November 1, 2024

+91 99390 80808

November 1, 2024

+91 99390 80808

HomeMarket TrendStock Market Trend : 14 May 2024 

Stock Market Trend : 14 May 2024 

Dear Trader…

The 30-share BSE benchmark Sensex rose 111 points or 0.15% to settle at 72,776. The broader NSE Nifty Future gained 84 points or 0.38% to end at 22,224. The Sensex rebounded 910 points from the day’s low of 71,866.

Among the Sensex stocks, Asian Paints, Sun Pharma, HDFC Bank, TCS, and Axis Bank emerged as the top gainers, finishing the session on a positive note. Conversely, Tata Motors, Tech Mahindra, ITC, IndusInd Bank, and HCL Tech ended the day in the red.

Nifty Auto fell 1.7%, while Nifty PSU Bank dropped 1.2% lower, weighed down by Bank of India and Union Bank. Conversely, Nifty Pharma, Healthcare, and Realty emerged as the top sectoral gainers.

The market breadth was skewed in the favour of the bears. About 1,707 stocks dropped, 2,254 gained, and 126 remained unchanged on the BSE.

Global Markets Global stocks neared record highs on Monday, in a week where inflation figures could make or break expectations for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world’s No. 2 economy.

The improved sentiment has helped lift Chinese blue chips to a seven-month high and the positive vibes carried over into Europe, where the STOXX 600 held near record highs and U.S. stock futures rose 0.1%.
The MSCI All-World index nudged higher on Monday and is now less than 0.5% away from March’s record highs.

Crude Oil – Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp energy use in the world’s biggest economy. Brent crude futures slid 25 cents, or 0.27%, to $83.01 a barrel, while U.S. West Texas Intermediate crude futures were at $78.54 a barrel, up 30 cents.

Nifty futures opened at 22100.00 points against the previous close of 22140.60 and opened at a low of 21900.00 points. Nifty Future closed with an average movement of 325 points and a rise of around 84 points and closed 22224.25 points…!!

Rupee Ends Lower – The Indian rupee closed marginally lower after a range-bound trading session on Monday, tracking a decline in most regional peers ahead of data that could help gauge the timing of a policy reversal by the Federal Reserve. The rupee ended at 83.53 to the U.S. dollar, down from 83.50 in the previous session. The domestic unit traded in a narrow four – paise range in Monday’s session.

At the start of intra-day trading, June gold opened at Rs.72363, fell from a high of Rs.72414 points to a low of Rs.71900 with a decline of 612 points, a trend of around Rs.72115 and July Silver opened at Rs.84598, fell from a high of Rs.85161 points to a low of Rs.84377 with a rise of 219 points, a trend of around Rs.85063.

Meanwhile, Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation. An absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak. Investors remain watchful ahead of the release of India and US inflation data and the FED chair’s speech to get a near-term direction.

Technically, the important key resistances are placed in Nifty future are at 22224 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 22272 – 22373 levels. Immediate support is placed at 22088 – 22008 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

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