Dear
Trader…
The 30-share BSE benchmark Sensex fell 53 points or 0.07% to
settle at 73,953. The broader NSE Nifty Future gained 46 points or 0.20% to end
at 22,590.
Tata Steel, JSW Steel, and Power Grid led the gains on the
Sensex, climbing 2.5% to 3.7%. However, Nestle India, Maruti, IndusInd Bank,
and ICICI Bank were among the top losers on the index.
IT companies, which earn a significant share of their revenue
from the US, closed 0.2% lower, on worries about US interest rates staying
higher for longer after Federal Reserve officials maintained a cautious view on
inflation.
The market capitalisation of all listed companies on BSE
surged by Rs 2.23 lakh crore to Rs 414.58 lakh crore ($4.97 trillion).
Moreover, during the day’s trade, the market capitalisation of all listed
companies on BSE hit the $5 trillion mark for the first time ever.
Global
Markets –
Asian stocks drifted lower while the dollar held firm on
Tuesday as investors awaited minutes of the Federal Reserve’s latest policy
meeting to gauge the timing and extent of possible interest rate cuts this
year.
MSCI’s broadest index of Asia-Pacific shares outside Japan
slipped 0.9%, weighed down by the Hang Seng’s 1.9% pullback from Monday’s
multi-month peak.
The blue-chip FTSE 100 fell 0.4% to 8,386 points and was set
for its biggest percentage drop in more than a month. The mid-cap FTSE 250 also
dropped 0.4%.
Oil
Falls – Oil prices extended losses on Tuesday,
with investors expecting lingering US inflation to keep interest rates higher
for longer, depressing consumer and industrial demand. Brent crude futures fell
64 cents, or 0.7%, to $83.07 a barrel by 0845 GMT. U.S. West Texas Intermediate
crude (WTI) slipped 64 cents, or 0.8%, to $79.16.
Nifty futures opened at 22510.25 points against the previous
close of 22543.90 and opened at a low of 22510.20 points. Nifty Future closed
with an average movement of 139 points and a rise of around 166.80 points and closed
22590.00 points…!!
Rupee
Ends Slightly Higher – The Indian rupee closed
marginally stronger on Tuesday despite weakness in most Asian currencies, with
traders broadly expecting the rupee to see range-bound price action ahead of
the outcome of India’s national elections. The rupee ended at 83.3050 against
the US dollar, slightly higher than its close at 83.3350 on Friday.
At the start of intra-day trading, June gold opened at Rs.73790,
fell from a high of Rs.74197 points to a low of Rs.73701 with a decline of 170 points,
a trend of around Rs.74190 and July Silver opened at Rs.93761, fell from a high
of Rs.94888 points to a low of Rs.92798 with a rise of 495 points, a trend of
around Rs.94772.
Meanwhile,
On the global front, the relations between Russia
and China are getting stronger against America and the global trade equations
are changing due to America’s restrictions on China’s imports. Due to which the
market will keep an eye on the possible development in the coming days. Along
with this, it will be necessary to be careful in case of any unexpected
development regarding the Lok Sabha elections. It will be imperative to ease
the index based overbought position or oversold position until the election is
over and the results are announced.
Weak Asian and European cues kept the mood sluggish in the
domestic market through the trading session. Investors are trading with caution
in the run up to the poll outcome and are keeping their equity exposure
limited.
Technically, the
important key resistances are placed in Nifty future are at 22590 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 22676 – 22770 levels. Immediate support is placed at 22373 –
22303 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
