Dear Trader –
Indian benchmark
equity indices closed higher on Thursday after a two-session drop on Thursday,
led by financials on strong business updates and energy stocks on investment
plans. Realty extended gains on robust sales volumes.
The BSE Sensex
advanced 491 points or 0.69% to settle at 71,847. The broader NSE Nifty surged 209
points or 0.97% to end at 21,809.
High weightage Nifty
Financials rose 1.22%, after shedding 1.29% over the last four sessions. Nifty
Realty index surged 6.76% to a new record high, led by Sobha, Macrotech
Developers, Godrej Properties, and DLF.
Meanwhile, the market
capitalisation of all listed companies on BSE surged by Rs 3.35 lakh crore to
Rs 368.43 lakh crore. The market breadth was skewed in favour of the bulls.
About 2,509 stocks gained, 1,346 declined, and 86 remained unchanged on the
BSE.
Global Markets –
Asian shares managed
to eke out a modest gain overnight, having dipped early on after Wall Street closed
lower on Wednesday. Japan’s Nikkei did, though, finish lower on its first
trading day of the year.The pan-European STOXX 600 was up 0.4%, having dropped
to a three-week low in the previous session.
Crude Oil Rises – Oil rose nearly 1% on Thursday, adding
to gains in the previous session on concerns over Middle Eastern supply
following disruptions at an oilfield in Libya and heightened tensions regarding
the Israel-Hamas war.Brent crude rose 63 cents, or 0.81%, to $78.87 a barrel,
while US West Texas Intermediate crude futures rallied 71 cents, or 0.98%, to
$73.41.
Currency Watch – The Indian rupee ended
slightly stronger on Thursday, aided by dollar inflows, even as most of its
Asian peers were on the back foot as investors moderated their expectations of
early US rate cuts this year.The rupee ended at 83.23 against the US dollar,
higher by 0.05% compared with its close at 83.2750 in the previous session.
Nifty futures opened at 21640.00 points against the previous close
of 21600.00 and opened at a low of 21616.10 points. Nifty Future closed with an
average movement of 193.90 points and decline of around 209.00 and 21809.00 points…!!
At the start of intra-day trading December gold opened at Rs.62742
fell from a high of Rs.62820 points to a low of Rs.62651 with a rise of 196 points,a
trend of around Rs.62703 and December Silver opened at Rs.72423, fell from a
high of Rs.72492 points to a low of Rs.72250 with a decline of 03 points, a
trend of around Rs.72336.
Meanwhile,While investors still expect three US
interest rate cuts after the Federal Reserve minutes, a likely delay in the
onset of rate cuts could trigger consolidation across global markets.
The realty sector was
the highest gainer in anticipation of robust demand in the residential
category, which was supported by healthy housing loans disbursement data
announced by banks.
Technically,
the important key resistances are placed in October Nifty future are at 21809 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 21880 – 21939 levels. Immediate support
is placed at 21676 – 21606 levels.
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