Dear
Trader…
Headline index BSE Sensex, however, closed with minor
declines at 82,555, falling by 4 points or 0.01%.The 30-stock index broke its
10-session gaining streak. The broader NSE Nifty future rise 14 points or 0.06%
to end at 25,354.
Banking gauge Nifty Bank settled at 51,834, gaining 183.40
points or 0.36% over Monday’s closing.
The market breadth was tilted in favour of bears with 29
stocks from the 50-stock Nifty ending in the red. The top gainers were SBI
Life, Bajaj Finserv, ICICI Bank, HDFC Life and Hero MotoCorp while the top
losers were Bajaj Finance, ONGC, Infosys, Adani Ports and HCL Technologies.
Among 16 Nifty sectoral indices, nine closed in the red with
Nifty Media being the biggest laggard declining by 1.44%. Meanwhile, Nifty Oil
& Gas, Nifty Auto and Nifty IT were down by up to 0.52%. Nifty Financial
Services was the top gainer and closed with gains of 0.82%.
Global
Market Check –
Currency
Watch – The Indian rupee ended lower on Tuesday
as Asian currencies broadly struggled ahead of a series of US economic data
that will provide cues on the pace at which the Federal Reserve cuts interest
rates, Reuters reported. The rupee closed at 83.9675 to the US
dollar, down from 83.9175 in the previous session. The currency’s intraday
volatility remained muted, holding a range of three paise through the session.
The RBI has been unwilling to let the rupee decline past the
84 handle and has intervened a number of times over the past month, Reuters
reported quoting traders.
Crude
Impact – Crude oil prices traded lower on
Tuesday with US WTI oil contracts at $72.32, down by $1.23 or 1.67% while Brent
oil futures were hovering near $75.08, lower by $1.65 or 2.15%.
On the MCX, the September Crude Oil futures were trading at
Rs 6,095 per BBL, down by Rs 127 or 2.04%.Higher crude oil prices do not augur
well for the equity markets, fuelling inflation fears.
Nifty futures opened at 25338 points against the previous
close of 25340 and opened at a low 25255 points. Nifty Future closed with an
average movement of 143 points and a decline of around 14 points and closed 25354
points…!!
Meanwhile,
the lacklustre trade was on account of mixed
global signals and the absence of significant new catalysts, aside from the
anticipated Fed rate cut, which is already factored in. The domestic market
took a breather with mild caution emerging due to a recent slowdown in
manufacturing activities.
Technically, the important key resistances are placed in Nifty future are at 25354 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 – 25474 levels. Immediate support is placed at 25272 – 25202 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
