Dear
Trader…
The 30-share BSE Sensex rose 218 points, or 0.27%, to settle
at 81,224, while the broader NSE Nifty Future climbed 105 points, or 0.42%, to
close at 24,949.
During the session, the Sensex hit a low of 80,409 before
bouncing back by 815 points to close at 81,224.
From the Sensex pack, Axis Bank, ICICI Bank, Tata Motors,
Tata Steel, NTPC, and JSW Steel were the top gainers, rising up to 5.6%. On the
other hand, Infosys, Asian Paints, Nestle India, HUL, HCL Tech, and Tech
Mahindra ended lower.
On the flip side, Infosys ended 4.6% lower after its
full-year revenue growth forecast fell short of analysts’ expectations. This
signalled that a broad-based recovery in global tech spending had not yet
materialised, leading to a 1.5% decline in the Nifty IT index.
Meanwhile, the market capitalisation of all listed companies
on the BSE surged by Rs 96,045 crore to Rs 458.21 lakh crore. The market breadth
was skewed in favour of the bears. About 1,839 stocks gained, 2,110 declined,
and 94 remained unchanged on the BSE.
Global
Markets – Global shares edged higher on
Friday, spurred by a rally in Chinese stocks on the latest policy steps to
boost demand. Robust US economic data this week continued to bolster investor
sentiment. MSCI’s index of global stocks edged up a quarter of a per cent, with
tentative early gains for European stocks.
Mainland Chinese blue chips had closed up 3.6%, their biggest
daily gain in eight sessions after the country’s central bank launched two
schemes aimed at boosting stocks. Weak data on China’s economy helped keep
sentiment in check.
Rupee
Slips to Record Low – The Indian rupee hit its
all-time low on Friday pressured by equity outflows but managed to avert a
sharp fall on account of sustained dollar sales from state-run banks, most
likely on behalf of the Reserve Bank of India.
The rupee closed at 84.0650 against the US dollar, barely
changed from its close of 84.0675 in the previous session. It hit a record low
of 84.0775 earlier in the session, inching past its previous all-time low of
84.0750 hit on Monday.
Nifty futures opened at 24749 points against the previous
close of 24843 and opened at a low 24640 points. Nifty Future closed with an
average movement of 356 points and decline of around 105 points and closed 24949
points…!!
Crude
Oil – Oil futures steadied on Friday after data
showed a fall in crude and fuel inventories in the US and the emergence of more
fiscal stimulus to boost China’s economy, though prices were headed for their
biggest weekly loss in more than a month.
West Texas Intermediate crude was at $70.96 a barrel, up 29
cents, or 0.4%.
Meanwhile, After the morning sell-off, the market bounced from the oversold
level driven by selective buying in financials, auto and metals stocks. The
initial set of results from private banks were positive, building an
expectation that the upcoming set of financial results in the weekends will
also be optimistic. The metals also performed well, benefiting from a slightly
better-than-expected growth in China’s Q3 GDP. Consecutive rate cuts by the ECB
supported rate sensitive stocks Brent crude futures gained 23 cents, or 0.3%,
to $74.68 a barrel, while U.S.
At the start of intra-day trading, October gold opened at Rs.78050
fell from a high of Rs.78218 points to a low of Rs.77904 with a rise of 393
points, a trend of around Rs.78000 and December Silver opened at Rs.91995, fell
from a high of Rs.93699 points to a low of Rs.91995 with a rise of 1796 points,
a trend of around Rs.93507.
Technically, the
important key resistances are placed in Nifty future are at 24949 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 25008 – 25108 levels. Immediate support is placed at 24676 –
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
