Dear
Trader…
The 30-share BSE Sensex fell by 495 points, or 0.61%, to close
at 81,006, while the broader NSE Nifty future slipped 205 points, or 0.82%,
ending at 24,843.
The market capitalisation of all listed companies on the BSE
also took a hit, declining by Rs 6.03 lakh crore to Rs 457.26 lakh crore.
From the Nifty stocks, Bajaj Auto, Shriram Finance, M&M,
Nestle India, and Hero MotoCorp closed in the red, while Infosys, Tech
Mahindra, Power Grid, L&T, and SBI closed higher.
Nifty Auto index also fell by 3.5%, with Bajaj’s bigger
two-wheeler rivals Hero MotoCorp and TVS Motor down by about 3.4% each.
Tyre-makers CEAT, MRF and Apollo Tyres fell .5% to 2.75%.
Nifty Bank, Financial Services, FMCG, Media, Metal, Private
Bank, Realty, Healthcare, Consumer Durables, and Oil & Gas indices all
closed lower by 1% to 3.8%. The domestically-focused Nifty Smallcap100 and Nifty
Midcap indices also fell, down 1.2% and 1.7% respectively. Among all sectoral
indices, only the IT index ended higher, gaining 1.2%.
The market breadth was skewed in the favour of the bears.
About 2,690 stocks declined, 1,272 gained, and 103 remained unchanged on the
BSE.
Global
Markets – Europe’s broad Stoxx 600 .STOXX
was last up 0.3%, as number of well-received earning updates helped the index
to bounce back following a poor start to the week on disappointment over
results from heavyweights ASML and LVMH.
Earlier on Thursday, Japan’s Nikkei 225 slipped 0.7% and
China’s Shanghai Composite rose 0.1% and is now trading more than 10% below
last week’s 33-month high.
Chinese real estate stocks fell 7%, reversing two days of
gains. Hong Kong’s Hang Seng was last up 0.5% but sitting 12% below its most
recent peak, as investors move aside to wait for more Chinese government
spending and signs it is helping the economy.
Crude
Oil – Oil prices were broadly flat on Thursday as
investors waited on developments in the Middle East, the release of official
U.S. oil inventory data and details on China’s stimulus plans. Brent
crude futures were up 25 cents to $74.47 a barrel at 0834 GMT, while U.S. West
Texas Intermediate crude futures were at $70.64 a barrel, also up 25 cents.
Nifty futures opened at 25068 points against the previous close
of 25048 and opened at a low 24815 points. Nifty Future closed with an average
movement of 259 points and decline of around 205 points and closed 24843 points…!!
Rupee
Vs Dollar – The Indian rupee ended at its weakest closing
level on record on Thursday, weighed down by strong dollar demand from foreign
banks, likely due to outflows from equities, and the weakness in regional peers
as the U.S. dollar rose to an eleven-week high.
The rupee closed at 84.0675 against the dollar, down about
0.1% from its closing level of 83.9950 in the previous session. The currency is
just shy of its all-time low of 84.0750 hit on Monday.
Meanwhile, The domestic market experienced significant losses driven by
widespread selloffs across various sectors, notably auto, realty, consumer
durables and finance. This downturn was attributed to weaker sales forecasts
for the festive season, high NPAs and slow credit growth.
Weak Q2 result is affecting the market
sentiment. Conversely, the IT sector outperformed as a contrary bet and in-line
Q2 results.
At the start of intra-day trading, October gold opened at Rs.77205
fell from a high of Rs.77500 points to a low of Rs.77205 with a rise of 317
points, a trend of around Rs.77495 and December Silver opened at Rs.91837, fell
from a high of Rs.92445 points to a low of Rs.91130 with a rise of 79 points, a
trend of around Rs.92262.
Technically, the
important key resistances are placed in Nifty future are at 24843 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 24979 – 25008 levels. Immediate support is placed at 24770 –
24606 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
