Dear
Trader…
The 30-stock S&P BSE Sensex scaled a new peak of
78,164.71, gaining 824 points or 0.87% while the broader Nifty Future achieved
a lifetime high of 23,746.10 gaining 212.00 points or 0.91%. Sensex ended at
78,053, up by 712 points or 0.92% while Nifty fo closed at 23,735, up by 191.80
points or 0.81%.Banking gauge Bank Nifty future also hit its lifetime high of
52,718.25, taking a 2% or 965 points intraday lead.
The top gainers from the Nifty50 index were Shriram Finance,
Axis Bank, HDFC Bank, ICICI Bank and Tech Mahindra around this time while the
top losers from the pack were Bharat Petroleum Corporation Limited (BPCL),
Eicher Motors, Tata Steel, Asian Paints and Power Grid.
Notwithstanding the gains, the market breadth was evenly
distributed in favour of gainers and losers. In the 50-stock index, 25 stocks
were trading in the green, 24 in the red while one counter remained unchanged.
Of the 16 sectoral indices on the NSE, 8 ended in the green.
Nifty Financial Services, Nifty IT, Nifty PSU Bank were among the winners. From
the losing side, Nifty Auto, Nifty FMCG, realty and Nifty Metal were under the
spotlight.
The action was mixed in the broader markets with the Nifty
Midcap 100 trading down 0.45% at 55,324.45 while the Nifty Smallcap 100 gained
by 0.21% and traded at 18,255.10 around this time.
Global
Markets –
Most major Asian indices closed in the green with Japan’s
Nikkei 225 closing up 0.95% while Hong Kong’s Hang Seng gaining 0.25%.
Singapore’s FTSE Straits Times Index settled 0.37% higher. Meanwhile China’s
Shanghai Composite ended with declines of 0.44%.
Meanwhile, cues from European markets were not positive. UK’s
FTSE 100, Germany’s DAX, French CAC 40 Index and Spain’s IBEX 35 were among top
losers falling up to 1.10%.
Rupee
impact – The Indian rupee ended marginally
higher on Tuesday on expectations of foreign inflows into domestic debt that
will be included in a global index later this week. The rupee settled at
83.4325 against the US dollar from its previous close at 83.4600. Gains in the
rupee were, however, limited due to month-end dollar demand from importers.
Indian bonds will be included in the widely tracked JP Morgan
emerging market index on June 28, spurring inflows of about $2 billion.
Nifty futures opened at 23568.05 points against the previous
close of 23543.20 and opened at a low 191.80 points. Nifty Future closed with
an average movement of 195.55 points and a decline of around 191.80 points and
closed 23735.00 points…!!
Crude
Impact – Crude oil prices were trading lower on
Tuesday with US WTI oil contracts trading at $81.31, down by $0.32 or 0.39%
while Brent oil futures were hovering near $85.65, down by $45 or 0.66%.On the
MCX, the July Crude Oil futures were trading at Rs 6,777 per BBL, up by Rs 28
or 0.39%.
At the start of intra-day trading, July gold opened at Rs.71712,
fell from a high of Rs.71917 points to a low of Rs.71565.00 with a decline of 146 points,
a trend of around Rs.71640 and July Silver opened at Rs.88837, fell from a high
of Rs.89156 points to a low of Rs.88667 with a decline of 111 points, a trend
of around Rs.88888.
Meanwhile,
the domestic market experienced a financial
sector-driven rally on Tuesday, primarily led by private banks, with the Nifty
Bank reaching a new high and the Sensex surpassing 78,000. However, profit
booking was evident in sectors such as realty, power, metals, and midcaps, he
added.
Amidst moderate consolidations and sector rotations, the
market is moving upwards due to expectations from the upcoming Budget.
Additionally, the progress of the monsoon is being watched for insights into
the consumption outlook.
Technically, the
important key resistances are placed in Nifty future are at 23735 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 23808 – 24004 levels. Immediate support is placed at 23606 –
23474 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
