| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,673.02 | -277.93 | -0.33% |
| Nifty 50 | 25,910.05 | -103.40 | -0.40% |
| Nifty Bank | 58,899.25 | -63.45 | -0.11% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Bharti Airtel | 2,149.20 | 37.00 | +1.75% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,739.50 | -133.50 | -2.27% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 58899.30 | -63.40 | -0.11% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35975.20 | -400.00 | -1.10% |
Latest economic figures indicate that the US central bank will continue to raise interest rates. According to ISM's (Institute of Supply Management) US Non-Manufacturing PMI, the services sector expanded last month at a rate that was higher than anticipated, putting pressure on global markets. Benchmark indices followed the global trend however,mid & small capsrallied with strong outperformance.
Bank Nifty index is stuck in a broad range of 1500 points where stiff resistance is visible at 40,000 and support is seen at 38,500. The index will witness a trending move on a break on either side. The immediate support stands at 39,200 and if breached, we will see a further decline towards the 38,800-38,500 zone. The bias remains on the Buy side as long as the mentioned support level is held.
Nifty has been witnessing short term consolidation, swinging in both the directions. On September 7, it opened gap down however there was no follow through selling. The index attracted buying support near the psychological mark of 17,500 as well as near the swing low of 17,468. Structurally, the consolidation can continue further and any move towards 17,700 is expected to attract another round of selling. Additionally, the selling pressure can aggravate once the level of 17,500 is breached on a closing basis.
Benchmark indices ended the session on September 7 in the red after having recovered some loses in the afternoon session. Sensex was down 168.08 points or 0.28 percentat 59028.91, and the Nifty shed 31.20 points or 0.18 percentat 17624.40. About 2073 shares have advanced, 1289 shares declined, and 121 shares are unchanged.
Among the sectors, the auto index shed a percent while buying was seen in FMCG, IT and pharma space. The midcap and smallcap indices added half a percent each.
Cabinet allows long-term leasing of railway land for cargo related activities for up to 35 years at 1.5% of market value of land
Spot gold prices at COMEX were trading marginally up near $1702 per ounce on Wednesday. October future contract at MCX were trading 0.02 percentlower near Rs 50,269 per 10 grams by noon session.
Gold held near $1700 per ounce on stronger dollar and better than expected US economic data boosting expectations of aggressive rate hike from US Fed. We expect gold prices to trade sideways to downwards for the day with COMEX spot gold support at $1680 and resistance at $1720 per ounce. MCX Gold October support lies at Rs 49,950 and resistance at Rs 50,600 per 10 grams
After two years of subdued demand due to the pandemic, positive tailwinds in the second half support a high consumption period. Good monsoons, better rural demand, easing supply constraints along with upcoming festive season and new product launches at varied price points are expected to boost demand ahead. Commodity costs showing some signs of stabilization is also a positive for the FMCG sector.
The pan-European Stoxx 600 lost 1.1 percent in the first 30 minutes of trading, with all sectors seeing declines. FTSE 100 is down 78.76 points at 7,221.68
