Since the past two days nian Equity market is being on thr positive side trying to climb and consolidating between the 11200 to 11400 level. Nifty’s Monday session closed with marginal gains after rising around 1 percent for the major part of thr day however, lost its momentum during the closing hours. The benchmark Nifty index ended at 11341. The index was pulled up by TCS, Axis Bank, ONGC, HDFC Bank and Bharti Airtel while Infosys, and Bajaj Finance emerged as top drags. In the broader market, the S&P BSE MidCap index ended at 13,841.01, up 60 points or 0.44 per cent and the S&P BSE SmallCap closed at 12,787.59, up 16 points or 0.12 per cent. On the sectoral front, except for the Nifty IT and Nifty PSU Bank index, all the sectoral indices on the NSE ended in the green. Nifty Realty advanced the most, followed by Nifty Auto and Nifty Pharma.
Among the shares, the shares of IRCTC made the best stock market debut in the last three years by listing at Rs 644, a 101 per cent premium over its issue price of Rs 320 per share on the BSE. Since retail investors received shares at a discount of Rs 10 per share, for them the issue price stood at Rs 310 per share. It closed 129 higher than the issue price.
In the Global market, Stocks closed slightly lower on Monday in the US as new worries around a U.S.-China trade agreement emerged. Lack of clarity over the first phase of a U. S.-China trade negotiations dampened sentiment and investors turned toward third-quarter earnings season, which begins in earnest on Tuesday. The Dow Jones Industrial Average was down 29.23 points, or 0.1% to close at 26,787.36. The S&P 500 dipped 0.1% to 2,966.15. The Nasdaq Composite also slipped 0.1% to 8,048.65.The Dow, meanwhile, rallied more than 300 points, or 1.2%.
Shares in Asia are in a cautious mood today as a result of the doubt in US-China trade deal. In South Korea, the Kospi index added 0.15%. Japan’s Nikkei 225 jumped 1.76% and the Shanghai composite slipped 0.4%, the Shenzhen composite was down 0.6% and the Shenzhen component dropped 0.61%. Hong Kong’s Hang Seng index traded near flat.
The Indian rupee opened at Rs per dollar on Tuesday against previous close 71.23.The rupee declined by 21 paise to close at a three-week low of 71.23 against the US currency on Monday as investors rushed to safe-haven bets on fading hopes of an initial trade deal between the US and China.
The Brent Crude oil futures is currently trading low at $58.89/bbl while WTI Crude oil is currently quoting at $53.23/bbl.
Indian Nifty opened marginally high at 11359 gaints the close of 11341 yesterday. The index is up by 30 points currently.
Disclaimer: https://bmresearch.co.in/ represents Bitupan Majumdar which is an independent research analyst with SEBI RA registration code INH300006962. The report is distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 includes Financial Instruments and Currency Derivatives. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent