Dear
Trader…
While the S&P BSE Sensex settled at 80,065.16, down by 17
points, the broader Nifty Future closed at 24,452, lower by 30.65 points or 0.13%.
The banking gauge Nifty Bank finished the
session at 51,605.75, gaining by 253 points or 0.49%.
Top
Gainers & Losers – The
market breadth remained almost evenly split in favour of bulls and bears as 26
stocks in the Nifty index closed in the greem while the rest 24 in the red. The
top gainers were Ultratech Cement, Shriram Finance, Mahindra & Mahindra
(M&M), Titan and Grasim Industries while the top losers were Hindustan
Unilever, `SBI Life Insurance
Company, Hindalco Industries, Nestle India and Bajaj Auto.
The market breadth was skewed in the favour of the bulls.
About 1,584 stocks gained, 2,349 declined, and 100 remained unchanged on the
BSE.
Global
Markets –
Market action in Asia was mixed. Among major Asian indices,
Singapore’s FTSE Straits Times Index gained 0.12% while Japan’s Nikkei 225
closed with gains of 0.10%. Hong Kong’s Hang Seng index was among the biggest
losers falling by 1.3% while China’s Shanghai Composite settled 0.7% lower.
European markets were trading with strength
around 4 pm India time today. UK’s FTSE gained by 0.6% while Gemany’s Dax,
French CAC 40 and Stoxx 600 were higher by 0.57%, 0.7% and 0.5%. Spain’s IBEX
gained by 0.2%.
Currency
Watch – The Indian rupee ended largely unchanged on
Thursday, as likely outflows from local equities prevented it from mirroring
the rise in its Asian peers, although state-run banks’ dollar sales helped keep
the currency above its all-time low.The rupee closed at 84.0775 against
the US dollar, compared with its close at 84.08 in the previous session,
Reuters reported. It hit a record low of 84.0825 earlier in the week, the
report said.
The dollar index declined 0.2% to 104.1 after touching a near
three-month peak on Wednesday, while Asian currencies were mostly stronger on
the day.
Crude
Impact – Crude oil prices were trading higher on Thursday.
The US WTI oil contracts trading at $72.270, up by $1.50 or 2.12% while Brent
oil futures were hovering near $76.47, up by $1.51 or 2.01%.Higher crude
oil prices do not augur well for the equity markets, fuelling inflation fears.
Nifty futures opened at 24490 points against the previous
close of 24482 and opened at a low 24388 points. Nifty Future closed with an
average movement of 150 points and decline of around 30 points and closed 24452
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.
At the start of intra-day trading, October gold opened at Rs.78496
fell from a high of Rs.78948 points to a low of Rs.78466 with a rise of 565
points, a trend of around Rs.78948 and December Silver opened at Rs.97451, fell
from a high of Rs.98560 points to a low of Rs.97383 with a Decline of 972 points,
a trend of around Rs.97932.
Technically, the
important key resistances are placed in Nifty future are at 24452 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 24505 – 24606 levels. Immediate support is placed at 24303 –
24232 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
