Dear
Trader…
The BSE benchmark Sensex rose by 375 points, or 0.46%, to
settle at 81,559, while the broader NSE Nifty future gained 79 points, or 0.32%,
to end at 24,985.
HUL, ICICI Bank, ITC, Kotak Bank, IndusInd Bank, Axis Bank,
HDFC Bank, and Nestle India were the top gainers on the Sensex, with gains
ranging from 0.5% to 3%. In contrast, Tech Mahindra, Tata Steel, NTPC, Tata Motors,
and Power Grid closed in the red.
Meanwhile, the market capitalisation of all listed companies
on BSE rose by Rs 11,913 crore to Rs 460.3 lakh crore. The market breadth was
skewed in the favour of the bears. About 2,388 stocks gained, 1,651 declined,
and 142 remained unchanged on the BSE.
On the sectoral front, Nifty FMCG rose over 2%, led by Godrej
Consumer Products, Dabur, and UBL, while Nifty Bank gained more than 1%.
Meanwhile, the more domestically focused small- and mid-cap indices fell by
0.93% and 0.26%, respectively.
Global
Market Check –
World equities dithered at four-week lows on Monday,
pressured by falling stocks in Asia, while European shares climbed on the
prospect of an ECB rate cut on Thursday, government bond yields rose, and oil
recovered from last week’s beating.
MSCI’s gauge of stocks around the globe fell 1.94 points or
0.24% to its lowest level in almost a month, while Europe’s STOXX 600 index
rose 0.61%
Japan’s Nikkei fell roughly 0.5% as tech stocks
declined. The Shanghai Composite Index finished down 1.1%. while Hong Kong’s
Hang Seng Index lost 1.4%.
Crude
Oil – Oil futures jumped on Monday as a potential
hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of
the previous week’s heavy losses.West Texas Intermediate crude futures
rose 63 cents, or 0.95%, to $68.33 a barrel. Brent crude futures were up 55
cents, or 0.77%, to $71.62 a barrel.
Rupee
vs Dollar – The Indian rupee ended little changed on Monday,
as dollar sales by foreign banks offset the drag from Asian peers that fell due
to weak risk appetite as investors awaited clarity on the size of a likely U.S.
rate cut this month.The rupee ended the session at 83.9550 against the
U.S. dollar, nearly unchanged from its close at 83.9475 on Friday.
Nifty futures opened at 24865 points against the previous
close of 24906 and opened at a low 24816 points. Nifty Future closed with an
average movement of 184 points and rise of around 79 points and closed 24985 points…!!
Meanwhile,
Despite a negative opening amidst weak global
cues, the domestic market exhibited some recovery from last week’s steep fall.
The market is currently attempting to gain stability between potential rate
cuts and recession fears in the US. The current trend in the US job data
suggests that the anticipated 25 bps rate cut may not be sufficient. Moreover,
the upcoming data on US inflation and jobless claims will be decisive in
assessing the market trend.
At the start of intra-day trading, October gold opened at Rs.71504
fell from a high of Rs.71570 points to a low of Rs.71127 with a rise of 109
points, a trend of around Rs.71535 and December Silver opened at Rs.82967, fell
from a high of Rs.83400 points to a low of Rs.82251 with a rise of 462 points, a trend of around Rs.83231.
Technically, the
important key resistances are placed in Nifty future are at 24985 levels, which
could offer for the market on the higher side. Sustainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 25088 – 25188 levels. Immediate support is placed at 24808 –
24676 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
