Dear Trader…
The 30-share BSE Sensex fell 138 points, or 0.17%, to close at 80,081, while the broader NSE Nifty future declined 55 points, or 0.23%, to finish at 24,482. During the session, the Sensex touched the intraday high of 80,646.
In the Sensex pack, Bajaj Finance, Tech Mahindra, TCS, HDFC Bank, HCL Tech, Bajaj Finserv, and Infosys were the top gainers, rising 1-5%. Meanwhile, M&M, Sun Pharma, Power Grid, NTPC, and Adani Ports ended in the red.
Bajaj Finance surged 5%, with analysts noting that the management’s indication of peaking credit costs in the first half of FY25 signaled a potential rebound in earnings growth. Hyundai Motor India also bounced back from a dull debut on Tuesday, gaining 4.2%.
Sector-wise, Nifty Pharma and Healthcare declined by over 1%, while Nifty IT gained 2.4%, driven by stocks like Coforge, Persistent, and Mphasis. Meanwhile, domestically-focused small-cap and mid-cap indices rose 1.25% and 0.64%, respectively.
The market breadth was skewed in the favour of the bulls. About 2,096 stocks gained, 1,827 declined, and 108 remained unchanged on the BSE.
Global Markets – The MSCI All-World index was 0.1% lower on the day, echoing weakness in Europe, where the STOXX 600 was down 0.1% and in U.S. stock index futures , which also lost 0.1%.
With less than two weeks to go before the Nov. 5 U.S. election, investors are preparing for more market volatility.
The chances of Donald Trump beating Kamala Harris have recently edged higher on betting websites, though opinion polls show the race to the White House remains too tight to call.
The prospect of another Trump presidency has been in focus for investors, as his policies include tariffs and restrictions on undocumented immigration, among other measures, that are expected to push up inflation.
Oil Slips – Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though crude futures were still up about 3% this week as traders factored in continuing conflict in the Middle East.Brent crude futures dropped 73 cents, or 1%, to $75.31 a barrel. U.S. West Texas Intermediate crude futures shed 74 cents, also 1%, to $71.00 a barrel.
Rupee at Record Closing Low – The Indian rupee slipped to its weakest closing level on record on Wednesday pressured by a buoyant dollar but the local unit managed to fare better than its Asian peers supported by dollar sales from state-run banks.
The rupee ended at 84.08 against the U.S. dollar, its weakest closing level on record, and marginally lower than its closing level of 84.0775 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, Investor mindset turned gloomy with the tepid earnings and a knee jerk reaction from FIIs, which dragged the market sentiment. However, mid and small-caps are experiencing bargain hunting following the recent decline, though the sustainability of this momentum-driven buying remains uncertain.
The US 10-year yield inched higher, signalling a slower tempo of rate cuts by the FED, which is poised for a risk-off sentiment towards Ems.
At the start of intra-day trading, October gold opened at Rs.78930 fell from a high of Rs.79415 points to a low of Rs.78929 with a rise of 81 points, a trend of around Rs.79250 and December Silver opened at Rs.99505, fell from a high of Rs.100081 points to a low of Rs.99079 with a Decline of 822 points, a trend of around Rs.9176.
Technically, the important key resistances are placed in Nifty future are at 24482 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 24533 – 24606 levels. Immediate support is placed at 24330 – 24202 levels.
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