Dear
Trader…
The BSE Sensex declined 220 points, or 0.29%, to settle at
75,170. Meanwhile, the broader NSE Nifty future dropped 57 points, or 0.25%, to
end at 22,925.
Reliance Industries, Bharti Airtel, ITC, Power Grid, ICICI
Bank, and Axis Bank were the top contributors dragging down the Sensex.
Nifty PSU Bank, Realty and Oil & Gas fell 1-2%. On the
other hand, Nifty, Media, Pharma, and Healthcare closed up to 0.5% higher. In
the broader market, Nifty Midcap 100 fell 0.9%, and Nifty Smallcap100 declined
0.85%.
Sectorally, Nifty PSU Bank declined 2.75% and Nifty FMCG fell
0.35%. Nifty Financial Services and Nifty Realty also closed lower. In the
broader market, Nifty Midcap100 gained 0.04%, while Smallcap100 fell 0.05%.
Meanwhile, the market capitalisation of all listed companies
on BSE declined by Rs 3.08 lakh crore to Rs 416.87 lakh crore. The market
breadth was skewed in the favour of the bears. About 1,236 stocks gained, 2,594
declined, and 104 remained unchanged on the BSE.
Global
Markets –
World shares held near all-time highs on Tuesday and US
Treasury yields ticked lower as investors awaited inflation data from both
sides of the Atlantic due later in the week.
MSCI’s world share index was flat on the day, as was Europe’s
broad STOXX 600 — both near record-highs hit this month. Asian shares had
traded broadly steady earlier in the day, and US S&P 500 futures are up
0.3%.
Crude
Oil – Global oil prices steadied on Tuesday as
the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and
hopes of strong US summer fuel demand balanced concern about higher-for-longer
US interest rates. The July contract for Brent, the global benchmark, rose 13
cents or 0.2% to $83.23 a barrel. U.S. West Texas Intermediate (WTI) crude was
at $78.91, up $1.19 or 1.5%, from Friday’s close, having traded through a U.S.
holiday to mark Memorial Day without a settlement.
Rupee
Slips – The Indian rupee ended slightly weaker
on Tuesday as dollar demand from local corporates pressured the currency even
as the greenback slipped, which helped lift most Asian currencies. The rupee
closed at 83.1775 against the U.S. dollar, compared with its previous close at
83.13.The dollar index slipped below the 104.5 mark, extending its losses from
Monday.
Nifty futures opened at 23030.00 points against the previous
close of 22981.50 and opened at a low of 22915.25 points. Nifty Future closed
with an average movement of 122.70 points and a decline of around 56.50 points
and closed 22925.00 points…!!
At the start of intra-day trading, June gold opened at Rs.71993,
fell from a high of Rs.72038 points to a low of Rs.71762 with a decline of 13 points,
a trend of around Rs.71991 and July Silver opened at Rs.94708, fell from a high
of Rs.94937 points to a low of Rs.93325 with a decline of 27 points, a trend of
around Rs.94570.
Meanwhile,
The Indian market exhibited mild consolidation
post the recent sharp surge. The uncertainty-led volatility is likely to
continue as the market approaches the election outcome. Conversely, the
underlying earnings growth for the March quarter results so far was largely
above expectations, which would likely support the valuation, which is
currently moderately above the long-term average.
Technically, the
important key resistances are placed in Nifty future are at 22925 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 23009 – 23108 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
