Dear
Trader…
While the S&P BSE Sensex settled at 80,234, up by 230
points or 0.29%, the broader Nifty closed at 24,299, higher by 82.45 points or
0.34%.Banking gauge Nifty Bank settled at 52,305, gaining by 86 or 0.17%.
While the markets ended higher, the Nifty breadth was evenly
split in favour of bulls and bears as 25 stocks closed in the green while the
rest in the red. The top gainers were Adani Enterprises, Adani Ports, Bharat
Electronics, Trent and NTPC while the top losers were Apollo Hospital, Titan,
Wipro, Shriram Finance and Hindalco Industries.
Of 16 Nifty sectoral indices, 10 closed in the green with
Nifty Oil & Gas (0.6%), Nifty Auto (0.5%) and Nifty Bank doing major heavy
lifting. The laggards were Nifty IT, Nifty Pharma and Nifty PSU Bank which fell
by 0.15%, 0.61% and 0.09%, respectively.
Global
Markets – Market action in Asia was mixed. Among major Asian indices,
Singapore’s FTSE Straits Times Index fell 0.12% while Japan’s Nikkei 225 closed
with declines of 0.80%. Hong Kong’s Hang Seng index jumped by 2.32% while
China’s Shanghai Composite settled 1.51% higher.
Meanwhile, European markets were trading amid weakness around
4 pm India time on Wednesday. While UK’s FTSE 100 gained by 0.11%, Germany’s
Dax, French CAC 40 and Stoxx 600 were lower by 0.45%, 1.13% and 0.27%. Spain’s
IBEX fell by 0.77%.
Currency
Watch – The Indian rupee declined on
Wednesday, pressured by strong dollar demand related to the expiry of the
November monthly futures contract and month-end payments by importers. The
rupee closed at 84.4525 against the US dollar, down by 0.1% from its previous
close at 84.3275. The currency declined to a low to 84.4750 during the session
but avoided deeper losses on likely dollar-selling intervention by the Reserve
Bank of India.
Nifty futures opened at 24214 points against the previous
close of 24217 and opened at a low 24157 points. Nifty Future closed with an
average movement of 223 points and decline of around 82 points and closed 24299
points…!!
Crude
Impact – Crude oil prices were trading
higher on Wednesday. The US WTI oil contracts traded at $69.01, up by $0.24 or
0.35% while Brent oil futures were hovering near $73.05, higher by $0.24 or
0.33%.Higher crude oil prices do not augur well for the equity markets,
fuelling inflation fears.
Meanwhile, Even though the market has largely moved on from the US
inflation story, a sticky reading will add to doubts that the Fed needs to cut
in December after all.
Given our expectation of range-bound markets in the
near-term, we think investor focus is likely to lean towards quality companies
with strong earnings visibility.
Technically, the
important key resistances are placed in Nifty future are at 24299 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 24404 – 24474 levels. Immediate support is placed at 24202 –
24008 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
