Dear Trader –
The BSE benchmark
Sensex surged 122 points or 0.17% to end at 71,437, while NSE Nifty rose 52
points or 0.24% to settle at 21,529.
Nifty FMCG surged
1.4%, led by gains in Nestle India and Varun Beverages. While Nifty Oil &
Gas rose 0.8% after the government cut a windfall tax on petroleum crude and
diesel.Auto and information technology lost 0.7% and 0.95%, respectively.
Among individual
stocks, SpiceJet shares closed 3% higher after the budget carrier expressed its
interest in acquiring Go First. The company plans to submit its offer after
carrying out due diligence on the bankrupt carrier.Zee Entertainme
nt Enterprises shares
ended 3% lower after Sony Pictures Networks India (SPNI) said it has not yet
agreed to a deadline extension requested by ZEEL for their merger.
Meanwhile, the market
capitalisation of all listed companies on BSE surged by Rs 37,234 crore to Rs
359.14 lakh crore. The market breadth was skewed in favour of the bulls. About
1,907 stocks gained, 1,855 declined, and 142 remained unchanged on the BSE.
Global Markets –
European stocks rose
in early trade on Tuesday and global shares were near their highest since April
2022 as traders bet on rate cuts next year. Europe’s STOXX 600 was up 0.2% and
London’s FTSE 100 was up 0.1%.
Asian shares were
mixed on Tuesday after a seven-week winning streak as Wall Street cooled.
Tokyo’s Nikkei 225 index gained 1.4% after the Bank of Japan kept its ultra-lax
monetary policy unchanged. The S&P/ASX 200 in Sydney added 0.8%, while
South Korea’s Kospi edged 0.1% higher.
Crude Oil – Oil steadied on Tuesday as investors considered the potential
impact on oil supply from attacks by Yemen’s Iran-aligned Houthi militants
against ships in the Red Sea, which have disrupted maritime trade and forced
companies to reroute vessels.Brent crude fell 12 cents to $77.83 a
barrel. US West Texas Intermediate crude for January, which expires on Tuesday,
was down 62 cents at $71.85 while the more active February contract lost only 3
cents.
Rupee Vs Dollar – The Indian rupee declined against the US dollar on Tuesday,
weighed down by losses in its Asian peers as Federal Reserve policymakers
tempered US rate cut expectations, while demand for the greenback from
importers also hurt.The rupee closed at 83.18 versus the US dollar, down
from 83.06 in the previous session.
Nifty futures opened at 21481.10 points against the previous close
of 21477.25 and opened at a low of 21415.00 points. Nifty Future closed with an
average movement of 179.70 points and decline of around 51.75 and 21529.00 points…!!
At the start of intra-day trading December gold opened at Rs.62100
fell from a high of Rs.62285 points to a low of Rs.62069 with a Decline of 16 points,
a trend of around Rs.62275 and December Silver opened at Rs.74465, fell from a
high of Rs.74650 points to a low of Rs.74235 with a rise of 240 points, a trend
of around Rs.74650.
Meanwhile,
Investors are cautious
ahead of the Eurozone inflation data announcement, which is forecast to drop
marginally. The dovish stance by BOJ maintained the market sentiments. Amid
this, the price of oil stabilized as the US government announced plans to
protect the shipping route through the Red Sea. After the recent rally of
growth stocks, investors are exhibiting interest in consumption stocks as a
bargaining strategy.
Technically,
the important key resistances are placed in October Nifty future are at 21529 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 21606 – 21707 levels. Immediate support
is placed at 21404 – 21303 levels.
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