Dear Trader –
The 30-share BSE benchmark Sensex advanced 930
points or 1.34% to settle at 70,514. The broader NSE Nifty advanced 319 points
or 1.52% to end at 21,353.Meanwhile, the market capitalisation of all listed
companies on BSE increased by Rs 3.93 lakh crore to Rs 355.12 lakh crore.
From the Sensex stocks, Infosys, Tech Mahindra,
Wipro, HCL Tech, IndusInd Bank, and Bajaj Finance were the top gainers, rising
3-4%. On the flip side, Power Grid, Nestle, JSW Steel, Maruti, and Asian Paints
closed in the red.
The rise in IT stocks comes after the Fed
acknowledged it is making real progress in easing inflation while maintaining a
rate pause.
Fed Chair Jerome Powell said the Fed is aware of
the risks of keeping rates higher for too long and lowering them too late,
bolstering expectations of a rate cut in early 2024.
Sector-wise, Nifty IT surged 3.5%, while Nifty
Realty advanced 3.9%. Nifty Bank, Financial Services, Private Bank, and Oil
& Gas gained over 1% each. In the broader market, Nifty Midcap100 rose
1.3%, and Nifty Smallcap100 gained 0.85%.
The market breadth was skewed in the favour of
the bulls. About 2,026 stocks gained, 1,748 declined, and 118 remained
unchanged on the BSE.
Global Markets –
MSCI’s broadest index of Asia-Pacific shares
outside Japan shot up 1.8%, its biggest one-day percentage jump in a month
although China had stumbled again and a stronger yen pushed Toyko down 0.7%.The
pan-European index advanced 1.2%, touching a near two-year high, and the euro
zone’s top blue-chip index gained 0.7%, reaching an over 22-year high. France’s
CAC-40 and Germany’s DAX also touched fresh all-time highs, up 0.9% and 0.7%,
respectively.
US Dollar Index Declines – The
US dollar index, which measures the greenback against a basket of currencies,
fell 0.3% to 102.57.When the index falls, investors in the US see an
opportunity for higher returns in India, which leads to an inflow of Foreign
Institutional Investment (FII).
Oil Impact – Oil
prices rose on Thursday, extending the previous session’s gains, on a bigger-than-expected
weekly withdrawal from US crude storage and a weaker dollar after the US
central bank signalled lower borrowing costs for 2024.Brent futures was up
$1.4, or 1.95%, to $75.72 a barrel. US West Texas Intermediate (WTI) crude
climbed $1.30, or 1.84%, to $70.75.
Rupee Closes Stronger – The
Indian rupee closed stronger on Thursday but lagged behind its Asian peers that
sharply rallied after the US Federal Reserve delivered a dovish hold on policy
rates on Wednesday.The rupee ended at 83.33 against the US dollar, up by 0.08%
compared to its close of 83.40 in the previous session.
Nifty futures opened at 21212.60 points against the previous close
of 21033.95 and opened at a low of 21177.25 points. Nifty Future closed with an
average movement of 177.75 points and decline of around 319.75 and 21353.70 points…!!
At the start of intra-day trading December gold opened at Rs.61391
fell from a high of Rs.62692 points to a low of Rs.61391 with a rise of 1298 points,
a trend of around Rs.62497 and December Silver opened at Rs.71950, fell from a
high of Rs.75319 points to a low of Rs.71950 with a rise of 3252 points, a
trend of around Rs.74784.
Meanwhile,
The market continued its exuberance
and hit a fresh high amid the dovish commentary from the Federal Reserve,
signalling at least three rate cuts in 2024. Further, the sharp fall in US bond
yields improved investors’ confidence.
An upgrade in India’s GDP forecast, ease in
global oil prices, and the RBI decision to clamp down inflation to the target
level led to a broad-based rally with outperformance from Realty and IT.
Technically,
the important key resistances are placed in October Nifty future are at 21353 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 21373 – 21474 levels. Immediate support
is placed at 21188 – 21088 levels.
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