Dear Trader…
The benchmark BSE Sensex and the broader Nifty future were up just over 0.29% each. While the Sensex closed around 77,341, the Nifty Future sealed the day at 23,555.
From the Sensex pack, around 17 stocks ended the day positively with Mahindra and Mahindra, Power Grid, Sun Pharma and Nestle India as the major gainers. Meanwhile, IndusInd Bank, Adani Ports, Tata Steel and Reliance Industries were the major laggards.
On the sectoral front, the gains were led by auto stocks, whose index was up nearly 0.9% and the FMCG pack, which rose around 0.72%. The Nifty IT, metal, PSU bank and pharma indices traded with cuts.
The broader market was mixed with the Nifty Midcap100 gaining 0.27%. the Nifty Smallcap100, on the other hand, ended the day 0.1% lower.
Global Markets –
Asian shares were mostly lower on Monday barring the Nikkei, which was the sole major benchmark in the region to post gains of around 0.5%. Elsewhere, Hong Kong’s Hang Seng dropped 0.8% and the Shanghai Composite lost 0.7% to 2,978.5.
Rupee Tracker - The Indian rupee closed stronger on Monday at 83.46 as most Asian currencies gained, helped by a falling dollar from its near two-month high.
Nifty futures opened at 23375.00 points against the previous close of 23487.30 and opened at a low 23335.00 points. Nifty Future closed with an average movement of 230.35 points and a decline of around 67.70 points and closed 23555.00 points...!!
At the start of intra-day trading, July gold opened at Rs.71625, fell from a high of Rs.72858 points to a low of Rs.71531 with a rise of 41 points, a trend of around Rs.71625 and July Silver opened at Rs.89176, fell from a high of Rs.89455 points to a low of Rs.88909 with a rise of 64 points, a trend of around Rs.89203.
Meanwhile, Despite the market being on a consolidative path, analysts said sectoral churning is visible in FMCG and consumer durables in anticipation of the Budget expectations.
Better tax collection and dividends from the RBI will encourage the government on rural spending and tax benefits. In mid- and small caps, though the margin of safety in terms of valuation remains lacking, investors are keener on the growth story in capital goods, infra, auto, etc.
Crude Oil - Oil prices held firm on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar. Brent crude was up 0.2%, at $85.39 a barrel and the US WTI (West Texas Intermediate) crude futures were at $80.86 a barrel, up 0.2%.the main reason behind the price strength is the growing confidence that global oil inventories will inevitably plunge during the summer in the northern hemisphere.
Technically, the important key resistances are placed in Nifty future are at 23555 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 23606 – 23737 levels. Immediate support is placed at 23373 - 23303 levels.
Past Performance is not an Indicator of Future Returns. The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read Disclaimer and related all the documents carefully before investing, mentioned on www.nikhilbhatt.in
