Dear
Trader…
Rallying for the third day running, the 30-share BSE Sensex
jumped 384.30 points, or 0.45 per cent, to settle at an all-time high of
84,928.61. During the day, it soared 436.22 points, or 0.51 per cent, to hit a
fresh lifetime intra-day peak of 84,980.53.
The NSE Nifty rose 150 points, or 97 per cent, to close at a
record peak of 25,917. During the day, it zoomed 165.05 points, or 0.63 per
cent, to reach a new intra-day all-time high of 25,954.
Meanwhile, the market capitalisation of all listed companies
on the BSE surged by Rs 4.2 lakh crore to Rs 475.9 lakh crore.
From the Sensex pack, HDFC Bank, Bharti Airtel, M&M, SBI,
Reliance Industries, and Kotak Mahindra Bank were the top contributors to the
index’s rise, while ICICI Bank, Infosys, TCS, and Asian Paints weighed on the
index.
Among individual stocks SBFC Finance shares closed 20% higher
after credit ratings agency ICRA upgraded its bank facilities with a ‘stable’
outlook.
Sector-wise, the Nifty PSU Bank index rose 3.4%, led by Bank
of Maharashtra, PSB, and Central Bank. Nifty Auto, Realty, Consumer Durables,
and Oil & Gas also surged by 1-2%. Meanwhile, small and mid-cap stocks
gained 1.12% and 0.8%, respectively.
Global
Markets – World stocks stuck around record
highs as investors turned their attention to China and Switzerland as the next
central banks to add vim to the global economy with rate cuts after last week’s
decisive move by the US Federal Reserve.
MSCI’S broad index of world stocks held steady after two
weeks of gains and its gauge of Asia-Pacific shares outside Japan added 0.3%
after bouncing 2.7% last week. Singapore’s main index is climbing to its
highest since late 2007. S&P 500 futures firmed 0.3% and Nasdaq
futures added 0.6%.
Crude
Oil – Oil prices rose slightly on Monday after
last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the
aftermath of Hurricane Francine countered weaker demand from top oil importer
China
Brent crude futures for November edged up by 14
cents, or 0.19%, to $74.63 a barrel. U.S. crude futures for November were up 16
cents, or 0.23%, at $71.16.
Nifty futures opened at 25850 points against the previous
close of 25767 and opened at a low 25850 points. Nifty Future closed with an
average movement of 104 points and rise of around 150 points and closed 25917 points…!!
Meanwhile,
The euphoria from the Fed rate cut continued to
lift the domestic market. The benign input costs and an expectation of a change
in stance by the RBI amid cuts by global banks will provide tailwinds to
valuation. Though there is moderation in India PMI data, investors are
anticipating that the wave of liquidity from FII may provide stability in the
sentiment.
Rupee
vs Dollar – The Indian rupee ended flat on
Monday as dollar demand from local oil companies pulled the currency off a near
three-month high, hit due to likely portfolio inflows.
The rupee closed at 83.5525 against the U.S. dollar, nearly
unchanged from its close at 83.5625 in the previous session. The currency rose
to 83.4450 earlier in the session, its highest since June 28.
At the start of intra-day trading, October gold opened at Rs.75621
fell from a high of Rs.75659 points to a low of Rs.75260 with a rise of 190 points,
a trend of around Rs.75582 and December Silver opened at Rs.90177, fell from a
high of Rs.90230 points to a low of Rs.88341 with a decline of 645 points, a
trend of around Rs.89600.
Technically, the
important key resistances are placed in Nifty future are at 25917 levels, which
could offer for the market on the higher side. stainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 25979 – 26088 levels. Immediate support is placed at 25808 –
25676 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
