Indian markets see renewed buying after Fed rate cut, bullish momentum to continue

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Indian Markets See Renewed Buying After Fed Rate Cut, Bullish Momentum To Con...

Indian Markets See Renewed Buying After Fed Rate Cut, Bullish Momentum To Continue

by Utkalika Mohanty

NEWS HIGHLIGHTS

After a sideways start, the Indian benchmark indices gained momentum this week after a surprise 50 bps rate cut by the US Fed Reserve, as Sensex crossed 84,000 for the first time and Nifty hit a new all-time high.

Mumbai, Sep 21: After a sideways start, the Indian benchmark indices gained momentum this week after a surprise 50 bps rate cut by the US Fed Reserve, as Sensex crossed 84,000 for the first time and Nifty hit a new all-time high.

As per market watchers, the apprehension of a slowdown in growth was eased slightly after the lower-than-expected US jobless claim and data pointed to a soft landing of the US economy at the start of the rate cut cycle.

The ongoing bullish momentum is like to take Nifty towards 25,900-26,000 levels. On the upside, 26,000 will act as an immediate hurdle for Nifty.

“On the downside, 25,500 will serve as an immediate support for Nifty followed by 15-DEMA support, which is placed near 25,300 levels. As long as Nifty stays above 25,600, a ‘Buy on Dips’ strategy is advisable for traders,” said Hrishikesh Yedve from Asit C Mehta Investment Interrmediates.

Following the Fed's rate cut, Indian markets have seen renewed buying interest, particularly in sectors that had previously experienced selling pressure.

“The resilience of the Indian markets is providing additional strength to the rupee. Key support levels for the rupee are seen at 83.60-83.65, while resistance lies in the range of 83.40-83.30,” said Jateen Trivedi from LKP Securities.

The rupee traded positively with gains of 0.10 at 83.53, supported by continued weakness in the dollar index, which is trading at 52-week lows.

Analysts saw a sectorial rotation among investors to large caps, especially in consumption, staples, auto, finance, and realty.

In the short term, investors are being cautious on export-oriented sectors like pharma and IT due to depreciation in the dollar, they added.

Gold traded very positively, reaching an all-time high in Comex above $2,610, driven by strong liquidity inflows from the US Fed following a significant rate cut.

Analysts said that the outlook for gold continues to favour upward momentum, with further rate cuts likely boosting prices.

--IANS

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'Don’t Be Afraid To Go Over The Top': Shastri's Advice To Kohli

by Utkalika Mohanty

Chennai, Sep 21: Former India head coach Ravi Shastri feels that star batter Virat Kohli shouldn't be afraid of using his feet and playing aerial shots against the spinners when the field is up.

Shastri's remark came after Kohli lost his wicket to spinner Mehidy Hasan Miraz in the second innings of the ongoing first Test against Bangladesh at MA Chidambaram Stadium in Chennai on Friday. Kohli, who was loooking in good rhythm, was trapped in front of the wickets on the ball that pitched on the middle stump line. Kohli departed after scoring 17 as he didn't take the DRS which later showed that the ball had edged his bat before hitting the pads.

"He has (gotten out to spinners) especially in the last 2-3 years. But he has scored a lot of runs too. What you want to see him do more is use his feet. Get to the pitch of the ball, probably employ the sweep. You’ve got to move with the times, don’t be afraid to go over the top when the field is up. You could try and do things to unsettle the spinners rather than allowing him to keep bowling at you. It’s what he did a lot when he scored a lot of runs," Shastri said during the match commentary.

"Also some of the tracks that India have played on. It’s not been easy. Plus I know a few dismissals where like Shubman Gill in the first innings, he’s gotten caught down leg wide. Funny dismissals. He’ll be aware of it. That’s for sure. There is no batter who doesn’t remember. Obviously you find a method of finding a solution. Find out what works for you and stick with that," he added.

Kohli, who only got six runs in the first innings, has been struggling to pile runs on home soil in Test cricket since the last two years. Former captain has only scored one century in the last six Tests in India. However, his last Test century came against West Indies in Port of Spain last year.

Since 2021, Kohli has played 14 Test matches in Asia, scoring 654 runs from 23 innings at an average of 29.72, with one century and two half-centuries to his name. His overall Test performance has dipped during this period, accumulating just 1669 runs from 51 innings at an average of 32.72, with eight half-centuries and two hundreds.

Kohli will be eager to improve these numbers as India prepare for upcoming series against New Zealand and Australia, where his experience will be vital for the team's success.

--IANS

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9-Foot Python Rescued From Truck Engine In Malkangiri

by Utkalika Mohanty

Malkangiri, Sept 21: A nine-foot-long python was rescued from a truck engine in Malkangiri district.

According to reports, a huge python was rescued from a truck near the Indian Gas Depot in Malkangiri. The people present there got scared after seeing the snake and informed the snake helpline.

The weight of the snake is said to be between 10 to 12 kg and its length was 9 feet.

Members of the snake helpline reached the spot and rescued the snake from the engine of the truck. Later, the python was handed over to the forest department.

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1st Test: Half Centuries From Shubman Gill And Rishabh Pant Take India’s Lead To 432

by Shambhu Datta Mishra

Chennai, Sept 21: Shubman Gill and Rishabh Pant slammed their respective half centuries while sharing a 138-run partnership for the fourth wicket and take India’s lead to 432 runs, after reaching 205/3 in their second innings at lunch on day three of first Test against Bangladesh in Chennai.

The first session on day three turned out to be another brilliant session for India as Gill (86 not out) and Pant (82 not out) took a demoralised Bangladesh bowling line-up to cleaners by making 128 runs in 24 overs on a cloudy day at Chepauk.

Both Gill and Pant have looked untroubled, as they took their time and then unleashed their shots to pile more misery on Bangladesh – barring a dropped chance of the latter on 72 by Najmul Hossain Shanto off Shakib Al Hasan just before lunch.

In the morning, with lack of lateral movement on offer for Bangladesh, Pant played two controlled pulls for boundaries, before Gill danced down the pitch to thump Mehidy Hasan Miraz for back-to-back sixes and get his 12th Test fifty in style.

Pant and Gill were consciously looking to play for a long time, leading to a little drop in the scoring rate. But Pant broke a 46-ball boundary drought by dancing down the pitch off Mehidy Hasan to smack a four straight down the ground.

Pant continued to waltz down the pitch off Mehidy – this time dispatching him for a one-handed six before reaching a fifty in his comeback Test game. It was also after 638 days that Pant notched up a fifty in international cricket.

There was no respite for Bangladesh as Gill continued to dazzle with his down the ground and pull shots, while Pant was terrific in his loft, reverse-sweep, backfoot punch, and heave shots to dispatch bowlers all over the park.

After being dropped on 72 by Shanto off an off-colour Shakib, Pant brought out the sweep and down the ground shot over long-off to take a brace of fours and push the match out of Bangladesh’s reach at lunch.