Dear
Trader…
The 30-share BSE benchmark Sensex rose 23 points or 0.03% to
settle at 81,355. The broader NSE Nifty gained 8.55 points or 0.03% to end at
24,924.
Meanwhile, before ending flat, the Nifty reached a new high
of 24,999.75 in early trade, just 0.25 points short of the 25,000 mark. The
Sensex also surged to a record high of 81,908 during the session.
From the Sensex pack, L&T, Bajaj Finserv, M&M,
UltraTech Cement, and SBI were the top gainers, rising 1-2.8% higher. On the
other hand, Titan, Bharti Airtel, ITC, Tech Mahindra, and Kotak Bank ended in
the red.
Among the individual stocks, Bandhan Bank closed 13.6% higher
after the bank reported 47% growth in its consolidated net profit at Rs 1,063
crore in the first quarter, compared with Rs 721 crore in the last year period.
On the sectoral front, Nifty PSU Bank, Media, Realty, and Oil
& Gas closed 1-2% higher. On the flip side, Nifty FMCG and IT ended in the
red.
Despite the flat closing of the Sensex, the market
capitalisation of all listed companies on BSE surged by Rs 3.07 lakh crore to
Rs 459.99 lakh crore.
The market breadth was skewed in favour of the bulls. About
2,334 stocks gained, 1,726 declined, and 138 remained unchanged on the BSE.
Global
Market Check –
Global stocks edged up on Monday in a week packed with
earnings and a trio of central bank meetings that could see the United States
and the UK open the door to interest rate cuts.
The MSCI All-World index was up 0.2%, with stocks in Europe
also 0.2% higher, boosted by energy companies in light of the gain in crude oil
prices. Futures on the S&P 500 and Nasdaq 100 were up 0.3-0.6%.
Crude
Oil – Oil prices were stable on Monday as fears
of a widening conflict in the Middle East after a rocket strike in the
Israeli-occupied Golan Heights put a floor under last week’s price losses.
Brent crude futures gained 7 cents, or 0.09%, to $81.20 a barrel. U.S. West
Texas Intermediate (WTI) crude futures rose by 1 cent, or 0.01%, to $77.17.
Nifty futures opened at 24999 points against the previous
close of 24915 and opened at a low 24833 points. Nifty Future closed with an
average movement of 242 points and a decline of around 8.55 points and closed 24924
points…!!
Rupee
hits record low – The Indian rupee fell to a
record low on Monday, pressured by month-end corporate dollar demand, although
likely intervention from the Reserve Bank of India helped avert further losses.
The rupee closed at 83.7275 against the US dollar, unchanged from its close on
Friday, after hitting an all-time low of 83.74 earlier in the session.
Meanwhile,
An ease in the US personal consumption
expenditure to 2.5% and the subsequent drop in the US 10-year yield have
fuelled optimism that the Fed might cut rates in September, leading to a global
rally. However, profit-booking was triggered in the domestic market given
trading in the overbought territory and closed flat.
Policy meeting is scheduled for the Fed, BOJ and BOE this
week, and investors are closely monitoring the developments. It is anticipated
that the BOE may implement a 25-bps rate cut in response to easing inflation.
At the start of intra-day trading, August gold opened at Rs.68426
fell from a high of Rs.68599 points to a low of Rs.68365 with a rise of 404
points, a trend of around Rs.68600 and July Silver opened at Rs.81711, fell
from a high of Rs.82314 points to a low of Rs.81681 with a rise of 749 points,
a trend of around Rs.82125.
Technically, the
important key resistances are placed in Nifty future are at 24915 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 25008 – 25188 levels. Immediate support is placed at 24808 –
24676 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
