The NSE Nifty 50 gained 1% to settle at 21,654.75, while the BSE Sensex soared 0.98% to 72,038.43.

USDINR CMP- 83.33 (spot) “Indian Rupee depreciated on Wednesday on Dollar demand from foreign banks and importers. FII outflows also weighed on the Rupee. However, positive domestic markets and the weak tone in the US Dollar cushioned the downside. India’s current account deficit declined to $8.3 billion, at 1% of GDP in the July-September 2023 quarter vs 1.1% of GDP in the prior quarter. The US Dollar declined on Tuesday on rate-cut bets. US HPI increased by 0.3% in October 2023 vs 0.8% in the previous month. We expect Rupee to trade with a slight negative bias on month-end Dollar demand from OMCs and importers. Demand for the Dollar from foreign banks towards the end of the year may also put downside pressure on Rupee. However, domestic markets hitting fresh all-time highs and any fresh FII inflows may support the Rupee at lower levels. Traders may take cues from Richmond manufacturing index data from the US. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.70,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas is appended for your reference.

The Nifty PSU Bank index gains by 2.17% to 5,602 with the gains lead by Punjab National Bank, Bank Of Baroda, UCO Bank, Union Bank Of India, and State Bank of India are the top gainers on Nifty PSU Bank Index.

“Gold and silver closed with a mixed performance on Tuesday, with gold prices edging slightly higher and silver prices dipping marginally. The dollar index is currently at 5-month lows, and crude oil prices experienced a surge due to escalating tensions in the Red Sea, thereby bolstering the safe-haven demand for gold. Meanwhile, silver witnessed some profit-taking amid a lack of fresh cues from international markets in anticipation of the upcoming New-Year holidays. The U.S. 10-year bond yields persist below 4.0%, potentially providing support for precious metal prices. Anticipating a subdued holiday atmosphere in international markets, we expect gold and silver prices to remain within a narrow range in today’s session. Gold finds support at $2046-2031, with resistance at $2074-2086. In the case of silver, support is identified at $24.00-23.78, while resistance stands at $24.51-24.68. In terms of INR, gold has support levels at Rs62,790-62,620, and resistance at Rs63,240, 63,390. Silver exhibits support at Rs74,550-74,180, with resistance positioned at Rs75,650, 76,080,” Rahul Kalantri, VP Commodities, Mehta Equities Ltd

“Crude oil concluded on a positive note amid escalating tensions in the Red Sea following a drone attack on an oil tanker. The surge in crude oil prices was further fuelled by a weakening dollar index, which hit a 5-month low due to growing optimism about imminent interest rate cuts from the U.S. Federal Reserve. The United States actively contributed to the bullish trend by initiating purchases for its strategic reserves, lending additional support to crude oil prices. However, potential headwinds may arise from concerns over demand in China and the departure of Angola from the OPEC group, posing limitations on the upward momentum of crude oil. Anticipating ongoing volatility, we project that crude oil prices will exhibit fluctuations in today’s session. The support level for crude oil stands at $74.50–73.80, with resistance expected at $75.90-76.50 in today’s session. In terms of the Indian Rupee (INR), crude oil finds support at Rs 6,210-6,140, while resistance is identified at Rs 6,380-6,440,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Suzlon secures a new 100.8 MW order from Mahindra Susten, its second in a week.

“Despite the disappointing listing, Credo Brands still possesses its core strengths, including a strong brand, a wide distribution network, and consistent financial performance. However, the flat debut highlights the potential risks associated with the highly competitive market, seasonality, and current market sentiment,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Nyati also said that, Given the uncertain outlook, a cautious approach is warranted, and investors may consider exiting their holdings, but long-term investors with high-risk capacity may hold their position by keeping stop loss.

Also Read: Credo Brands Marketing lists flat; what should you do now?

RBZ Jewellers, a prominent player in the gold jewelry manufacturing sector, experienced a tepid debut on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday. The stock opened at ₹100 per share, aligning with its issue price, signaling a lukewarm market reception

Also Read : RBZ Jewellers makes a lacklustre debut on D-street, lists same as IPO Price

Hindalco Industries, Ultra Tech Cement, Tata Motors, SBI Life Insurance, and Bajaj Auto are the top gainers on NSE Nifty 50.

Happy Forgings witnessed a robust response from investors following its ₹1,009-crore initial public offering (IPO). The stock, which debuted on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), demonstrated strong market interest.

Also Read: Happy Forgings makes strong debut on D-street, lists over 18% premium

“Declines extended yesterday, but with no worries of a directional downside as long as 83.09/83.02 held. We will begin today with expectation of mild upswings as long as above 83.18, with expectations of 83.24 and 83.30 in play,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, Nifty mostly traded sideways after an initially positive start. The sentiment remains optimistic as the index stays above critical moving averages. At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally. Until then, the index is expected to remain within the range of 21,300 and 21,500.

“The Bank Nifty sentiment has again turned positive as the index moves back above 47,500. A small green bodied candle within the previous red candle indicates a potential bullish trend ahead. Support is established at 47,500 while resistance is observed at 48,000/48,250 on the higher side,” said Rupak De, Senior Technical Analyst at LKP Securities.

The NSE has added Balrampur Chini Mills, Delta Corp, Hindustan Copper, National Aluminum, RBL Bank to its F&O ban list for December 27, 2023.

Nifty opens higher by 0.26% at 21,497.65, whereas the BSE Sensex opens higher by 0.22% at 71,492.03.

Shares in the Asia-Pacific region are trading in the mixed territory on Wednesday morning. The Asia Dow is trading up by 0.52%, Japan’s Nikkei 225 is green, up by 20.65%, Hong Kong’s Hang Seng index is trading down 1.69% and the benchmark Chinese index Shanghai Composite is trading lower by 0.68%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.08% at 101.55.

WTI crude prices are trading at $75.24 down 0.44%, while Brent crude prices are trading at $80.66 down by 0.50%, on Wednesday morning.

Wall Street kicked off the final week of 2023 on a quieter note after a ferocious rally that put the U.S. stock market within striking distance of its record, reports Bloomberg. The tech-heavy Nasdaq Composite gained 77.93 points or 0.52% at 15,070.90. The S&P 500 jumped 20.65 points or 0.43% at 4,775.28, while the Dow Jones Industrial Average soared 159.36 points or 0.43% to 37,545.33.