PREMISE
Major Resistance created at 11,650 level for Nifty50
For Tuesday, Sep 29, Support = 10,805 and 10,870 with Resistance = 11,300 and 11,244 for Nifty50
Trends on SGX Nifty indicate a dull start for Nifty50 in India with a 12 points gain. The Nifty futures were trading at 11,258 on the Singaporean Exchange at 08:00 IST
However strong US handover of Dow Jones adding 410 points, S&P500 adding 50 points and Nasdaq 200 points to the upward rally suggest a positive trend
As per RBI’s bank loan and deposit growth data for the fortnight ending Sep 11, bank credit grew at 5.26% YoY to Rs 102.24 lakh crore while deposits rose 11.98% YoY to Rs 142.48 lakh crore
India’s Forex Reserves in the week ended Sep 18, RBI’s data showed an increase by $3.378 billion to a life high Reserve of $545.038 billion. Foreign Currency Asset (FCA) swelled by $3.943 billion to $501.464 billion; Gold reserved dropped by $580 million to $37.440 billion; Special drawing rights with the IMF rose by $1 million to $1.483 billion and Reserve position with the IMF rose by $14 million to $4.651 billion
Foreign institutional investors (FIIs) have been net sellers last week, selling Rs 10,491 Cr of Indian shares in the cash market
As per data from financial flow tracking firm EPFR (Cambridge, MA) investors pulled out a massive $25 billion out of US equity funds in the week ending mid-way Sep 23, mainly from sectors which were the main beneficiaries in the wake of covid- March crash
INDIA MARKETS
| Nifty50 on Tue | Open 11,140 | High 11,239 | Low 11,099 | Close 11,227 |
US MARKETS
Nasdaq Composite added 200 points or 1.87% by the closing bell at 1,1117, with the index rising above 550 points in the rising 3-trading sessions
The Dow Jones Industrial Average rose 410 points or 1.5% to close at 27,584, with the index rising 1,000 points in the last 3-trading sessions
The S&P500 gained 50 points or 1.6% by the end of Monday’s trading session to close at 3,351, with the index accumulating 130 points in the last 3-trading sessions
Russel 1000 Index Growth jumped 34 points or 1.87% to close at 1,870.7
Today in derivatives market, all 3 futures trading in green with Dow futures up 67 points, S&P500 futures 10 points and Nasdaq100 futures 27 points
ASIAN MARKETS
Stocks in Asia-Pacific traded mixed on Tuesday morning
In Japan, the Nikkei 225 opened gap-down and shed 0.33% in early morning trade while the Topix 500 index also opened gap-down to shed 0.78%
South Korea’s Kospi advanced 0.73% in morning trade at 2,324
Hong Kong’s Hang Seng Index opened gap-up in morning trade, but lost points, down 0.04% to trade at 23,462
In China, Shanghai Composite added 0.47% to trade at 3,232 discontinuing its losing streak
Meanwhile, Australia’s S&P/ASX 200 traded flat in morning trade at 5,952
Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan, traded 0.28% higher
EU MARKETS
The pan-European Stoxx 600 provisionally ended by over 2.46% higher by the closing bell after opening gap-up on Monday
Stoxx 50 saw big a bullish move on Monday, with a formation of a Bullish Belt Hold on a day scale suggesting more speculation on the upside movement. The index settled 2.75% up at 3223.2
Germany’s DAX opened gap-up on Monday to quickly gain 3.22% or and settle at 12,870 by the closing bell
London’s FTSE 100 pulled up 1.46% to settle at 5927.9
France’s CAC40 gained 2.40% to trade at 4843.3 by the closing bell
Banks surged 5% to lead gains, with all sectors finishing in positive territory on Monday
OIL & NATURAL GAS MARKETS
Brent crude is traded 1.3% up on Monday closing at $42.52 a barrel. Today it is trading lower at $42.17
U.S. WTI crude traded 1.58% up on Monday settling at $40.51 a barrel. Today it is trading at $40.33
Natural Gas futures was down 0.35% on Monday, closing at $2.872 per MMBtu. Today it is trading higher at $2.898
On MCX, India’s Crude oil futures gained 0.67% on Monday’s close for 2989
India’s Natural gas futures opened gap-up on Monday but dropped points to close at 205.0, gaining 24.24% on the day
GOLD & SILVER MARKETS
Gold rose on Monday as dollar index corrected
US gold futures settled up 0.9% at $1,881 per ounce on Monday. Today, it is trading higher at $1,882
Spot gold gained 1.0% at $1,878.33 per ounce on Monday
Silver futures settled up 3.36% at $23.647 per ounce on Monday. Today, it is trading higher at $23.659
On MCX, Dec Gold futures rose 1.01% or 502 to 50,152 per 10 gram
On MCX, Dec Silver futures rose 2.31% or 1,361 to 60,388 per kg
INDIA – NCDEX Agridex
Agricultural futures index tracking the performance of the 10 liquid commodities, was down 0.12% after opening at 1146.35 to close at 1,144 ; led by gains in Coriander and Ref Soya Oil on Monday, Sep 28
US DOLLAR
US dollar tumbled on Monday’s trading session, with currency index losing 0.31% against its G-10 peers, to settle at 94.28
Euro/USD levels rose 0.29% on Monday, and closed at 1.1664, with Euro strengthening
The Japanese yen strengthened by 0.06% on Monday versus the greenback at 105.48 per dollar
Sterling traded at $1.2833, up 0.69% on Monday, with sterling strengthening versus dollar
USD/INR opened at 73.7070 and gained 09 cents higher on Monday, to settle below the 75-per USD mark at 73.7930
Offshore Chinese yuan, CNH/USD, stands at 0.1464, up 0.16% with dollar weakening to CNH
US TREASURY
Yields on the benchmark 10-year Treasury note traded flat at 0.663 on Monday, down from last week’s high of 0.698
The 30-year bond yield traded 1.19% up at 1.423 on Monday
FUND FLOWS on 28.09.2020 (source NSE)
FII Net Sell Rs 27 Cr in Cash Market (+ Sold 2072 Cr on Tue + 3912 Cr on Wed + 1885 Cr on Thu + 2080 Cr on Fri)
DII Net Buy Rs 542 Cr in Cash Market
