Dear
Trader…
The BSE Sensex inched up 10 points or 0.01% to settle at
79,496, while the NSE Nifty Future inched up 7 points or 0.03% to close at 24,226.
The market capitalisation of all listed companies on BSE
declined by Rs 1.8 lakh crore to Rs 442.54 lakh crore. The market breadth was
skewed in the favour of the bears. About 2,568 stocks declined, 1,530 gained,
and 115 remained unchanged on the BSE.
From the Sensex pack, Asian Paints, Tata Steel, Bajaj
Finance, M&M, and JSW Steel closed with cuts, while Power Grid, HCL Tech,
Infosys, Tech Mahindra, and TCS ended with gains.
Asian Paints shares closed over 8% lower after the company
reported a 42.5% YoY fall in its consolidated net profit for the quarter ended
September 2024.
On the sectoral front, the Nifty IT index rose 1.3%, driven
by gains in HCL Tech, Infosys, and Coforge. Conversely, the Nifty Auto, FMCG,
Pharma, Metal, Healthcare, and Oil & Gas indices ended in the red.
Global
Markets – European stocks rallied sharply on
Monday ahead of a busy week, while Hong Kong stocks led declines in Asia after
Beijing’s latest stimulus fell short of investor expectations and bitcoin raced
to another record high.
European shares climbed over 1%, with most sectors rising,
kicking off a week packed with global economic data, including inflation
readings in Germany and the United States. The pan-European STOXX 600 added 1%,
with industrials among the top gainers, up 1.4%.
S&P 500 futures pointed 0.3% higher on Monday.
Crude
Oil – Oil prices were little changed on Monday as the
threat of supply disruptions from a U.S. storm eased and after China’s stimulus
plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil
consumer.
Brent crude futures fell 9 cents, or 0.1% to
$73.78 a barrel, while U.S. West Texas Intermediate crude futures were at
$70.23 a barrel, down 15 cents, or 0.2%. Both benchmarks fell more than 2% on
Friday.
Rupee
Slips to Record Low – The Indian rupee slipped to an
all-time low on Monday, pressured by weakness in regional currencies and
sustained outflows from local equities but central bank intervention helped
avoid sharp losses.
The currency ended at 84.3925, eclipsing its previous record
low of 84.3875 hit last week. The currency was down 0.02% on the day.
Nifty futures opened at 24150 points against the previous
close of 24219 and opened at a low 24092 points. Nifty Future closed with an
average movement of 342 points and decline of around 07 points and closed 24226
points…!!
Meanwhile, The domestic market experienced a sharp
recovery, reclaiming most of the previous day’s losses amid uncertainty
surrounding the likely downgrade in Q2 GDP forecast and closely contested US
presidential election.
However, the recent rebound in domestic manufacturing
activity data along with the expected revival of consumption in the H2, are
likely to support market sentiment. Metals led the gains, driven by the
anticipation of significant stimulus from China later this week.
At the start of intra-day trading, December gold opened at
Rs.77441 fell from a high of Rs.77573 points to a low of Rs.77201 with a decline of 642
points, a trend of around Rs.77260 and December Silver opened at Rs.91003, fell
from a high of Rs.91640 points to a low of Rs.90704 with a Decline of 176
points, a trend of around Rs.91062.
Technically, the
important key resistances are placed in Nifty future are at 24226 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 24272 – 24373 levels. Immediate support is placed at 24008 –
23808 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
