Dear
Trader…
The 30-share BSE Sensex fell 73 points, or 0.09%, to close at
81,151, while the broader NSE Nifty Future, too, slipped 160 points, or 0.64%,
to end at 24,788.
Meanwhile, the market capitalisation of all listed companies
on BSE declined by Rs 5.06 lakh crore to Rs 453.09 lakh crore.
From the Sensex pack, Kotak Mahindra Bank, Bajaj Finserv,
IndusInd Bank, Adani Ports, and Bajaj Finance were the top laggards, falling 2%
to 4.3%. On the flip side, HDFC Bank, Asian Paints, M&M, Reliance
Industries, and Maruti closed higher.
Kotak Mahindra Bank shares closed over 4% lower after the
private lender reported a sequential margin contraction and asset quality
deterioration in the second quarter.
However, HDFC Bank shares ended 2.8% higher after the bank
posted a standalone net profit above analysts’ average forecast in the
September quarter.
The domestically focused Nifty Smallcap100 and Nifty
Midcap100 dropped by 1.5% and 1.7%, respectively. Across sectors, Nifty FMCG,
IT, Media, Metal, Pharma, PSU Bank, Realty, and Oil & Gas indices ended
1-3% lower.
The market breadth was skewed in the favour of the bears.
About 1,123 stocks gained, 2,914 declined, and 138 remained unchanged on the
BSE.
Global
Markets – Global stocks kicked off the week
on a tepid note on Monday, after strong gains last week, while increasing bets
on Donald Trump winning the looming US Presidential election helped send
Bitcoin and gold to new peaks.Europe’s benchmark STOXX 600 was largely
flat ahead of results later in the day from German heavyweight SAP, which could
set the tone for a busy earnings week on both sides of the Atlantic.
Wall Street futures pointed to a mixed open after the S&P
500 notched a record closing high and rounded up its sixth straight week of
gains on Friday.
Crude
Oil – Oil prices were broadly steady on
Monday, following a more than 7% drop last week on worries about demand in
China, the world’s top oil importer, and an easing of concerns about potential
supply disruptions in the Middle East.
Brent crude futures were up 38 cents, or 0.5%, to $73.44 a
barrel. U.S. West Texas Intermediate crude futures were up 44 cents, or 0.6% to
$69.66 a barrel. Brent had settled down more than 7% last week, while WTI lost
around 8%.
Rupee
vs Dollar – The Indian rupee declined to its
weakest closing level on record on Monday but avoided sharper losses as likely
intervention by the Reserve Bank of India (RBI) blunted the pressure from
weakness in regional peers and persistent dollar outflows.The rupee
closed at 84.0725 against the U.S. dollar, a tad lower than its close at
84.0650 in the previous session.
Nifty futures opened at 24975 points against the previous
close of 24949 and opened at a low 24722 points. Nifty Future closed with an
average movement of 308 points and decline of around 160 points and closed 24788
points…!!
Meanwhile, The domestic market displayed considerable volatility, with
key indices swinging between negative and positive terrain. PBOC has further
reduced interest rates by 25 bps to support its struggling economy. Meanwhile,
FIIs continued their strategic buying in China while selling off in India,
driven by weaker corporate earnings and valuation concerns.
Concurrently, domestic Q2 earnings have been mostly
underwhelming, with major private sector banks notably disappointing. However,
DIIs have offered some support, mitigating the market’s decline.
At the start of intra-day trading, October gold opened at Rs.78564
fell from a high of Rs.78864 points to a low of Rs.78459 with a rise of 630
points, a trend of around Rs.78864 and December Silver opened at Rs.97190, fell
from a high of Rs.98224 points to a low of Rs.97190 with a rise of 2635 points,
a trend of around Rs.98037.
Technically, the
important key resistances are placed in Nifty future are at 24788 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 24808 – 24939 levels. Immediate support is placed at 24606 –
24570 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
