Markets stay on their upward trajectories

Markets are staying on their upward trajectories. Despite foreign investors turning to sell, mutual funds and retail investors are propping up the market. The ample cash reserves with mutual funds are providing optimism. However, selling pressure from profit-takers is expected to persist in the market today.

Global markets positive

Global market signals are also positive. US indices closed at a high, with Japanese shares rising by over 1.5% this morning.

The possibility of a ceasefire in Gaza has led to a further drop in crude oil prices, while the dollar is also weakening. These factors are contributing to the market's rise.

In the derivatives market, GIFT Nifty closed at 24,660 on Monday night and climbed to 24,665 this morning, indicating a positive start for the Indian markets today.

European markets rose by up to three-quarters of a percent on Monday.

The US market posted strong gains on Monday, with the S&P 500 and Nasdaq rising for the eighth consecutive day.

On Monday, the Dow Jones Index rose by 236.77 points (0.58%) to close at 40,896.53. The S&P 500 gained 54.00 points (0.97%) to finish at 5608.25, while the Nasdaq jumped 245.05 points (1.39%) to reach 17,876.77.

US futures are mixed today, with the Dow down by 0.04%, the S&P 500 by 0.03%, and Nasdaq up by 0.04%.

After ending with strong gains yesterday, Asian markets are also rising today. In Japan, the Nikkei and in Korea, the KOSPI, both started trading with over 1% gains.

Indian markets

The Indian market began Monday's session on a positive note but ended flat due to selling pressure, with fluctuations throughout the day. The Sensex oscillated between 80,332 and 80,724, while the Nifty moved between 24,522 and 24,639.

On Monday, the Sensex closed 12.16 points (0.02%) lower at 80,424.68, while the Nifty gained 31.50 points (0.13%) to close at 24,572.65. Bank Nifty declined by 0.29% (148.55 points) to finish at 50,368.35.

The Midcap Index rose by 0.18% to end at 57,760.90, and the Smallcap Index surged by 1.71% to close at 18,752.70.

Foreign investors sold shares worth ₹2,667.46 crore in the cash market on Monday, while domestic funds and institutions bought shares worth ₹1,802.92 crore.

Nifty is expected to target 24,700 - 24,800 levels if it sustains above 24,500. Bulls believe it may gradually gain strength to cross 25,000.

Nifty has support at 24,535 and 24,505 today, with resistance likely at 24,620 and 24,650.

Gold stays above $2,500

After hitting a record high on Friday, gold slightly dipped to close at $2,505 per ounce. It climbed back to $2,506 this morning.

In Kerala, gold prices remain at ₹53,360 per sovereign, with a slight decline expected today.

Silver prices have risen to $29.50 per ounce.

The dollar index has declined again, driven by expectations of a US interest rate cut. Yesterday, the index dropped by 57 points to 101.89, and it fell further to 101.80 this morning.

The rupee posted significant gains yesterday, with the dollar falling by 7 paise to close at ₹83.87. The weakening dollar index is the main reason.

Crude oil prices have dropped again, with progress in behind-the-scenes Gaza peace talks being the primary factor. Brent crude fell by 2.5% on Monday to close at $77.73, and it declined further to $77.70 this morning. WTI crude is at $74.00, and UAE's Murban crude is at $77.08.

Industrial metals are back on the rise. Copper jumped by 2.30% to reach $9,142.47 per tonne, and aluminium rose by 2.74% to $2,430.42 per tonne. Other metals have also risen by up to 3%.

After rising over the weekend, cryptocurrencies have since declined. Bitcoin fell by 3% to $58,000, but rebounded to $60,600 this morning. Ether, which dropped to $2,575, is now at $2,660.

Market Indicators (August 19, 2024, Monday)

• Sensex 30: 80,424.68 (-0.02%)

• Nifty 50: 24,572.65 (+0.13%)
• Bank Nifty: 50,368.35 (-0.29%)
• Midcap 100: 57,760.90 (+0.18%)
• Smallcap 100: 18,752.70 (+1.71%)
• Dow Jones 30: 40,896.53 (+0.58%)
• S&P 500: 5608.25 (+0.97%)
• Nasdaq: 17,876.77 (+1.39%)
• Dollar (₹): ₹83.87 (-₹0.07)
• Dollar Index: 101.89 (-0.57)
• Gold (Ounce): $2505.00 (-$03.70)
• Gold (Sovereign): ₹53,360 (₹00)
• Crude (Brent) Oil: $77.66 (-$02.02)