Dear
Trader…
The NSE Nifty future index inched up by 0.06% to close at
24,854, while the S&P BSE Sensex added 0.04%, ending at 81,086. Despite
Friday’s muted performance, both indices have gained approximately 3% over the
past seven sessions, driven by rising expectations of a US rate cut and
continued strong domestic inflows.
Although a US rate cut is all but certain in September, the
odds of a 50-basis-point cut have been easing, according to the CME’s FedWatch
tool.
Among Nifty50 stocks, Bajaj Auto was the top gainer, rising
nearly 5%, followed by Coal India, Bharti Airtel, Tata Motors, and Sun Pharma,
which also closed higher. In contrast, LTIMindtree, Wipro, ONGC, Asian Paints,
and Titan ended with losses.
On the day, the US rate-sensitive IT index fell 1%, recording
the smallest gains for the week.
The market breadth was skewed in the favour of the bulls.
About 2,018 stocks gained, 1,939 declined, and 91 remained unchanged on the BSE.
Global
Market Check –
Global shares traded mixed Friday ahead of a speech by
Federal Reserve Chair Jerome Powell that might deliver clues on how quickly and
deeply the Fed may cut interest rates.
France’s CAC 40 rose 0.3% in early trading, while Germany’s
DAX gained 0.4%. Britain’s FTSE 100 added nearly 0.2%. U.S. shares were set to
drift higher with Dow futures up 0.3%, and S&P 500 futures rose 0.4%.
Earlier in Asia, Japan’s benchmark Nikkei 225 rose 0.4%,
while South Korea’s Kospi edged down 0.2%. Hong Kong’s Hang Seng slipped nearly
0.2%, while the Shanghai Composite gained 0.2%.
Crude
Oil – Oil prices firmed up on Friday but were on
track to end the week lower, as weaker U.S. employment data raised concerns
over the health of the world’s largest oil consumer, and renewed ceasefire
talks in Gaza eased worries about supply. Brent crude futures rose 67
cents, or 0.9%, to $77.89 a barrel, while U.S. West Texas Intermediate (WTI)
crude futures inched up 69 cents, or 1%, to $73.70. Brent futures have fallen
about 2% so far this week, while WTI lost nearly 4%.
Nifty futures opened at 24840 points against the previous
close of 24840and opened at a low 24790 points. Nifty Future closed with an
average movement of 98 points and a rise of around 14 points and closed 24854 points…!!
Meanwhile,
Ahead of the Fed Chair Powell’s speech, the
Indian indices oscillated around the flat trajectory and mixed global market
sentiments further catalysed this scenario. Meanwhile, investors are exercising
caution and awaiting Powell’s signals for more insights on the interest rate
path. Most of the sectoral indices remained in red; in contrast, the auto
sector excelled as the industry is preparing for festive season demand with
multiple launches.
Rupee
vs Dollar – The Indian rupee closed stronger on
Friday, tracking gains in most Asian currencies, as investors awaited remarks
from Federal Reserve Chair Jerome Powell, expected to shape market expectations
for rate cuts in the world’s largest economy. The rupee closed at 83.89
against the U.S. dollar, higher than its close at 83.9525 in the previous
session. The currency strengthened marginally week-on-week.
At the start of intra-day trading, October gold opened at Rs.71474
fell from a high of Rs.71635 points to a low of Rs.71302 with a rise of 281
points, a trend of around Rs.71460 and September Silver opened at Rs.84567,
fell from a high of Rs.84591 points to a low of Rs.83908 with a rise of 294
points, a trend of around Rs.84030.
Technically, the
important key resistances are placed in Nifty future are at 24854 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 24939 – 25088 levels. Immediate support is placed at 24606 –
24474 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
