Dear
Trader…
The benchmark Sensex rose 99 points, or 0.12%, to settle at
81,455. The broader NSE Nifty future gained 22 points, or 0.09%, to end at 24,932.
From the Sensex pack, Tata Motors, NTPC, Power Grid, and
Bajaj Finserv were the top gainers, rising 2-3.4%. On the other hand, Sun
Pharma, ITC, HUL, Bharti Airtel, and UltraTech Cement ended lower.
Sector-wise, the Nifty Consumer Durables closed 1.12% higher,
while the Nifty Auto ended 0.6% higher. In contrast, the Nifty FMCG, IT,
Pharma, PSU Bank, and Healthcare sectors finished lower. Meanwhile,domestically
focused smallcap and midcap indices rose 0.9% and 0.5%, respectively.
eanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 1.06 lakh crore to Rs 460.98 lakh crore. The market breadth
was skewed in favour of the bulls. About 2,245 stocks gained, 1,667 declined,
and 111 remained unchanged on the BSE.
Global
Market Check –
The S&P 500 has steadied after a two-week downturn and
futures were flat late in the Asia session.
Japan’s Nikkei, which dropped nearly 6% last week, was 0.1%
lower in the afternoon trade. MSCI’s broadest index of Asia-Pacific shares
outside Japan fell 0.4%.
All eyes were on interest rates. Japanese government bond
yields edged lower with the 10-year JGB yield down 2.5 basis points at 1%.
Ten-year U.S. Treasury yields were steady at 4.186%.
Markets are pricing almost no chance of a U.S. rate cut this
week, but have fully priced a 25-basis-point reduction in the Fed Funds rate
for September and so expect policymakers to sound dovish.
Crude
Oil – Oil steadied on Tuesday near its lowest
levels since early June as worries about demand in China were balanced by a
government pledge of policy measures for the economy and the prospect of lower
U.S. crude and product inventories. Brent crude rose by 8 cents, or 0.1%, to
$79.86 a barrel. It fell intraday to $79.34, the lowest since June 10. U.S.
crude was down 12 cents, or 0.2%, at $75.69.
Nifty futures opened at 24870 points against the previous
close of 24910 and opened at a low 24850 points. Nifty Future closed with an
average movement of 166 points and a rise of around 22 points and closed 24932 points…!!
Rupee
Ends Flat – The Indian rupee closed flat on
Tuesday after lingering in a tight band through the day’s session as state-run
banks’ mild dollar sales helped the currency hold above its all-time low. The
rupee closed at 83.7275 against the U.S. dollar, unchanged from its closing
level in the previous session. It had declined to an all-time low of 83.74 on
Monday.
Meanwhile,
The domestic market ended flat, due to
profit-booking at higher levels. However, the expectation of dovish comments
from the US Fed and BoE in the upcoming policy meetings this week is supporting
the optimism.
The investors will also closely monitor comments from BoE and
BoJ. BOE is expected to lower rates due to rising unemployment and easing
inflation, while the BOJ is likely to increase rates in response to surging
inflation, potentially causing market volatility.
At the start of intra-day trading, August gold opened at Rs.68273
fell from a high of Rs.68600 points to a low of Rs.68153 with a rise of 77
points, a trend of around Rs.68345 and July Silver opened at Rs.81421, fell
from a high of Rs.81824 points to a low of Rs.81290 with a rise of 193 points,
a trend of around Rs.82480.
Technically, the
important key resistances are placed in Nifty future are at 24932 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 25088 – 25188 levels. Immediate support is placed at 24880 –
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
