Dear
Trader…
Tracking
a decline in global peers, Indian benchmark equity indices closed in the deep
red on Friday after four days of record-breaking rally as investors preferred
to book profits ahead of the Union Budget next week. Fall in blue-chip Reliance
Industries also dragged the benchmarks lower. Selling was observed in all
sectors.
The 30-share BSE benchmark Sensex tumbled 739 points, or
0.91%, to settle at 80,604. The broader NSE Nifty Future plunged 279 points, or
1.13%, to end at 24,529.
Meanwhile,the market capitalisation of all listed companies
on BSE declined by Rs 7.98 lakh crore to Rs 446.34 lakh crore.
Among the Sensex stocks, Tata Steel, JSW Steel, Tata Motors,
NTPC, UltraTech Cement, and Tech Mahindra were the top laggards, falling 3-5%.
Except for Infosys, ITC, Asian Paints, and HCL Tech, all Sensex constituents
ended in the red.
Infosys closed nearly 2% higher after the firm on Thursday
raised its fiscal year 2025 revenue growth outlook to 3%-4% from 1%-3% earlier,
helped by demand recovery.
Sector-wise, Nifty Metal plunged nearly 4%, dragged by Tata
Steel, Jindal Stainless, and NMDC. Meanwhile, Nifty Auto, Media, Realty, and
Oil & Gas also declined over 2%. In the broader market, Nifty Midcap100
fell 2.%, and Nifty Smallcap100 dropped 2.3%.
Global
Market Check –
World stocks edged lower on Friday as uncertainty across
major economies added to headwinds for investors, while a global outage hitting
services from airlines, banks and financial services capped a turbulent week in
markets.
European stocks fell 0.5%, while London stocks
slipped 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan slid
1.7% and was headed for its worst week in three months with a nearly 3% loss.
Technology stocks continued to struggle in Asia,
with South Korea’s tech-heavy KOSPI index and Taiwan stocks both falling 1% and
2.26%, respectively.
Crude
Oil – Oil prices were little changed on Friday
as a strong dollar and concern over top oil importer China’s economy were
countered by a tighter supply outlook. Brent crude prices fell by 8
cents, or 0.1%, to $85.03 a barrel. U.S. West Texas Intermediate crude futures
fell 17 cents, or 0.2%, to $82.65 a barrel.
Nifty futures opened at 24761 points against the previous
close of 24809 and opened at a low 24504 points. Nifty Future closed with an
average movement of 333 points and a decline of around 279 points and closed 24529
points…!!
Rupee
at record closing low – The rupee fell to its weakest
closing level on record on Friday. The rupee closed at 83.6625 against the U.S.
dollar, marginally lower compared with its close of 83.65 in the previous
session. The currency was down 0.1% week-on-week.
At the start of intra-day trading, August gold opened at Rs.73810
fell from a high of Rs.73866 points to a low of Rs.73019 with a decline of 1125 points,
a trend of around Rs.73030 and July Silver opened at Rs.91441, fell from a high
of Rs.91441 points to a low of Rs.89301 with a decline of 2337 points, a trend
of around Rs.89444.
Meanwhile,
The domestic market closed on Friday with a
downturn due to the global sell-off, triggered by operating system issues that
caused devices to crash worldwide.
The global IT outrage has led to disruptions in various
Indian industries. The overvalued market is also experiencing profit booking
ahead of the budget next week. The recent performance has been bullish in
anticipation of pro industry and populist measures.
Technically, the
important key resistances are placed in Nifty future are at 24529 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 – 24707 levels. Immediate support is placed at 24404 –
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
