Dear
Trader…
The 30-share BSE benchmark Sensex dropped 8 points or 0.01%
to settle at 75,410.39. The broader NSE Nifty future surged 13 points or 0.06%
to end at 23015.
From the Sensex pack, HDFC Bank, Bharti Airtel, L&T, Axis
Bank, NTPC, and UltraTech Cement closed with gains, while Tech Mahindra, Asian
Paints, TCS, M&M, and Titan closed with losses.
The US-rate sensitive Nifty IT index dropped 0.64% after
strong labour market and business activity data fuelled concerns over
tighter-for-longer monetary policy in the world’s largest economy. IT firms
earn a significant share of their revenues from the US.
Meanwhile, Nifty FMCG, metal, pharma, realty, and oil &
gas also closed in the red, while Nifty Bank, Auto, Media, and Oil & Gas
ended higher.
The market breadth was skewed in favour of the
bears.
About 2,254 stocks declined, 1,598 gained, and 93 remained
unchanged on the BSE.
Global
Markets –
Global stocks slipped on Friday, heading for a weekly loss,
after data signalling a rebound in US inflation outweighed a boost to sentiment
in the wake of strong earnings from artificial intelligence giant Nvidia.
MSCI’s global share index, which hit intraday highs earlier
in the week, slipped 0.2% and was set for a 0.9% weekly loss. Europe’s Stoxx
600 share index was 0.5% lower.
all Street’s S&P 500 share index is 0.7% lower this week,
although stock futures suggested it would tick higher on Friday.
Oil
Prices Decline – Oil prices extended losses on
Friday, pressured by lingering concerns that sticky inflation could prolong
higher interest rates and curb fuel demand. Brent crude futures fell by 58
cents, or 0.71%, to $80.78 a barrel. US West Texas Intermediate (WTI) crude
futures were down 59 cents, or 0.77%, at $76.28.
Rupee
Strengthens – The Indian rupee rose to a
two-month peak on Friday, boosted by likely strong dollar inflows into domestic
equities even as most Asian currencies declined pressured by a rise in US bond
yields. The rupee rose 0.2% to close at 83.0975 against the US dollar — its
strongest closing level since March 19.
Nifty futures opened at 23000.00 points against the previous
close of 23002.70 and opened at a low of 22953.00 points. Nifty Future closed
with an average movement of 136.90 points and a rise of around 12.70 points and
closed 23015.40 points…!!
At the start of intra-day trading, June gold opened at Rs.71468,
fell from a high of Rs.71665 points to a low of Rs.71347 with a decline of 82 points,
a trend of around Rs.71495 and July Silver opened at Rs.90562, fell from a high
of Rs.91390 points to a low of Rs.90462 with a rise of 477 points, a trend of
around Rs.90953.
Meanwhile,
Global market sentiments remained subdued as the
recent US FOMC minutes suggest a continued hawkish stance on policy rates. US
jobless claims fell over expected, corporate profits remained healthy, and
stubborn inflation persists, giving the Fed no reason to cut rates.
Meanwhile, the domestic market is reaching new highs, with
largecaps playing second fiddle to the broader market rally, indicating
sustained momentum in the short term.
Technically, the
important key resistances are placed in Nifty future are at 23015 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 23088 – 23202 levels. Immediate support is placed at 22808 –
22676 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
