Dear
Trader…
The domestic equity market on Thursday rallied for the fourth
consecutive day amid buying in heavyweight bluechips, which took Nifty past the
24,000 milestone. Sensex also touched a new record high and crossed the 79,000
level following a 400-point surge.
The 30-stock S&P BSE Sensex scaled a new peak of 79396.03
intra-day, and ended the day at 79,243.18, up 568.93 points or 0.72%, while the
broader Nifty crossed the 24K mark for the first time and settled at 24,105.00,
higher by 132.50 points or 0.55%.
For Nifty future, the latest 1,000-point gain from 23,000 to
24,000 has been the 2nd fastest ever. The index took just 23 sessions to climb
1,000 points.
Among sectoral indices, buying was noticed in
banks, FMCG, metals and pharma. The Nifty Bank, which was the top gainer on
Wednesday, reversed course today, closing at 52,880, rise 02.90 points or 0.01%.
Nifty’s breadth was slightly tilted in the favour of the
bulls, with 35 stocks ending in the green, while 15 settled with cuts. The top
gainers at the time of closing were UltraTech Cement, LTIMindtree, Grasim
Industries, NTPC, and Wipro, while Larsen & Toubro (L&T), Shriram
Finance, Eicher Motors, Divi’s Laboratories, and HDFC Bank were top losers.
Global
Markets –
Major Asian markets closed mixed. Japan’s Nikkei 225 fell
0.82%, while Hong Kong’s Hang Seng index closed with over 2% declines.
Meanwhile, China’s Shanghai Composite was down nearly 1%. Singapore’s FTSE
Straits Times Index was among the gainers with a 0.35% uptick.
Currency Watch –
The Indian rupee closed stronger on Thursday,
supported by inflows into domestic sovereign bonds ahead of their inclusion in
JPMorgan’s emerging market debt index. It ended at 83.46 against the US dollar,
marking a 0.1% gain from its previous close of 83.57. Despite reaching an intraday
high of 83.44, gains were limited by dollar demand from local oil companies, as
reported by Reuters citing traders.
Crude Impact –
Crude oil prices were trading higher on Thursday,
with US WTI oil contracts trading at $81.17, up $0.27 or 0.33%, while Brent oil
futures were hovering near $85.56, higher by $0.31 or 0.36%.On the MCX,
the July Crude Oil futures were trading at Rs 6,785 per BBL, down by Rs 20 or
0.29%.
Nifty futures opened at 23953.00 points against the previous
close of 23972.50 and opened at a low 23899.85 points. Nifty Future closed with
an average movement of 221.25 points and a decline of around 132.50 points and
closed 24105.00 points…!!
At the start of intra-day trading, August gold opened at Rs.70992,
fell from a high of Rs.71548 points to a low of Rs.70870 with a rise of 397 points,
a trend of around Rs.71510 and July Silver opened at Rs.86564, fell from a high
of Rs.87690 points to a low of Rs.86451 with a rise of 553 points, a trend of
around Rs.87553.
Meanwhile,
The current calendar year has been bullish for the stock market. Sensex has
risen 6964.86 points in just 16 trading sessions after the big crash recorded
during the Lok Sabha election results. Sensex and Nifty are making record after
record in June. The Modi government is taking one decision after another with a
determination to move forward with economic policies by operating in 3.0 full on.
Now foreign portfolio investors are again big buyers in the Indian stock
markets despite the potential profit booking of local funds in the coming days
and cautious ahead of the budget. Class is likely to show a correction trend in
the market again. Budget countdown has started. Now, in the budget fever,
speculations have started in the market, there is a possibility that the record
boom in the market will be interrupted in the coming days.
Technically, the
important key resistances are placed in Nifty future are at 24105 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 24188 – 24303 levels. Immediate support is placed at 23939 –
23808 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
