Dear Trader…
BSE Sensex rose 159 points, or 0.25%, to 63,328 led by an uptick in tech and financial stocks while caution ahead of US Federal Reserve Chair Jerome Powell’s congressional testimony on Wednesday capped the gains.The blue-chip Nifty index ended 61 points or 0.33% higher at 18,816.
From the Sensex pack, Tata Motors, Power Grid, and HCL Tech were the top performers, rising 2-3%. Tech Mahindra, NTPC, L&T, Axis Bank, and Kotak Bank also closed with gains. On the flip side, Bajaj Finance, Bajaj Finserv, Sun Pharma, M&M, UltraTech Cement, and IndusInd Bank closed with losses.
From the sectoral front, Nifty IT rose 0.78% and Nifty Auto surged 0.74%. Banks, financial, FMCG, metal, realty, and consumer durables sectors also closed higher. In the broader market, Nifty Midcap100 gained 0.49%, and Smallcap100 rose 0.52%.
The market capitalisation of all listed companies on the BSE surged by Rs 1.08 lakh crore to Rs 293.58 lakh crore. The market breadth was skewed in the favour of the bulls. About 1,938 stocks gained, 1,569 declined, and 124 remained unchanged on the BSE.
Global Markets –
European and Asian stocks fell on Tuesday after China cut interest rates by less than expected and the market awaited more details on Beijing’s plans to shore up a stuttering economic recovery.Europe’s pan European STOXX 600 index fell 0.36%, after declines in stock markets across Asia. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.75%. China’s benchmark CSI slipped 0.17%, with the real estate index falling 1.9%, its biggest daily decline in a month.
Oil price rise – Oil prices rose on Tuesday after China cut benchmark lending rates less than some expected while demand was seen rising this year, clouding the outlook for the world’s largest crude importer.Brent crude was up 71 cents or 0.93% at $76.80 a barrel. US West Texas Intermediate (WTI) crude for July was up 12 cents from Friday’s close at $71.65. The July contract expires at the end of trade on Tuesday.
Rupee weakens – The Indian rupee closed lower on Tuesday, logging its worst day in two weeks, weighed by possible corporate dollar outflows and weakness in the Chinese currency. The rupee closed 0.21% lower at 82.1175 to the dollar, compared with 81.9350 in the previous session.
Nifty futures opened at 18819.75 points against the previous close of 18840.20 and opened at a low of 18712.30 points. Nifty Future closed with an average movement of 170.70 points and a rise of around 24.50 points and 18864.70 points…!!
On the NSE, the midcap 100 index will rise 0.49% and small cap100 index is closing rise 0.52%.
At the start of intra-day trading August gold opened at Rs.59222 fell from a high of Rs.59392 points to a low of Rs.59171 with a rise of 55 points, a trend of around Rs.59212 and JULY Silver opened at Rs.72321, fell from a high of Rs.72630 points to a low of Rs.71686 with a decline of 702 points, a trend of around Rs.71744.
Meanwhile, The Indian market opened cautiously due to weak global cues, with heightened concerns over the Chinese economy following their decision to cut interest rates after a 10-month pause, Global worries were amplified by concerns of a possible rate hike by the US Fed in its July meeting, with investors eagerly awaiting Powell’s testimony. However,the indices managed to recover smartly, led by upside in IT and auto stocks.
Technically, the important key resistances are placed in Nifty future are at 18864 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 18909 – 19009 levels. Immediate support is placed at 18808 – 18737 levels.
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