Dear Trader…
The 30-share BSE benchmark Sensex plunged 311 points or 0.49% to settle at 60,917. The broader NSE Nifty dropped 68 points or 0.36% to end at 18,688. Both the indexes are about 1% shy of their all-time highs. Eight of the 13 major sectoral indices declined.
Among the Sensex stocks, Wipro, IndusInd Bank, SBI, Kotak Bank, HDFC Bank, ICICI Bank, and Infosys closed in the red, while Nestle, M&M, ITC, HCL Tech, and Asian Paints closed higher.Godrej Properties stock closed 4% higher after the firm sealed an agreement to acquire around 7.44-acre land parcel in Kolkata’s New Alipore to develop a luxury housing project.
The market breadth was skewed in the favour of the bears. About 1,777 stocks declined, 1,748 gained, and 139 remained unchanged on the BSE.
Global Markets –
World stocks slipped from 18-month peaks on Thursday as traders readied for what is expected to be the eighth straight rate hike from the European Central Bank (ECB) later. London, Paris and Frankfurt blue-chips dipped by around 0.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan ended up around 0.7% at a two-month high, while Japan’s tearaway Nikkei held at a three-decade peak. S&P 500 futures were flat, though, and MSCI’s 47-country global index was fractionally lower lower following five straight days of gains.
Oil price rises – Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world’s top crude importer China, but a weak economic backdrop capped gains.Brent crude futures were up 84 cents, or 1.15%, to $74.04 a barrel.US West Texas Intermediate (WTI) crude rose 77 cents, or 1.13%, to $69.04 a barrel.
Rupee falls – The rupee fell 13 paise to $82.18 against the US dollar on Thursday. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.17% to 103.12 level.
Nifty futures opened at 18818.25 points against the previous close of 18818.25 and opened at a low of 18734.40 points. Nifty Future closed with an average movement of 133.10 points and a rise of around 72.80 points and 18745.45 points…!!
On the NSE, the midcap 100 index will rise 0.21% and small cap100 index is closing rise 0.15%.
At the start of intra-day trading August gold opened at Rs.59210 fell from a high of Rs.59210 points to a low of Rs.58711 with a decline of 532 points, a trend of around Rs.58766 and JULY Silver opened at Rs.72549, fell from a high of Rs.72549 points to a low of Rs.70715 with a decline of 1595 points, a trend of around Rs.71056.
Meanwhile,The domestic market is responding to the Fed’s hawkish commentary, which suggests the possibility of 2 more rate hikes in the future this year, although they have currently opted for a halt, Due to concerns about inflation persisting above their target range, Fed officials have increased their rate projections by 47.5bps for the end of 2023 to 5.6%. Despite weakness in the benchmark index, buying interest is observed with the Nifty Mid-cap index trading at an all-time high.
Technically, the important key resistances are placed in Nifty future are at 18745 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 18808 – 18880 levels. Immediate support is placed at 18676 – 18606 levels.
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