Dear
Trader…
The 30-share BSE Sensex rose 256 points, or 0.30%, to settle
at 85,169, while the broader NSE Nifty added 53 points, or 0.21%, to end at
25,998.
Despite closing at fresh record highs, the market
capitalization of all listed companies on the BSE declined by Rs 83,219 crore
to Rs 475.24 lakh crore.
Among the Sensex stocks, Power Grid, Axis Bank, NTPC, Bajaj
Finserv, Bajaj Finance, and Tata Steel emerged as the top gainers, rising by up
to 4%. Conversely, Tech Mahindra, Tata Motors, Titan, and Kotak Mahindra Bank
closed in the red.
On the sectoral front, the Nifty Metal index rose by 0.4%,
building on a nearly 3% jump on Tuesday, fueled by China’s stimulus measures to
boost its sluggish economy.
Nifty Bank, Financial Services, Media, Pharma, and Realty
sectors closed higher, while Auto, FMCG, IT, PSU Bank, and Consumer Durables
ended lower. In the broader market, Nifty Smallcap100 fell 0.4%, and Nifty
Midcap100 dropped 0.6%.
The market breadth was skewed in the favour of the bears.
About 1,661 stocks declined, 2,305 gained, and 99 remained unchanged on the BSE.
Global
Markets – Stocks globally slipped on
Wednesday, with a continued stimulus-fueled rally in China the one bright spot.
European stocks fell 0.1%, after gaining nearly 1% on Wednesday. Oil and gas
shares led the losses, falling 0.9% on concerns that China’s stimulus plans
would not do enough to boost demand.
Wall Street was set for losses, too, with S&P 500 futures
down 0.2%.Mainland Chinese blue chips gained 1.4%, adding to a 4.3% jump
in the prior session. Hong Kong’s Hang Seng climbed 0.7%, adding to Tuesday’s
4.1% surge.
Crude
Oil – Oil prices were little changed on
Wednesday as investors reassessed the ability of China’s stimulus plans to
boost its economy, while declining US crude oil and fuel stockpiles provided
support.Brent crude futures were down 8 cents, or 0.1%, at $75.09 a
barrel. U.S. West Texas Intermediate crude was down 13 cents, or 0.2%, at
$71.43 per barrel.
Nifty futures opened at 25944 points against the previous
close of 25944 and opened at a low 25878 points. Nifty Future closed with an
average movement of 149 points and rise of around 53 points and closed 25998 points…!!
Meanwhile,
After a range-bound trade, the benchmark indices
inched higher towards close, led by power and banking stocks, while mid- and
small-cap indices experienced corrections driven by valuation concerns. The
domestic market may face short-term challenges owing to a decline in FII
inflows and shift of funds to other emerging markets due to their cheap
valuation.
Rupee
Ends Higher – The Indian rupee rose on Wednesday
tracking most of its regional peers, which were boosted by a rally in the
Chinese yuan, while dollar sales from state-run banks also helped the local
currency.
The rupee ended at 83.5925 against the U.S. dollar, compared to
its previous close at 83.67.The currency rose to as high as 83.5150 during the
day, but trimmed its gains as the dollar index firmed in the latter half of the
session.
At the start of intra-day trading, October gold opened at Rs.76434
fell from a high of Rs.76487 points to a low of Rs.76197 with a rise of 208
points, a trend of around Rs.76420 and December Silver opened at Rs.92300, fell
from a high of Rs.92451 points to a low of Rs.91541 with a decline of 322 points,
a trend of around Rs.92055.
Technically, the
important key resistances are placed in Nifty future are at 25998 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 26088 – 26288 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
