Dear
Trader…
The 30-share BSE benchmark Sensex surged 591 points or 0.73%
to settle at 81,973. The broader NSE Nifty Future gained 171 points or 0.69% to
end at 25,221.
Meanwhile, the market capitalisation of all listed companies
on BSE surged by Rs 1.5 lakh crore to Rs 463.65 lakh crore. The market breadth
was skewed in the favour of the bulls. About 2,044 stocks gained, 2,044
declined, and 140 remained unchanged on the BSE.
The September inflation data will be scrutinized for insights
into the timing of a potential domestic rate cut,following the central bank’s
shift to a “neutral” policy stance last week,indicating a greater openness
to reducing borrowing costs.
From the Sensex pack, Tech Mahindra, HDFC Bank, L&T, ITC,
IndusInd Bank, Kotak Mahindra Bank, and Infosys were the top gainers, rising
1-3%. On the other hand, Maruti, Tata Steel, Bajaj Finance, UltraTech Cement,
and Nestle India closed lower.
On the sectoral front, Nifty Bank, Financial Services, IT,
and Realty closed over 1% higher. The more domestically-focussed Nifty Midcap
100, and Nifty Smallcap 100 rose 0.4% each.
Global
Markets – Stock markets held below last month’s record
highs on Monday, while the Chinese yuan and oil prices weakened as China’s
broad economic stimulus promises made over the weekend failed to inspire
investors across the globe.
U.S. stock futures and European shares were a touch higher on
the day , with focus turning to the third quarter earnings season and a key
European Central Bank rate decision later in the week.While the CSI300
blue-chip index and the Shanghai Composite Index gained around 2% each, shares
in Hong Kong closed around 0.8% softer.
Crude
Oil – Oil
prices wiped out nearly all the gains made last week after data showed China’s
inflation rate declined and a lack of clarity on the country’s economic
stimulus plans stoked fears about fuel demand in the world’s biggest crude
importer. Brent crude futures fell $1.8 to $77.24 per barrel, while U.S. West
Texas Intermediate crude futures also fell $1.6, or 2.1%, to $73.95 per barrel.
Nifty futures opened at 25060 points against the previous
close of 25049 and opened at a low 25060 points. Nifty Future closed with an
average movement of 199 points and decline of around 69 points and closed 25221
points…!!
Meanwhile,Global markets are showing mixed signals as China’s
disinflation and weaker economic data suggest a potential further slowdown in
global economic growth,already affected by rising geopolitical tensions.
Furthermore, the positive impact of the Chinese stimulus
package seems to be diminishing.
Meanwhile, the Indian market is demonstrating resilience,
with subdued Q2 earnings expectations seemingly priced in and oil prices
declining. The IT and financial sectors are attracting buying interest after
recent corrections.
Rupee
vs Dollar – The Indian rupee slipped to an all-time low on
Monday, weighed down by a fall in most Asian peers and strong dollar demand
from foreign banks. The rupee, which weakened below the key support level of 84
for the first time on Friday, ended unchanged at 84.06 on Monday after dipping
to a record low of 84.0750 earlier in the session.
At the start of intra-day trading, October gold opened at Rs.76758
fell from a high of Rs.76969 points to a low of Rs.76601 with a decline of 175
points, a trend of around Rs.76600 and December Silver opened at Rs.91239, fell
from a high of Rs.91644 points to a low of Rs.90614 with a decline of 1029
points, a trend of around Rs.90650.
Technically, the
important key resistances are placed in Nifty future are at 25221 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 25272 – 25373 levels. Immediate support is placed at 25088 –
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
