Dear
Trader…
The 30-share BSE benchmark Sensex advanced 285.94 points or
0.35% to settle at 81,741. The broader NSE Nifty gained 103.90 points or 0.42%
to end at 25033.
The market capitalisation of all listed companies on BSE
increased by Rs 1.61 lakh crore to Rs 462.52 lakh crore. The market breadth was
skewed in the favour of the bulls. About 2,051 stocks gained, 1,897 declined,
and 89 remained unchanged on the BSE.
From the Sensex pack, JSW Steel, Asian Paints, Maruti Suzuki,
NTPC, Adani Ports, Bharti Airtel, and ITC were the top gainers, rising 1-3.6%.
On the flip side, Reliance Industries, Tata Motors, Infosys, M&M, and Bajaj
Finance closed in the red.
Sector-wise, Nifty Metal, Media, and Pharma closed over 1%
higher. Nifty Auto, IT, FMCG, and Healthcare also closed higher. On the broader
market, Nifty Midcap100 rose 0.6%, while Nifty Smallcap100 declined 0.4%.
Among individual stocks, Torrent Power closed nearly 17%
higher after reporting a rise in its first-quarter profit.
Meanwhile, the Fed is expected to maintain a rate pause,
dovish commentary could boost sentiment and spur a rally in Indian markets on
Thursday. Traders are pricing in Fed rate cuts from September.
Global
Market Check –
European shares followed Asian indices
higher on Wednesday after the Bank of Japan raised interest rates in a mostly
unexpected hawkish pivot.
The Euro STOXX 600 gained almost 1%, also helped by a slew of
corporate updates. MSCI’s broadest index of Asia-Pacific shares outside Japan
added over 1%, with Japan’s benchmark Nikkei closing up 1.5% at its highest for
a week.
Wall Street stocks were set for gains, with futures gauges
showing advances of between 0.2% and 1.5%.
Crude
Oil – Oil futures rebounded more than $1 a barrel from
7-week lows on Wednesday after the killing of a Hamas leader in Iran ratcheted
up tensions in the Middle East, but prices remain under pressure from concerns
about weak China demand.
Brent crude futures climbed $1.50, or 1.91%, to $80.13 a
barrel ahead of expiry on Wednesday, while the more active October contract was
at $79.55, up $1.48.
U.S. West Texas Intermediate crude futures were up $1.54, or
2.06%, to $76.27 a barrel. A day earlier Brent and WTI both fell about 1.4%,
closing at their lowest levels in seven weeks.
Rupee
Ends Flat – The Indian rupee dipped to its weakest level on
record on Wednesday, extending the gradual decline seen over recent trading
sessions on outflows from local equities, volatility in the yuan and persistent
dollar bids from local importers. The rupee closed at 83.72 against the U.S.
dollar, nearly unchanged from its close of 83.7275 in the previous session. The
currency hit an all-time low of 83.7450 earlier in the session, slipping past
its previous lifetime low of 83.74.
Nifty futures opened at 24933 points against the previous
close of 24929 and opened at a low 24911 points. Nifty Future closed with an
average movement of 122 points and a rise of around 103 points and closed 25033
points…!!
Meanwhile,
The domestic market is attempting to cross above
the psychological threshold of 25,000, as subdued Q1FY25 earnings and stretched
valuations are curbing the challenge, while positive global trends and sector
rotation are supporting the traction.
Positive global sentiment driven by expectations of an easing
interest rate cycle by the FED and RBI in the medium term, owing to benign
inflation, ignited the rally today. As expected, the BoJ raised its interest
rate while all eyes are on US FED policy. The weakening dollar is showing signs
for a rate cut in September.
At the start of intra-day trading, August gold opened at Rs.69117
fell from a high of Rs.69460 points to a low of Rs.68950 with a rise of 480
points, a trend of around Rs.69090 and July Silver opened at Rs.82890, fell
from a high of Rs.83720 points to a low of Rs.82890 with a rise of 822 points,
a trend of around Rs.83450.
Technically, the
important key resistances are placed in Nifty future are at 25033 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 25108 – 25202 levels. Immediate support is placed at 24880 –
24808 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
