Dear Trader –
Indian equity indices
closed at fresh record highs on Friday after the Reserve Bank of India (RBI)
stood pat on key rates for a fifth consecutive time and raised its growth
forecast for fiscal 2023-2024. Benchmark indexes also posted their longest
weekly winning streak in three years on the back of strong macroeconomic data,
a drop in oil prices.
The BSE benchmark Sensex
rose 304 points or 0.44% to settle at 69,825, while NSE Nifty gained 60 points
or 0.28% to end at 21090.In early trade, the Nifty rose above 21,100 for the
first time ever after the RBI maintained its key repo rate at 6.50%, amid
robust economic growth and expectations of a rise in food prices in the coming
months. The central bank raised its growth forecast for the ongoing fiscal to
7% from 6.5% earlier and maintained the inflation expectation at
5.4%.Rate-sensitive sectors like banks, financial services, public sector
banks, and private banks rose between 0.2% and 1% while realty gained 0.5%.
The market
capitalisation of all listed companies on BSE declined by Rs 83,900 crore to Rs
349.30 lakh crore. The market breadth was skewed in the favour of the bears.
About 2,077 stocks declined, 1,679 gained, and 124 remained unchanged on the
BSE.
Global Markets –
World stocks teetered
on their first weekly loss since October as a rally fuelled by hopes of the US
Federal Reserve and the European Central Bank cutting interest rates paused
ahead of key US jobs data.Tokyo’s Nikkei was down 1.8% on Friday for a weekly
drop of 3.6%, with exporters such as automakers falling hardest. Outside of
Japan, MSCI’s broad gauge of world stocks traded flat, heading to a 0.2% weekly
loss after five weeks of gains.Europe’s Stoxx 600 share index was 0.2% higher,
set for its fourth straight week of increases. Futures indicated the US S&P
500 would flatline in early New York trading.
Crude Oil – Oil benchmarks were headed for a seventh
straight weekly decline on worries over a global supply surplus and weak
Chinese demand, although prices recovered ground on Friday after Saudi Arabia
and Russia called for more OPEC+ members to join output cuts.Brent crude
futures were up $1.64, or 2.23%, at $75.70 a barrel, while US West Texas
Intermediate crude futures were up $1.52, or 2.2%, to $70.87 a barrel. Brent
had earlier risen by $2.
Rupee Ends Lower – The Indian rupee closed
slightly lower on Friday, tracking subdued moves in its Asian peers, as
investors turned their attention to a crucial US labour market report due later
in the day.The rupee ended at 83.3850 against the US dollar, against its
previous close of 83.3525. The local unit logged a weekly loss of 0.1%. The
rupee hovered in a range of 83.26 and 83.40 over the week.
Nifty futures opened at 21085.00 points against the previous close
of 21030.80 and opened at a low of 20949.00 points. Nifty Future closed with an
average movement of 152.45 points and decline of around 59.40 and 21090.20 points…!!
At the start of intra-day trading December gold opened at Rs.62525
fell from a high of Rs.62579 points to a low of Rs.62422 with a rise of 44 points,
a trend of around Rs.62510 and December Silver opened at Rs.74641, fell from a
high of Rs.74784 points to a low of Rs.74364 with a decline of 255 points, a
trend of around Rs.74568.
Meanwhile,
The RBI took a
balanced approach by raising the economic growth forecast and also expressing
concern on food inflation, which may have an elevated trajectory in the
short-term. A drop in rabi sowing and dipping reservoir levels provides a
perception that foodgrain prices can rise. The impact was visible on FMCG
stocks, which underperformed today.
Technically,
the important key resistances are placed in October Nifty future are at 21090 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 21133 – 21272 levels. Immediate support
is placed at 20939 – 20808 levels.
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