Dear
Trader…
After a brief pause last week, Indian
equity markets resumed their upward journey on Monday and extended gains for
the second consecutive session in anticipation of progress in US debt ceiling
negotiations. The positive market sentiments were driven by a surge in Adani
stocks and the metals index, and buying in IT counters.
From the Sensex pack, Tech Mahindra, Wipro,
TCS, Infosys, HCL Tech, L&T and Sun Pharma were the top gainers, while bank
stocks including IndusInd Bank, HDFC Bank, ICICI Bank closed lower.
Among individual stocks, Adani Enterprises
closed nearly 20% higher and in fact almost all the group stocks rallied following
the Supreme Court panel’s favourable report. Shares of Shreyas Shipping were
locked in the 20% upper circuit after promoters proposed plans to delist the
company. Most of the pharma stocks too rallied with Divi’s Labs the top gainer
from the pack.
Sector-wise, Nifty IT rallied 2.49%, and
Nifty Pharma gained 1%. Nifty PSU Bank and Nifty FMCG also ended higher. In the
broader market, Nifty Midcap100 rose 0.65%, and Smallcap100 gained 0.63%.
The market breadth was skewed in the favour
of the bulls. About 1,771 stocks gained, 1,845 declined, and 172 remained
unchanged on the BSE.
Global Markets –
Asian shares mostly drifted higher on
Monday even as investors fretted whether the US government would be able to
reach a deal to avoid a federal default.
The Shanghai Composite Index rose 0.39%,
while Hong Kong’s Hang Seng Index advanced 1.17%. Japan’s benchmark Nikkei 225,
meanwhile, gained 0.9% to finish at 31,086.82.
European stocks were broadly flat on Monday
amid caution around the US debt ceiling deal and the outlook for monetary
policies. The continent-wide STOXX 600 edged up 0.04% after touching a more
than one-year high on Friday.
Rupee falls – The rupee hit a
13-week low on Monday, weighed down by broad strength in the dollar. The Indian
currency fell 16 paise to close at 82.83 against the US dollar.
Crude oil price – In the energy segment,
oil prices were steady on Monday as caution relating to US debt ceiling talks
dragged on optimism over demand later in the year and offset support from lower
supplies from Canada and OPEC+ producers.
Nifty
futures opened at 18215.00 points against the
previous close of 18225.40 and opened at a low of 18195.10 points. Nifty Future closed with an average movement of 154.90 points and a decline of around 105.95 points
and 18331.35 points…!!
On the
NSE, the midcap 100 index will up 0.63% and small
cap 100 index is closing up 0.55%.
At the
start of intra-day trading, JUNE gold opened at Rs.60245 fell from a high of Rs.60430 points
to a low of Rs.60165 with a decline of 154 points,
a trend of around Rs.60225 and JULY Silver opened
at Rs.73100, fell from a high of Rs.73381 points
to a low of Rs.72557 with a decline of 291 points,
a trend of around Rs.73030.
Meanwhile,
positive commentary
from the US Fed, consistent FII buying and healthy results from index
heavyweights supported the sentiments.
Despite a weak fourth-quarter performance,
IT stocks rebounded on account of bargain opportunities and pent-up demand.
Investors remain watchful ahead of the release of US FOMC minutes on Wednesday,
as the minutes may give some indication of a pause on rate hikes.
Technically, the
important key resistances are placed in Nifty future are at 18331 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 18373 – 18434 levels. Immediate support is placed at 18180 –
18080 levels.
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