Dear
Trader…
The 30-share BSE Sensex declined by 668 points, or 0.89%, to
settle at 74,503. The broader NSE Nifty future dropped 206 points, or 0.90%, to
end at 22,731.
ICICI Bank and HDFC Bank alone contributed to a 300-point
decline in the Sensex. Reliance Industries, Infosys, Axis Bank, L&T, and
TCS also dragged down the index.
Meanwhile, the market capitalisation of all listed companies
on BSE declined by Rs 1.83 lakh crore to Rs 415.09 lakh crore.
On the sectoral front, Nifty Financial Services fell by
1.65%, while Nifty IT, Private Bank, and Oil & Gas also declined by over
1%. Conversely, Nifty Media, Metal, and Healthcare closed higher. In the
broader market, Nifty Midcap 100 fell by 0.32%, while Nifty Smallcap 100 rose
by 0.06%.
Global
Markets –
European equities opened lower, with the continent-wide STOXX
600 index falling for a second day, by 0.4%. Britain’s FTSE 100 was down 0.22%
and Germany’s DAX was 0.44% lower. US stock futures were also in the
red, with S&P 500 contracts 0.48% down and Nasdaq contracts off by 0.56%.
Oil
Prices Rise – Oil prices rose on Wednesday on
expectations that major producers will extend output cuts at a meeting on
Sunday and that fuel consumption will start rising with the start of the peak
summer demand season. Brent crude futures for July delivery added 74
cents, or 0.9%, to $84.96 a barrel. U.S. West Texas Intermediate futures for
July climbed 69 cents, or 0.9%, to $80.52. Both benchmarks gained more than 1%
on Tuesday.
Nifty futures opened at 22845.00 points against the previous
close of 22937.25 and opened at a low 22721.75 points. Nifty Future closed with
an average movement of 152.25 points and a decline of around 206 points and closed
22731.00 points…!!
At the start of intra-day trading, June gold opened at Rs.72155,
fell from a high of Rs.72438 points to a low of Rs.71931 with a decline of 181 points,
a trend of around Rs.71999 and July Silver opened at Rs.95502, fell from a high
of Rs.96493 points to a low of Rs.95364 with a decline of 225 points, a trend
of around Rs.95660.
Bond
Yields Jump – US government bond yields pushed
to a near four-week peak on Wednesday as data sowed new doubts about the timing
and extent of Federal Reserve rate cuts. The benchmark 10-year US
Treasury yield rose as high as 4.576%, a level not seen since May 3, and was
last up 2 basis points at 4.566%.
Rupee
Weakens – The Indian rupee logged its biggest
daily decline against the U.S. dollar in nearly seven weeks on Wednesday,
pressured by persistent dollar demand from importers and election-related risks.
The rupee ended at 83.3450, down from 83.1775 in the previous session. It fell
0.2% on Wednesday, its biggest daily fall since April 12.
Meanwhile,
Weak global cues prompted investors to take
profits ahead of the US core PCE data, a key gauge of inflation that is
anticipated to rise. Continued soaring of global inflation, like the latest
trend in Japan and Australia, is diminishing investor expectation of a US Fed
rate cut in the near term. Broad-based weakness is noticed across the sectors
with heavy underperformance from financials and IT.
Technically, the
important key resistances are placed in Nifty future are at 22731 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 22808 – 23008 levels. Immediate support is placed at 22676 –
22570 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
