Dear Trader…
Markets gained over one and half
percent amid volatility and settled around the day’s high as well due to some
support came as daily caseload in the second wave of COVID-19 continued to be
below 3 lakh, which offered comfort and may result in lifting of ongoing
state-level lockdowns sooner.
Sentiment also perked up with report
that the International Monetary Fund stands ready to strengthen its dialogue
and scale-up its technical collaboration with India, observing that the human
tragedy is a stark reminder that the pandemic continues to be a grave threat
globally.
On the sectoral front, banking
stocking stock were in buzz as the Supreme Court upheld Indian government
notification to invoke personal guarantees of the promoters whose companies
defaulted to bank loans. Verdict allows lenders to seek recovery of dues from
guarantors of loans even while bankruptcy processes against the companies are
pending.
Nifty futures opened at 15011.00
points against the previous close of 14933.25 and opened at a low of 14992.00
points. Nifty Future closed with an average movement of 232.75 points and a
rise of around 288.75 points and 15222.00 points .. !!!
On the NSE, the midcap 100 index
will rise 0.82% and smallcap 100 index is closing rise 0.65%. Speaking of
various sectoral indices, the NSE saw heavy gains in banking, finance and
realty stocks, while all other sectoral indices also closed higher.
At the start of intra-day trading,
June gold opened at Rs.48336, fell from a high of Rs.48614 points to a low of
Rs.48336, with a rise of 30 points, a trend of around Rs.48574 and July Silver
opened at Rs.71750, fell from a high of Rs.72154 points to a low of Rs.71544,
with a decline of 174 points, a trend of around Rs.72130..!!
Meanwhile, net new enrolments with
retirement fund body Employees’ Provident Fund Organisation (EPFO) declined
marginally to 11.22 lakh in March from 11.28 lakh in February this year. Of the
11.22 lakh net subscribers added during the month of March, around 7.16 lakh
new members came under the social security ambit of EPFO for the first time.
The data provides a perspective on formal sector employment amid the
coronavirus pandemic.
According to payroll data, during
2020-21, the EPFO added 77.08 lakh new members. In the year-ago period, it was
at 78.58 lakh. Despite the coronavirus pandemic, cumulative net payroll
addition for FY21 is almost at par with last year, with 77.08 lakh net additions
to the subscribers’ base.
Quarterly analysis of payroll for
the 2020-21 indicates that net subscribers’ addition improved consistently from
the second quarter after taking a hit in the first quarter due to the crisis in
the wake of the pandemic. According to the statement, maximum improvement of
33.64 lakh net subscribers was observed during the Q4 FY21, a growth of 37.44
percent compared to the Q3 FY20).
Technically, the important key resistances are placed at 15303 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 15333 – 15373 levels. Immediate support is placed at 15188 – 15105 levels.
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