Tracking gains from
Asian peers, Indian equity indices closed higher on Tuesday lifted by gains in
energy and metal companies after cooler-than-expected US inflation data further
boosted bets of interest rate cuts by the Federal Reserve next year.
The 30-share BSE
benchmark Sensex surged 230 points or 0.32% to settle at 71,337. The broader
NSE Nifty advanced 97 points or 0.45% to end at 21,499.15.
From the Sensex pack,
NTPC, M&M, Wipro, Kotak Bank, and Tata Steel closed in the green, while
Bajaj Finance, Bajaj Finserv, Infosys, TCS, and Tata Motors closed in the red.
Sector-wise, Nifty Oil
& Gas rose 1.5% and Nifty Healthcare surged 1.25%. Nifty FMCG, auto, bank,
pharma, and metal closed higher. In the broader market, Nifty Midcap100 gained
0.65%, while Smallcap100 surged 0.14%.
Meanwhile, the market
capitalisation of all listed companies on BSE surged by Rs 2.17 lakh crore to
Rs 358.95 lakh crore. The market breadth was skewed in the favour of the bulls.
About 2,292 stocks gained, 1599 declined, and 139 remained unchanged on the BSE.
Global Markets –
Asian stocks crept
higher on Tuesday and the dollar lurked near a five-month low as cooling US
inflation bolstered bets that the Federal Reserve would cut interest rates
early next year. MSCI’s broadest index of Asia-Pacific shares outside
Japan was 0.48% higher and on course for a nearly 2% gain this year, after
dropping 20% in 2022.
Japan’s Nikkei gained
0.16% and remains the best performing major Asian stock market with a 27% rise
in 2023. E-mini futures for the S&P 500 rose 0.15%.
Crude Oil – Oil steadied on Tuesday,
finding support from geopolitical tensions in the Middle East and investor
optimism that the U.S. Federal Reserve would soon start cutting interest rates,
boosting global economic growth and fuel demand. Brent crude futures
rose 10 cents, or 0.1%, to $79.17 a barrel, while US West Texas Intermediate
crude slipped 25 cents, or 0.3%, to $73.31.
Rupee Ends Lower – The Indian rupee weakened on
Tuesday, despite gains in most other Asian peers, as dollar demand from
importers, including local oil companies, eroded the impact of positive global
cues.The rupee ended at 83.1925 against the US dollar, down 0.06%
compared with its close at 83.14 on Friday.
Nifty futures opened at 21409.00 points against the previous close
of 21402.35 and opened at a low of 21362.60 points. Nifty Future closed with an
average movement of 169 points and rise of around 97 and 21499.00 points…!!
At the start of intra-day trading December gold opened at Rs.63149
fell from a high of Rs.63198 points to a low of Rs.63088 with a rise of 176 points,a trend of around Rs.63130 and December
Silver opened at Rs.75648, fell from a high of Rs.75655 points to a low of Rs.75373
with a rise of 195 points, a trend of around Rs.75581.
Meanwhile,
In this record storm
of bullishness, the unbridled storm of bullishness seen in many stocks and cash
stocks from large cap to mid cap and small cap companies has reached a very
dangerous level. Without fundamentals, companies’ stocks were subjected to
unabated extraordinary gains. It was necessary to install a speed breaker to
prevent a car running without this brake from causing a major accident. Last
week, with a shock of 930 points in the Sensex and a shock of 1500 points in
the mid cap, small cap index, the overheated small, mid cap stocks were braked.
The stock market may consolidate at current levels in the last five days of
this year.
Technically,
the important key resistances are placed in October Nifty future are at 21499 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 – 21676 levels. Immediate support
is placed at 21404 – 21203 levels.
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