meanwhile,
The benchmark index
hits its all-time high following the landslide victory of BJP in elections in
three states. It spurred a rally with an anticipation that the country will
witness a stable government post the General election. All the sectors
have broadly participated in the rally with an optimism that the FIIs will
continue its value buying, indicating positive commentary on the global
inflation data and stable domestic marco economics.
Technically,
the important key resistances are placed in October Nifty future are at 20804 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 20880 – 21009 levels. Immediate support is placed at 20676 –
20606 levels.
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