Dear Trader…
Markets moved higher and gained over half a percent, supported by optimism around the GST Council meeting. After a flat start, the Nifty future traded in a range during the first half, but renewed buying in select heavyweights in the latter part of the session pushed the index upward. Eventually, it closed near the day’s high at 24,813.10. Sectoral performance was broadly positive, with metals, pharma, and banking leading the gains, while IT remained the only laggard.
With participants awaiting clarity from the GST Council outcome, we continue to view the index as being in a consolidation phase. Any favorable announcements from the GST Council could act as a near-term catalyst. In the meantime, metals and consumer-oriented sectors are showing relative strength, whereas persistent underperformance in IT and banking continues to weigh on sentiment. Traders are advised to keep positions light and align strategies with evolving sectoral trends.
Nifty futures opened at 24680 points against the previous close of 24691 and opened at a low of 24638 points. Nifty Future closed with an average movement of 198 points and a rise of around 121 points and 24813 points…!!
On the NSE, the midcap 100 index will rise of 0.65% and smallcap 100 index is closing rise of 0.89%. Speaking of various sectoral indices only IT and Media stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.1,06,199, fell from a high of Rs.1,06,524 points to a low of Rs.1,05,852 with a rise of 615 points, a trend of around Rs.1,06,407 and September Silver opened at Rs.1,22,668, fell from a high of Rs.1,23,045 points to a low of Rs.1,22,338 with a rise of 290 points, a trend of around Rs.1,22,931.
Meanwhile, Tata Steel, Titan, Mahindra and Mahindra, Eternal, SBI, ITC, Trent, HDFC Bank, Tata Motors, Sun Pharma, Kotak Bank, L&T and Asian Paints were among the top gainers. Infosys, Hindustan Unilever, NTPC, TCS and Bharati Airtel were settled lower. The majority of Sectoral indices rallied, led by Nifty Metal, which soared 3.11 per cent or 292 points amid heavy buying. Nifty Fin Services jumped 159.60 points or 0.62 per cent, Nifty Bank surged 406.55 points or 0.76 per cent, Nifty Auto soared 190 points or 0.74 per cent, and Nifty FMCG escalated 162 points or 0.29 per cent.
Broader indices followed suit as well. Nifty Small Cap 100 soared 157.15 points or 0.89 per cent, Nifty Midcap 100 jumped 143 points or 0.57 per cent, Nifty Next 50 closed 445.30 points or 0.66 per cent. Rupee traded slightly positive with gains of 0.13 at 88.02 as markets showed minor strength with focus on the ongoing GST meeting, where the outcome in the coming days could provide support to the currency.
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