Dear
Trader…
Both Nifty and Sensex made history earlier in the day, with
Nifty surpassing the 26,000 mark and Sensex crossing 85,000 for the first time
ever.
The 30-share BSE Sensex slipped 14 points, or 0.02%, to
settle at 84,914, while the broader NSE Nifty inched up by 26 point, or 0.10%,
to close at 25,944.
Nifty Auto, IT, Pharma, and oil & gas ended the day in
the green, while bank, FMCG, realty, and consumer durables sectors closed lower.
The market breadth was skewed in the favour of the bears.
About 1,878 stocks declined, 2,112 gained, and 86 remained unchanged on the BSE.
Global
Markets – World stocks hit a record high on
Tuesday after China unveiled stimulus measures to support its economy and stock
markets, sending Asian and European shares higher and triggering a bounce in
commodity prices.
The moves sent Chinese stocks higher, with the blue-chip
CSI300 index and the Shanghai Composite index surging more than 4% each. Hong
Kong’s Hang Seng Index jumped more than 4% to a four-month high.
The pan-European STOXX 600 index rose 0.8%, with
China-exposed mining and luxury stocks in the lead. The German blue-chip DAX
traded just below all-time highs.
Nifty futures opened at 25901 points against the previous
close of 25917 and opened at a low 25899 points. Nifty Future closed with an
average movement of 101 points and rise of around 26 points and closed 25944 points…!!
Meanwhile,
Domestic benchmarks are attempting sustain new
highs, driven by the US Fed’s aggressive rate cut. Meanwhile, the Chinese
central bank’s rate cut, and additional stimulus measures have positively
influenced global investor sentiment, resulting in gains for domestic metal
stocks. Conversely, FMCG and banking stocks exhibited declines due to
profit-booking at higher levels.
In the near term, strong inflows from FIIs, driven by the US
Fed’s dovish outlook and expectations of a rate cut by the RBI in October, are
expected to maintain momentum.
Oil
Climbs – Oil prices rose on Tuesday on news of
monetary stimulus from top importer China and concerns that conflict in the
Middle East could hit regional supply while another hurricane threatened supply
in the United States, the world’s biggest crude producer. Brent crude
futures were up $1.34, or 1.8%, at $75.24 a barrel. U.S. WTI crude futures rose
$1.38, or 2%, to $71.75.
At the start of intra-day trading, October gold opened at Rs.75650
fell from a high of Rs.75809 points to a low of Rs.75556 with a rise of 47 points,
a trend of around Rs.75622 and December Silver opened at Rs.89597, fell from a
high of Rs.90328 points to a low of Rs.89195 with a rise of 569 points, a trend
of around Rs.89751.
Rupee
Weakens – The Indian rupee weakened on Tuesday
as outflows related to the rebalancing of some global equity indices,coupled
with dollar demand from importers, pressured the currency even as most of its
Asian peers gained. The rupee closed at 83.67 against the US dollar,
down 0.1% from its close at 83.5525 in the previous session.
Technically, the
important key resistances are placed in Nifty future are at 25944 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 26008 – 26108 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
