Dear
Trader…
The 30-share BSE benchmark Sensex advanced 391 points or
0.49% to settle at 80,352. The broader NSE Nifty future gained 102 points or 0.42%
to end at 24,478.
From the Sensex pack, Maruti Suzuki, M&M, ITC, and Sun
Pharma closed 2-6% higher, while Reliance Industries, Kotak Bank, Bajaj
Finance, and JSW Steel ended in the red.
On the sectoral front, Nifty Auto ended 2.2% higher, led by
Maruti Suzuki and M&M. Nifty Pharma, Bank, Financial Services, FMCG,
Realty, and Healthcare also closed higher.
Meanwhile, US Federal Reserve Chair Jerome Powell is set to
appear before Congress on Tuesday and Wednesday, with investors betting that a
slew of soft labour market data has boosted the chance of a rate cut in
September to about 80%.
Meanwhile, the market capitalisation of all listed companies
on the BSE increased by Rs 1.58 lakh crore to Rs 451.29 lakh crore. The market
breadth was skewed in the favour of the bulls. About 1,960 stocks gained, 1,973
declined, and 93 remained unchanged on the BSE.
Global
Market Check –
Global shares were mixed on Tuesday as investors waited to
see if U.S. Federal Reserve Chair Jerome Powell would sound supportive of rate
cuts after evidence the U.S. labour market is cooling.The Euro STOXX 600 fell
0.2%, with eurozone blue chip stocks down by a similar amount. Energy shares,
tracking lower oil prices, led the losses, falling 0.9%. Wall Street, however,
was set for a brighter open with S&P 500 futures up 0.2% and Nasdaq futures
gaining 0.4%.
Oil
Prices Slip – Oil prices slipped on Tuesday
after a hurricane that hit a key U.S. oil-producing hub in Texas caused less
damage than markets had expected, easing concerns over supply disruption.Brent
futures fell 49 cents or 0.6% to $85.26 a barrel, while U.S. West Texas
Intermediate (WTI) crude slipped 54 cents or 0.7% to $81.79.
Nifty futures opened at 24342 points against the previous
close of 24375 and opened at a low 24306 points. Nifty Future closed with an
average movement of 204 points and a rise of around 102 points and closed 24478
points…!!
Rupee
Ends Flat – The Indian rupee closed nearly flat
on Tuesday, tracking largely subdued price action in its Asian peers, as
investors awaited comments from the Federal Reserve Chair for cues on the
future path of U.S. interest rates. The rupee ended at 83.4850 against the U.S.
dollar, barely changed from its close at 83.4925 in the previous session.
At the start of intra-day trading, August gold opened at Rs.72578,
fell from a high of Rs.72598 points to a low of Rs.72280 with a decline of 38 points,
a trend of around Rs.72288 and July Silver opened at Rs.92799, fell from a high
of Rs.93691 points to a low of Rs.92799 with a rise of 470 points,
a trend of around Rs.93029.
Meanwhile,
Both domestic and global factors continue to
drive the market momentum. Currently, consumption sectors like FMCG and auto
are leading the gains, buoyed by progress in the monsoon and kharif sowing.
Technically, the
important key resistances are placed in Nifty future are at 24478 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 24606 – 24676 levels. Immediate support is placed at 24373 –
24240 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
