Dear
Trader…
The 30-share BSE benchmark Sensex gained 267 points, or
0.36%, to settle at 74,221. The broader NSE Nifty future surged 60 points, or
0.27%, to end at 22,666.
Meanwhile, minutes from the Fed’s latest policy meeting will
offer clues about the rate cut trajectory in the world’s largest economy.
US rate-sensitive Nifty IT index rose 0.7%, led by the gains
in Coforge, LTTS, and Infosys. Indian IT companies earn a bulk of their revenue
from US clients.
From the Sensex pack, HUL, Reliance Industries, Infosys,
Asian Paints, and ITC were the top gainers, rising 1-2% each. On the flip side,
SBI, JSW Steel, Axis Bank, ICICI Bank, and Tata Steel closed in the red.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 1.36 lakh crore to Rs 415.98 lakh crore. The market breadth
was skewed in the favour of the bears. About 1,826 stocks gained, 2,018
declined, and 104 remained unchanged on the BSE.
Global
Markets –
Share markets fell on Wednesday as stronger-than-expected
inflation in Britain offset investor hopes that AI-heavyweight Nvidia could
meet sky-high expectations, with the market also waiting for possible clues on
when the U.S. Federal Reserve will begin to bring down interest rates.
European stocks dipped 0.3% in early trading, after earlier
being poised for slim gains. Britain’s FTSE 100 led losses among regional
markets with an 0.6% drop.
S&P 500 futures and Nasdaq futures were flat. The MSCI
world equity index, which tracks shares in 47 countries, was also flat.
Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan firmed
0.3%, having already climbed for four straight weeks to reach a two-year top.
Rupee
Closes Higher – The Indian rupee ended
slightly stronger on Wednesday after dollar demand from local importers
prompted the currency to shed gains from a six-week high hit earlier in the
session.
The rupee closed at 83.28 against the U.S.
dollar, marginally stronger than its close at 83.3050 in the previous session.
The rupee climbed to an intra-day peak of 83.2250, its highest since April 10.
Nifty futures opened at 22625.00 points against the previous
close of 22605.90 and opened at a low of 22548.80 points. Nifty Future closed
with an average movement of 134 points and a rise of around 60.20 points and closed
22666.10 points…!!
Oil
Slips – Oil prices fell on Wednesday,
retreating for a third straight day on expectations that the Federal Reserve
might keep U.S. interest rates higher for longer due to sustained inflation,
potentially affecting fuel use in the world’s largest consumer. Brent
crude futures were down 64 cents, or 0.8%, at $82.24 a barrel, while U.S. West
Texas Intermediate crude (WTI) dropped 65 cents, or 0.8%, to $78.01. Both
benchmarks shed more than 1% earlier in the session.
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,
Despite mixed global market sentiments ahead of
the US FED minutes, Indian markets exhibited a subtle positive trend. Investors
are optimistic about stable Q4 earnings and easing election jitters that had
previously increased volatility.
Interest in the FMCG sector has risen due to the potential
for an early onset of monsoon. Nevertheless, markets may underperform in the
short term as they wait for the election outcome, with FIIs staying on the
sidelines.
Technically, the
important key resistances are placed in Nifty future are at 22666 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 22707 – 22808 levels. Immediate support is placed at 22474 –
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
