Dear
Trader…
The 30-share BSE benchmark Sensex inched up by 17 points or
0.02%, settling at 73,895. Meanwhile, the broader NSE Nifty declined by 12
points or 0.05%, concluding at 22,563.
Among the constituents of the Sensex, Kotak Bank, TCS, HUL,
M&M, and Sun Pharma finished in positive territory, whereas Titan, SBI,
NTPC, Power Grid, and Bajaj Finance closed with losses.
The Nifty PSU Bank index slid 3.7% after the Reserve Bank of
India’s draft guidelines on project finance proposed lenders set aside higher
provisions for under-construction infrastructure projects. Consequently, PNB,
Canara Bank, and Bank of Baroda witnessed declines ranging from 4-6%.
On the flip side, Nifty Private Bank closed 0.4% higher,
buoyed by a 5% jump in Kotak Mahindra Bank after it beat quarterly profit
estimates.
Meanwhile, the market capitalisation of all listed companies
on BSE declined by Rs 2.83 lakh crore to Rs 403.41 lakh crore. The market
breadth was skewed in the favour of the bears. About 2,726 stocks declined, 1,207
gained, and 161 remained unchanged on the BSE.
Global
Markets – With the UK and Japan on public holidays, markets
in mainland China and Europe got off to an upbeat start, with Friday’s
softer-than-anticipated U.S. jobs report underpinning sentiment by renewing
market rate-cut bets.
Europe’s broadest stock index rose 0.4% while S&P 500 and
Nasdaq futures added 0.2% each in a positive sign for the Wall Street open
later on.MSCI’s broadest index of Asia-Pacific shares outside Japan peaked at
its highest level since February 2023 and last gained 0.57%, while China’s
blue-chip index closed 1.5% higher.
Rupee
Ends Weaker – The Indian rupee ended lower on Monday as dollar
demand from local oil companies and other importers, pressured the local
currency even as most of its Asian peers gained.The rupee closed at 83.4875
against the U.S. dollar, weaker than its previous close at 83.4225.
Oil
Climbs – Oil futures climbed on Monday
after Saudi Arabia hiked June crude prices for most regions and as the prospect
of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas
conflict could still widen in the key oil producing region.Brent crude futures
gained 73 cents, or 0.9%, to $83.69 a barrel at 0852 GMT, while U.S. West Texas
Intermediate crude futures were at $78.95 a barrel, up 84 cents, or 1.1%.
Nifty futures opened at 22648.70 points against the previous
close of 22575.20 and opened at a low of 22510.00 points. Nifty Future closed
with an average movement of 176.40 points and a decline of around 11.90 points
and closed 22563.30 points…!!
At the start of intra-day trading, June gold opened at Rs.70849,
fell from a high of Rs.71297 points to a low of Rs.70849 with a rise of 477 points,
a trend of around Rs.71141 and July Silver opened at Rs.81750, fell from a high
of Rs.82587 points to a low of Rs.81603 with a rise of 1245 points, a trend of
around Rs.82288.
Meanwhile,
The domestic indices traded in a range-bound
manner influenced by PSU banks’ underperformance due to the RBI’s tighter norms
on lending to projects under development. The broader indices also witnessed
major selling pressure due to valuation concerns and profit booking. Investors
are closely monitoring this week’s FED speakers for insights on future monetary
policy.
Technically,
the important key resistances are placed in Nifty future are at 22563 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 22606 – 22707 levels. Immediate support is placed at 22404 –
22373 levels.
Past Performance is not an Indicator of Future Returns. The
securities quoted are for illustration only and are not recommendatory.
Investment in securities market are subject to market risks. Read Disclaimer
and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in
