Dear
Trader…
The 30-share BSE benchmark Sensex rose by 144 points, or
0.18%, settling at 81,611, while the broader NSE Nifty future gained 34 points,
or 0.14%, to close at 25,117.
Kotak Bank, JSW Steel, HDFC Bank, IndusInd Bank, Power Grid,
and Maruti were the top Sensex gainers, rising 1-4%. On the flip side, Tech
Mahindra, Sun Pharma, Infosys, Tata Motors, and Titan closed in the red.
Among individual stocks, Star Health Insurance closed 2%
lower after the company said it was a victim of a cyberattack which resulted in
unauthorised access to certain data.
On the sectoral front, Nifty Bank rose over 1%, driven by
gains in Kotak Bank, HDFC Bank, and IndusInd Bank. Nifty Auto, Financial
Services, and Metal also closed higher, while FMCG, IT, Pharma, and Healthcare
ended lower.The broader, more domestically focused Nifty Smallcap100 increased
by 0.2%, while the Midcap100 fell by 0.3%.
The market breadth was skewed in the favour of the bulls.
About 2,251 stocks gained, 1,663 declined, and 132 remained unchanged on the
BSE.
Meanwhile, investor focus is now on the upcoming inflation
data, specifically the consumer price index (CPI), for insights into the
Federal Reserve’s interest rate trajectory. U.S. CPI data is set to be released
at 6:00 PM IST.
Global
Markets – European shares failed on Thursday to follow
overnight gains in the U.S. and China, while the dollar sat near a two-month
high before U.S. inflation data. Europe’s broad Stoxx 600 index was down a
whisker on the day. U.S. share futures were also down around 0.1% on Thursday
after the S&P 500 and the Dow had both closed at record highs on Wednesday.
Meanwhile, China’s blue-chip CSI300 index failed to hold all
those gains, and the index closed up just over 1%, after the previous day’s 7%
fall, which was triggered by some investor concern about the lack of details in
the stimulus package.
Oil
Prices Rise – Oil prices edged higher on Thursday, underpinned
by a spike in fuel demand as a major storm barrelled into Florida, with Middle
East supply risks also in focus. Brent crude futures rose 58 cents, or 0.8%, to
$77.16 a barrel. U.S. West Texas Intermediate (WTI) futures were up 61 cents,
or 0.8%, at $73.85.
Rupee
vs Dollar – The Indian rupee ended nearly flat
on Thursday after oscillating in a tight band, as likely intervention by the
Reserve Bank of India helped the unit withstand pressure from foreign banks’
dollar bids and weakness in Asian currencies ahead of the U.S. inflation data.
The rupee closed at 83.9675 against the U.S.
dollar, almost unchanged from its close at 83.9625 in the previous session. The
currency hovered in a 2 paisa band during the session.
Nifty futures opened at 25180 points against the previous
close of 25083 and opened at a low 25100 points. Nifty Future closed with an
average movement of 169 points and rise of around 34 points and closed 25117 points…!!
Meanwhile,
The market traded on a range bound trend with a
negative bias ahead of the start of Q2 result. The Asian market started well
but could not hold on to the gains as European markets waved on a negative
trend in anticipation of the key US inflation data, global bond yields are
rising. Domestic broader market momentum was mixed with caution as the initial
expectation of Q2FY25 results is subdued due to a subpar momentum in the global
and rural demand.
An upward revision in Q3FY25 inflation reiterates that the
sticky inflation continues to remain a concern for the RBI and led investors to
book profit towards the close. The volatility in input prices and the impact on
margin dragged the FMCG stocks.
At the start of intra-day trading, October gold opened at Rs.75544
fell from a high of Rs.75705 points to a low of Rs.75453 with a decline of 63
points, a trend of around Rs.75566 and December Silver opened at Rs.89095, fell
from a high of Rs.89376 points to a low of Rs.88830 with a rise of 277 points, a
trend of around Rs.89149.
Technically, the
important key resistances are placed in Nifty future are at 25117 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 25188 – 25272 levels. Immediate support is placed at 25008 –
24808 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
