Dear
Trader…
After beginning the trade on a weak note, the 30-share BSE
Sensex declined 36 points or 0.05 per cent to settle at 79960. The NSE Nifty
dipped 0.25 points or 0.01 per cent to 24379.
On the sectoral front, Nifty Bank, Auto, Media, Metal,
Pharma, Realty, and Consumer Durables closed lower.While, Nifty FMCG, IT, and
Oil & Gas closed higher.
From the Sensex stocks, Titan, Adani Ports, Tata Steel, JSW
Steel, Asian Paints, and M&M were the top losers, declining 1-3.5%. Sun
Pharma, UltraTech Cements, TCS, and HDFC Bank also ended in the red, while ITC,
HUL, Nestle India, and HCL Tech closed higher.
The market breadth was
skewed in favour of the bears. About 1798 stocks gained, 2261 declined, and 110
remained unchanged on the BSE.
Global
Market Check –
World stocks held just below record highs on Monday, with
sentiment slightly cautious as growth woes in China and the prospect of
political deadlock in France took the shine off optimism about a US interest
rate cut as early as September.
European shares reversed early falls,but US stock futures
were broadly flat and Japan’s Nikkei slipped 0.32% while the Chinese blue-chip
index was off 0.9%. Europe’s region-wide STOXX 600 and the CAC 40 in Paris were
both up over 0.4% after early falls.
Crude
Oil – Oil prices slid on Monday after rising for
four weeks, as the prospect of a ceasefire deal in Gaza eased tensions in the
Middle East, while investors assessed potential disruption to US energy
supplies from Hurricane Beryl. Brent crude futures were down 49 cents, or
0.57%, at $86.05 a barrel. U.S. West Texas Intermediate (WTI) crude was at
$82.53 a barrel, down 63 cents, or 0.76%.
Nifty futures opened at 24379 points against the previous
close of 24379 and opened at a low 24286 points. Nifty Future closed with an
average movement of 113 points and a rise of around 0.25 points and closed 24379
points…!!
Currency
Watch – The Indian rupee closed little changed
on Monday after lingering in a tight band, unable to capitalise on a broadly
weaker dollar in the midst of heightened odds of a September rate cut by the
Federal Reserve. The rupee closed at 83.4925 against the US dollar, barely
changed from its close of 83.4850 in the previous session. The currency hovered
between 83.44 and 83.50 throughout the session.
At the start of intra-day trading, August gold opened at Rs.73038,
fell from a high of Rs.73068 points to a low of Rs.72620 with a decline of 286 points,
a trend of around Rs.72756 and July Silver opened at Rs.93295, fell from a high
of Rs.93720 points to a low of Rs.92939 with a decline of 152 points, a trend
of around Rs.93440.
Meanwhile,
With the monsoon progressing well, the full Union Budget to be presented on
July 23, 2024 is expected to provide incentives, reliefs to various sections of
people and to make more people long-term investors and thereby join India’s
growth story. The possibility of provision is being shown. With this, now the
quarterly results season for the end of June 2024 is starting, the corporate
results specific bullishness will continue. With an eye on Federal Reserve
Chairman Powell’s upcoming testimony, China’s inflation numbers for June, the
UK’s May GDP growth figures for Thursday, US inflation numbers will weigh on
global markets.
Technically, the
important key resistances are placed in Nifty future are at 24379 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 24434 – 24505 levels. Immediate support is placed at 24240 –
24188 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
