Today, the benchmark indices opened marginally up, with Nifty at 18560.
The Sensex was down 20.35 points or 0.13% at 62390.33, and the Nifty was up 12.70 points or 0.07% at 18547.80.
About 1,390 shares have advanced, 631 shares declined, and 123 shares are unchanged.
Larsen and Toubro, Eicher Motors, Bajaj Finserv, M&M and Apollo Hospitals were among major gainers on the Nifty, while the major losers were Kotak Mahindra Bank, SBI Life Insurance, Tata Motors, HDFC Life, and TCS.
Gainers and Losers on the BSE Sensex in the early trade | Source: BSE
"Weak market sentiment is likely to persist in early trades Thursday, as overseas key US and Asian indices exhibited a range-bound trend with a negative bias. All eyes will be on the poll outcome in the two states of Gujarat and Himachal Pradesh, which can have a sentimental impact on the markets. Besides, the recession fear is fast building up in the US amidst slowing growth forecasts and a hawkish Federal Reserve. This will definitely weigh on global markets, including India, as any such fear could prompt investors, mainly FIIs, to pull out funds from the emerging markets. Also, the Reserve Bank of India’s monetary policy indicated that the concerns on inflation are far from over", said Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities Ltd.
BULLION
"Gold and silver prices rose on Wednesday amid an increasing number of warnings that rising interest rates and stubborn inflation will cause a U.S. recession in 2023. An inversion in the U.S. yield curve was also perceived by several market participants as an indicator of an impending recession."
"But while gold has largely lost its safe haven status this year, speculation that the dollar has peaked this year weighed on the greenback, thus fuelling recent flows into the yellow metal."
"Traders are waiting for the U.S. PPI data, scheduled to be released on Friday that will give further directions on the Fed instance on the raising interest rates in its December policy meetings."
"Gold has support at $1769-1758 while resistance is at $1788-1798. Silver has support at $22.20-21.96, while resistance is at $22.62-22.80. In INR terms gold has support at Rs 53,680-53,450, while resistance is at Rs54,280, 54,450. Silver has support at Rs65,650-65,080, while resistance is at Rs66,520–66,840."
CRUDE OIL
"Crude oil prices slipped for the fourth straight session in the international markets and it reached to lowest levels since the start of the year amid fears of economic recession and drawdown in the demand. Unexpected build in the U.S. oil stocks due to economic recession fears and higher interest rates also pushed oil prices lower."
"U.S. crude stocks fell in the latest week while gasoline and distillate inventories posted big builds. On the other hand, easing covid-19 curbs in China are supporting prices at lower levels."
"We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $70.80–69.70 and resistance at $73.20–74.50 in today’s session. In INR terms crude oil has support at Rs5,910-5,820 while resistance is at Rs6,210–6,340." Comments on bullion and crude oil by Rahul Kalantri, VP Commodities, Mehta Equities Ltd
