Dear Trader –
The market
capitalization of all listed companies on BSE increased by Rs 2.76 lakh crore
on Friday and by Rs 8.55 lakh crore this week to Rs 357.78 lakh crore.The
30-share BSE benchmark Sensex advanced 970 points or 1.37% to settle at 71,484.
The broader NSE Nifty surged 231 points or 1.08% to end at 21,558.
From the Sensex pack,
HCL Tech, TCS, and Infosys were the top gainers, rising 5-6%. SBI, Tata Steel,
Tech Mahindra, NTPC, and Wipro also closed higher. On the flip side, only
Nestle, Bharti Airtel, Maruti, and ITC 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.
On the sectoral front,
Nifty IT rallied 4.5%, while Nifty Metal, and Nifty PSU Bank surged over 2%.Whereas
Nifty Auto, FMCG, Media, and Realty declined.
Punjab National Bank
(PNB) closed 1.5% higher as it became the third PSU lender to cross the Rs
1-lakh-crore market cap after its shares surged nearly 80% in the last six
months.
Global Markets –
Asian shares jumped to
a four-month peak on Friday as sharp declines in the dollar and US yields
extended a Federal Reserve-fuelled rally, but pushback on rate cuts from
central banks in Europe could deal a blow to the global pivot hopes.
In Asia, Japan’s
Nikkei rose 1%. Chinese bluechips gave up earlier gains to be 0.3% lower and
hit a fresh five-year trough. Hong Kong’s Hang Seng index, however, rebounded
2.2%.
Europe’s broad STOXX
600 benchmark rose 0.37% to a 23-month high, and S&P 50 futures rose 0.2%
after the benchmark had reached its highest since January 2022 on Wednesday
around 2% off an all time high.
Treasury yields hit multi-month low – Treasury yields slid to multi-month lows as
bond investors braced for rate cuts in 2024.The US 10-year yield was
down 2 bps at 3.913%, on track for a 33 basis point weekly fall, its most since
pandemic volatility in March 2020.
Rupee Vs Dollar – The Indian rupee
strengthened 0.40% versus the US dollar, and quoted at 82.99 per dollar as
heavy dollar inflows and a sharp rally in domestic equity markets to fresh
record highs aided the domestic currency.
Crude oil – Oil prices rose on Friday,
on track to notch their first weekly rise in two months after benefiting from a
bullish forecast from the International Energy Agency (IEA) on oil demand for
next year and a weaker dollar.
Nifty futures opened at 21400.00 points against the previous close
of 21327.65 and opened at a low of 21354.05 points. Nifty Future closed with an
average movement of 234.85 points and decline of around 230.55 and 21558.20 points…!!
At the start of intra-day trading December gold opened at Rs.62550
fell from a high of Rs.62597 points to a low of Rs.62430 with a rise of 69 points,
a trend of around Rs.62523 and December Silver opened at Rs.75083, fell from a
high of Rs.75284 points to a low of Rs.74889 with a decline of 76 points, a
trend of around Rs.75000.
Meanwhile,
The buoyancy continued
in the market as investors were expecting the clouds over US economic growth to
recede by H2CY24 and that the economy would achieve a soft landing aided by
normalization in monetary policy. The IT index outperformed expectations of a
rise in demand in the US economy.
The daily momentum
indicator has a positive crossover however it has not registered a new high
indicating that a negative divergence is in process.
Technically,
the important key resistances are placed in October Nifty future are at 21558 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 21676 – 21808 levels. Immediate support
is placed at 21474 – 21303 levels.
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