Dear Trader –
The 30-share BSE
benchmark Sensex advanced 358 points or 0.52% to settle at 69,654. The broader
NSE Nifty advanced 97 points or 0.47% to end at 21,040.Meanwhile, the market
capitalisation of all listed companies on BSE increased by Rs 2.56 lakh crore
to Rs 349.02 lakh crore.
Among Sensex stocks,
Wipro, ITC, TCS, and L&T were the top gainers, rising 2-4%. Tata Motors,
Nestle India, Infosys, M&M, and Reliance also ended in the green. On the
other hand, NTPC, Axis Bank, ICICI Bank, UltraTech Cement, and Maruti closed
with cuts.
Adani Group stocks also closed up to 20% higher.
Adani Total Gas closed in a 20% upper circuit, while Adani Green Energy ended
nearly 17% higher. Adani Energy Solutions, Adani Power, Adani Wilmar, and NDTV
closed with 4-7% gains. Whereas Adani Enterprises, ACC, and Ambuja Cement
closed 1.5-2.5% lower.
Sector-wise, Nifty
Media surged 2.1%, and Nifty IT gained 1.7%. Nifty Bank, Financial, Pharma, and
Realty closed lower. In the broader market, Nifty Midcap100 gained 0.25%, while
Smallcap100 surged 0.4%.The market breadth was skewed in favour of the bulls.
About 1,877 stocks gained, 1,887 declined, and 131 remained unchanged on the
BSE.
Global Markets –
Asian shares advanced
on Wednesday after most stocks slipped on Wall Street following a mixed set of
reports on the US economy.Hong Kong’s Hang Seng gained 0.9%, while the Shanghai
Composite edged 0.1% higher. European shares rose on Wednesday, led by miners
and travel and leisure stocks. The pan-European STOXX 600 index was up 0.1%.
Oil prices decline – Oil prices fell on Wednesday, as investors weighed the
effectiveness of an extension in OPEC+ cuts in tightening supply against a
worsening demand outlook in China. Brent crude futures fell 76 cents, or 0.97%,
to $76.44 a barrel. US WTI crude futures fell by 75 cents, or 1.02%, to $71.57
a barrel.
Rupee rises – The Indian rupee ended stronger on Wednesday, aided by
equity-related inflows even as sustained dollar demand from local oil companies
ate into some of its gains. The rupee ended at 83.3250 against the US dollar,
stronger than its close at 83.3825 in the previous session.
Nifty futures opened at 21038.80 points against the previous close
of 20942.60 and opened at a low of 20941.25 points. Nifty Future closed with an
average movement of 138.25 points and decline of around 97.95 and 21040.55 points…!!
At the start of intra-day trading December gold opened at Rs.62250
fell from a high of Rs.62567 points to a low of Rs.62201 with a rise of 43 points,
a trend of around Rs.62265 and December Silver opened at Rs.75454, fell from a
high of Rs.75698 points to a low of Rs.75144 with a decline of 19 points, a
trend of around Rs.75260.
Meanwhile,
Post-state elections,
market optimism thrives, confirming policy continuity and meeting investor
expectations. A robust FII reversal is fuelled by receding inflation and
dropping yields in both US and Indian markets. The allure of Indian market
gains post-China credit rating downgrade and decline in oil prices was followed
by ease in geopolitical tensions.
Strong rebound in IT,
driven by reduced US recession risks and in anticipation of robust summer
demand, fuels the momentum in the power sector. Despite a promising outlook,
short-term profit booking may occur due to domestic premium valuation concerns.
Further, lingering El Nino risks, a drop in reservoir levels, and reduced
sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future
inflation estimates.
Technically,
the important key resistances are placed in October Nifty future are at 21040 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 21188 – 21303 levels. Immediate support is placed at 21003 –
20808 levels.
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