Dear
Trader…
The 30-share BSE benchmark Sensex rose 253 points or 0.34% to
settle at 73,917.Meanwhile, the broader NSE Nifty future climbed by 52 points
or 0.23% to end at 22504.
Twelve of the 13 major sectors logged weekly gains, rising
between 0.5% and 6.6%. Both the NSE Nifty 50 and S&P BSE Sensex gained
about 2% this week, their best since the week ended February 2.Twelve of the 13
major sectors logged weekly gains, rising between 0.5% and 6.6%.
Nifty IT fell 0.85%. The drop in US rate-sensitive IT stocks
comes after data showed a fall in weekly jobless claims on Thursday, indicating
a tight labour market while a rise in US import prices signalled persistent
price pressures.
Nifty Auto index jumped 1.7% to an all-time high, led by
M&M, Balkrishna Industries, and TV Motor. The broader, more domestically
focussed small and midcaps were up 1.65% and 0.9%, respectively.
From the Sensex pack, M&M was the top gainer, rising 6%
as its overall March quarter numbers managed to beat Street estimates on most
fronts leading to target price hikes and upgrades. JSW Steel, UltraTech Cement,
Kotak Bank, ITC, and Maruti also closed higher.On the other hand, TCS, HCL
Tech, HUL, Nestle, and Wipro closed in the red.
The market capitalisation of all listed companies on BSE
surged by Rs 2.86 lakh crore to Rs 410.21 lakh crore. The market breadth was
skewed in the favour of the bulls. About 2,401 stocks gained, 1,413 declined,
and 125 remained unchanged on the BSE.
Global
Markets –
Global stocks eased on Friday after Federal Reserve officials
hinted US interest rates may not fall any time soon.The MSCI All-World index
was last down 0.1%, but still near this week’s record highs, while in Europe,
the STOXX 600, which also hit a record peak this week, was down 0.4%.Shanghai’s
CSI 300 ended up 1%, while Hong Kong’s Hang Seng Index hit its highest since
August 2022, up 0.9%.
Rupee
Strengthens – The Indian rupee closed higher on
Friday after rising to its highest in two weeks, aided by likely intervention
from the Reserve Bank of India (RBI) and broad-based interbank dollar sales in
the latter half of the session. The rupee ended at 83.3350 against the US
dollar, up 0.2% against its previous close at 83.50.
Nifty futures opened at 22481.20 points against the previous
close of 22452.35 and opened at a low of 22407.70 points. Nifty Future closed
with an average movement of 139 points and a rise of around 51.65 points and closed
22504.00 points…!!
Crude
Oil – Oil prices steadied on Friday, with global
benchmark Brent set for its first weekly gain in three weeks as economic
indicators from big consumers China and the United States bolstered hopes for
higher demand. China’s industrial output rose 6.7% year-on-year in April as
recovery in its manufacturing sector gathered pace, accelerating from 4.5% in
March and pointing to possibly stronger demand to come.
Brent crude oil rose 5 cents to $83.32 a barrel.
U.S. West Texas Intermediate (WTI) crude was down 3 cents at $79.20.
At the start of intra-day trading, June gold opened at Rs.72907,
fell from a high of Rs.73160 points to a low of Rs.72833 with a decline of 178 points,
a trend of around Rs.731137 and July Silver opened at Rs.88278, fell from a
high of Rs.88300 points to a low of Rs.86900 with a rise of 1093 points, a
trend of around Rs.88360.
Meanwhile,
Despite mixed global signals and uncertainties
surrounding the US Fed, the Indian market experienced a robust recovery,
largely fuelled by the outperformance of the broader market and positive Q4
earnings. Further, some index heavyweight earnings surpassed expectations, and
midcap and smallcap stocks continued to exhibit buying interest during dips.
Auto and consumer durables particularly stood out with strong earnings
momentum.
Technically, the
important key resistances are placed in Nifty future are at 22504 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 22202 –
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
