9950-9783 IS THE IMMEDIATE RANGE

9950-9783 IS THE IMMEDIATE RANGE

WORLD MARKETS                             

Dow and S & P 500 gained 0.1% and 0.5% respectively while Nasdaq surged 1% with technology stocks leading. S & P 500 posted a four-day winning streak.

Revised second-quarter GDP showed the U.S. economy grew 3% in that period, above the previous reading of 2.6%. The private sector in the U.S. added 237,000 positions in August, above a forecast of 185,000 and marking the fastest pace of private payrolls growth in five months.

Dollar index gained more than half a percent to 92.85.

Brent crude fell 2.2% to settle at $50.86 a barrel and U.S. crude shed 1% to settle at $45.96 as around 24% of U.S. refining capacity has now been shuttered due to tropical storm Harvey.

European markets gained 0.4%-0.5%. Eurozone economic sentiment index rose to 111.9 in August above the expected reading of 111.3.

AT HOME

After a gap up opening, benchmark indices added some more gains through the session to end higher by just under a percent. Sensex settled at 31646, up 258 points while Nifty added 88 points to finish at 9884. BSE mid-cap and small-cap indices climbed 1.5% and 1.3% respectively. All the BSE sectoral indices ended in green with Metal and Oil & Gas indices leading the tally, up 2.6% and 2.3% respectively.

FIIs net sold stocks worth Rs 12 cr but net bought index futures and stock futures worth Rs 765 cr and 63 cr respectively. DIIs were net buyers to the tune of Rs 291 cr.

Rupee appreciated 3 paise to end at 63.99/$.

The Union Cabinet approved a proposal to promulgate an ordinance that will allow hiking the cap on cess of SUVs, large, and luxury cars to 25% from 15% now.

RBI yesterday said that Rs 15.28 lakh cr. or 99% of the Rs 15.44 lakh cr. demonetised by withdrawal of Rs 500 and Rs 1000 notes, has been deposited with banks.

OUTLOOK

Today morning, Asian markets are trading mixed while SGX Nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had reiterated the view that 9948, the top made on 17th August, continues to be important hurdle, a crossover of which is required for a fresh upmove. The benchmark touched a high of 9910 before closing at 9884 and is set to open modestly lower today.

9948 continues to be important resistance to eye. 9783, the bottom made on Tuesday, continues to be immediate support below which 9685, the bottom made in August so far, would be the crucial support to eye.