Dear
Trader…
The 30-share BSE benchmark Sensex surged 194 points or 0.24%
to settle at 82,560. The broader NSE Nifty future decline 36 points or 0.14% to
end at 25,340.
Among Nifty stocks, Bajaj Finserv, Bajaj Finance, HCL Tech,
Hero MotoCorp, and SBI Life were the top gainers, rising between 2% and 3.3%.
Conversely, Hindalco, Dr Reddy’s Labs, Tata Motors, NTPC, and ONGC ended with
losses.
In sectoral performance, Nifty FMCG surged 0.8%, driven by
gains in Radico Khaitan, Varun Beverages, and ITC. Nifty IT climbed 0.44%,
while Nifty Financials added 0.4%. However, in the broader market, the Nifty
Midcap 100 and Smallcap 100 indices fell by around 0.3%.
Among individual stocks, Gujarat Gas closed 12% higher after
the company announced the restructuring of its group entities Gujarat State
Petroleum Corporation (GSPC), Gujarat State Petronet (GSPL), and Gujarat Gas.
Shares of SJVN, NHPC and RailTel also rose between 1.5-2% on
Monday after the PSU companies were granted the Navratna status.
Meanwhile, the market capitalisation of all listed companies
on the BSE surged by Rs 48,925 crore to Rs 464.88 lakh crore. The market
breadth was skewed in the favour of the bears. About 2,336 stocks declined, 1,705
gained, and 146 remained unchanged on the BSE.
Global
Market Check –
Europe’s STOXX 600 index fell 0.35%, after hitting a record
high on Friday. Germany’s DAX and Britain’s FTSE 100 were down 0.21% and 0.1%
respectively.
Chinese stocks lost 1.7%, led by losses in real estate after
a survey showed home price growth had slowed. Shares of New World Development,
a major Hong Kong property developer, dived 14% after it estimated a net loss.
Futures for the U.S. S&P 500 index were down 0.15%, while
those for the tech-laden Nasdaq 100 were 0.24% lower.
Oil
Extends Losses – Oil prices slipped on Monday,
extending losses from the end of last week on expectations of higher OPEC+
production from October while signs of sluggish demand in China and the United
States raised concerns about future consumption growth. Brent crude futures
were down 8 cents, or 0.1%, at $76.85 a barrel by 1020 GMT while U.S. West
Texas Intermediate crude slipped 11 cents, or 0.2%, to $73.44. Brent and WTI
had lost 1.4% and 3.1% respectively on Friday.
Nifty futures opened at 25412 points against the previous
close of 25376 and opened at a low 25295 points. Nifty Future closed with an
average movement of 125 points and a decline of around 36 points and closed 25340
points…!!
Meanwhile,
The Indian market continues to hold its ground
and sustains the new high with marginal positivity. The positive trend is
broadly sustaining as the domestic economic growth is still healthy and PMI
numbers are much above the long-term average indicating an uptick in earnings
in the coming quarters. But volatility is increasing as Q1 GDP growth has
moderated and a similar trend is witnessed in corporate earnings. Also, August
Indian PMI readings were marginally below July numbers indicating that caution
is in the air.
Rupee
Declines – The Indian rupee declined on
Monday tracking weakness across other major Asian currencies, while investors
looked for data to gauge the pace of monetary policy easing by the Federal
Reserve.
The rupee settled at 83.9175 to the U.S. dollar,
compared to its previous close of 83.8625.
Technically, the
important key resistances are placed in Nifty future are at 25340 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 25373 – 25505 levels. Immediate support is placed at 25188 –
25008 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
