Dear
Trader…
The benchmark S&P BSE Sensex rose 16.09 points or 0.02%
to settle at 81,526, while the broader Nifty future index closed at 24,734,
higher by 52 points or 0.21%.
On the sectoral front, Nifty FMCG and Nifty IT gained the
most, rising between 0.3% and 0.4%, while the broader, more domestically
focused smallcap and midcap stocks traded flat.
Losses from heavyweight lenders like HDFC Bank and ICICI Bank
were offset by gains from consumer durable stocks like Britannia and Marico and
IT firms such as Infosys and LTIMindtree.
The U.S. inflation data this week is expected to shape the
Federal Reserve’s interest rate outlook, which could impact foreign inflows
into emerging markets such as India.
Meanwhile, economists anticipate India’s CPI data on Thursday
to show that domestic inflation has eased in November. The RBI kept rates
unchanged in its policy meeting last week.
Global
Markets – European shares opened lower while Asian equities
were mixed on Wednesday after Wall Street drifted lower on Tuesday ahead of an
update on US consumer inflation due later in the day.
Hong Kong’s Hang Seng index lost 0.8%, while the Shanghai
Composite index in China advanced 0.3% on China stimulus plans. Shares in South
Korea rose for a second straight day, adding 1% and Japan’s benchmark Nikkei was
little changed at 39,372.23 after data showed that Japan’s wholesale inflation
in November rose 3.7% year-on-year.
The Indian rupee closed 0.03% higher versus the US dollar to
84.83 on Wednesday. The local currency had hit a record low of 84.8650 per the
greenback earlier in the session, pressured by a slide in the Chinese yuan and
heightened dollar bids in the non-deliverable forwards (NDF) market.
The dollar index, which gauges the greenback’s strength
against a basket of six currencies, was trading higher by 0.25 per cent at
106.66.
China’s big policy shift this week seemed to lend support to
oil prices, with Brent crude futures up 0.3% to $72.38 a barrel on Wednesday.
Foreign institutional investors (FIIs) extended their buying
on December 10, purchasing equities worth Rs 1,285.96 crore, while domestic
institutional investors also bought equities worth Rs 605.79 crore on the same
day.
Nifty futures opened at 24679 points against the previous
close of 24682 and opened at a low 24666 points. Nifty Future closed with an
average movement of 132 points and rise of around 52 points and closed 24734 points…!!
Meanwhile,
The Indian market exhibited subtle movements,
reflecting mixed sentiments prevailing in global markets ahead of the US CPI
inflation data release, which could influence the U.S. Fed policy.
Technically, the
important key resistances are placed in Nifty future are at 24734 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 –
24474 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
