Dear
Trader…
Retreating from early highs, the 30-share BSE Sensex closed
lower by 27 points or 0.03% at 79,897 The index climbed 245 points to hit a
high of 80,170 in early trade but later lost momentum due to selling in index
heavyweights. The broader NSE Nifty future gained 51 points or 0.21% to end at
24,406.
From the Sensex pack, HDFC Bank, L&T, M&M, Bajaj
Finance, and ICICI Bank were the top contributors dragging the index down,
while ITC, SBI, Tata Motors and Axis Bank were the top gainers.
On the sectoral front, Nifty Auto, Pharma, Realty, and
Healthcare closed in the red, while FMCG, IT, Media, Consumer Durables, and Oil
& Gas closed higher.
Meanwhile, Fed Chair Jerome Powell told lawmakers that
“more good data” would build the case for rate cuts. The odds of a
rate cut in September are about 75% and will get the next cue from data later
in the day that is expected to show easing U.S. inflation.
The market capitalisation of all listed companies on BSE
surged by Rs 1.21 lakh crore to Rs 451.26 lakh crore. The market breadth was
skewed in the favour of the bulls. About 1,796 stocks gained, 2,129 declined,
and 98 remained unchanged on the BSE.
Global
Market Check –
World stocks hit new all-time highs on Thursday as traders
counted down to U.S. data that is expected to show inflation easing and paving
the way for the Fed to start its long-awaited interest rate cut cycle as soon
as September.
Europe’s main bourses moved 0.4%-0.7% higher in early
trading, which after records in both the U.S. and Tokyo overnight, meant MSCI’s
main all-country world index scaled its own new peak.
Overnight, Japan’s Nikkei had risen 1% to a record high of
42,426 points Taiwanese stocks did the same, and Australia’s ASX 200 closed
within a whisker of its all-time top.
Oil
Prices Rise – Oil prices were stable on Thursday
with the Brent benchmark holding above $85 a barrel, as investors balanced a
bleaker demand growth view from the International Energy Agency (IEA) with a
indications of growing U.S. consumption. Brent futures were up by 21 cents, or
0.25% to $85.29 a barrel. U.S. West Texas Intermediate (WTI) crude rose 13
cents, or 0.16%, to $82.23.
Nifty futures opened at 24385 points against the previous
close of 24355 and opened at a low 24241 points. Nifty Future closed with an
average movement of 178 points and a rise of around 51 points and closed 24406
points…!!
Rupee
Weakens – The Indian rupee ended slightly weaker
on Thursday, pressured by dollar demand from state-run banks and importers,
although most of its Asian peers gained ahead of a key U.S. inflation report. The
rupee ended at 83.56 against the U.S. dollar, moderately lower than its close
at 83.52 in the previous session.
At the start of intra-day trading, August gold opened at Rs.72815,
fell from a high of Rs.73183 points to a low of Rs.72730 with a decline of 406 points,
a trend of around Rs.73074 and July Silver opened at Rs.93400, fell from a high
of Rs.94560 points to a low of Rs.93150 with a rise of 1376 points,
a trend of around Rs.94181.
Meanwhile,
The main indices are trading in a narrow range,
struggling to justify its premium valuation ahead of the Q1 earnings season,
which is forecast to be subdued. However, the broader market is exhibiting
marginal momentum, led by a shift in FIIs inflow and budget expectations.
Attention is now focused on the US inflation data, which is estimated to
moderate and positively influence Fed’s interest rate decisions.
Technically, the
important key resistances are placed in Nifty future are at 24406 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 24474 – 24606 levels. Immediate support is placed at 24240 –
24170 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
