Dear Trader –
The 30-share BSE
benchmark Sensex rose 34 points or 0.05% to settle at 69,584. The broader NSE
Nifty rose 12 points or 0.06% to end at 21,035.
From the Sensex pack,
NTPC, Power Grid, M&M, and L&T were the top gainers, rising 2-3.5%.
L&T, Sun Pharma, SBI, Titan, and Tata Steel also closed higher. On the flip
side, TCS, Infosys, Axis Bank, and Bajaj Finserv closed in the red.
On the sectoral front,
Nifty Auto, pharma, and healthcare closed over 1% higher.Whereas Nifty IT
remained top loser, dragged by TCS, Infosys and Tech Mahindra. In the broader
market, Nifty Midcap100 and Nifty Smallcap100 gained 0.9% each.
The market
capitalisation of all listed companies on BSE surged by Rs 1.44 lakh crore to
Rs 351.2 lakh crore. The market breadth was skewed in the favour of the bulls.
About 2,129 stocks gained, 1,646 declined, and 115 remained unchanged on the
BSE.
Global Markets –
European shares edged
higher with the broad STOXX benchmark up 0.2%, trading around its highest since
February 2022, with the German and French benchmarks both around record highs.Chinese
blue-chip stocks sank 1.7% on Wednesday, while Hong Kong’s Hang Seng Index fell
0.9%, as the absence of strong stimulus measures at the Central Economic Work
Conference left investors disappointed.
Fed Policy Decision – The Fed takes centre stage on Wednesday,
where it will announce its rate decision at the conclusion of its two-day
policy meeting.Analyst expectations are for policymakers to keep rates
on hold, unfazed by reading on US inflation that came largely in line with
consensus.
Crude Oil Declines – Oil prices slid to six-month lows on
Wednesday. Brent bottomed at $72.51 a barrel, its lowest since late June. US
crude slid to $68.71 a barrel on concerns of softening demand as global
economic growth slows, and oversupply after the US Energy Information Administration
raised its forecast for the US.
Rupee Falls Record Low – The Indian rupee fell to its
record closing low on Wednesday as an uptick in the dollar index pressured the
local unit ahead of the US Federal Reserve’s monetary policy decision later in
the day.
The rupee ended at 83.40 against the dollar,
compared with its close of 83.3875 in the previous session.
Nifty futures opened at 21039.95 points against the previous close
of 21022.95 and opened at a low of 20900.10 points. Nifty Future closed with an
average movement of 148.85 points and decline of around 12.50 and 21035.45 points…!!
At the start of intra-day trading December gold opened at Rs.61196
fell from a high of Rs.61274 points to a low of Rs.61001 with a rise of 19 points,
a trend of around Rs.61200 and December Silver opened at Rs.71745, fell from a
high of Rs.71800 points to a low of Rs.71431 with a rise of 226 points, a trend
of around Rs.71636.
Meanwhile,
A simultaneous challenge
emerges as retail inflation stands at 5.5%, still much above the RBI’s 4%
target. This inflationary pressure, driven by high food inflation and the
looming spectre of El Niño, is poised to persist. The market’s focus now shifts
to the upcoming FOMC meeting. And the recent global upside is getting far
stretched in anticipation of a rapid fall in US Fed rate in CY2024.
Technically,
the important key resistances are placed in October Nifty future are at 21035 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 21088 – 21202 levels. Immediate support
is placed at 20880 – 20808 levels.
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