Dear
Trader…
Indian equity indices ended in the red on Monday, snapping
their nine-day winning streak, as shares of Infosys tumbled over 9% after the
company’s dismal revenue outlook raised concerns about demand for Indian IT
services amid global banking turmoil and recession fears.
The 30-share BSE benchmark Sensex declined 520 points or
0.86% to settle at 59,910. The broader NSE Nifty dropped 121 points or 0.68% to
end at 17,751.In the Sensex pack, Infosys was the top loser, while Tech
Mahindra declined over 5%. HCL Tech, L&T, NTPC, Wipro and HDFC also ended
in the red.On the other hand, Nestle, Power Grid, SBI, Kotak Bank and UltraTech
Cement closed with gains.Among IT stocks, other than Infosys and Tech Mahindra,
LTIMindtree closed over 5% lower. Shares of Wipro and Mphasis, meanwhile,
touched their new 52-week lows in today’s trade.
Sectorally, Nifty IT fell 4.71%, while Nifty PSU Bank surged
3.13%. Banks, auto, FMCG, metal, realty, consumer durables and oil & gas
stocks ended higher. In the broader market, Nifty Midcap50 rose 0.25% and
Smallcap50 surged 0.16%.
Global Markets –
Asian markets rose Monday, although worries continued about
economic growth and inflationary pressures. Japan’s benchmark Nikkei 225 inched
up nearly 0.1% to 28,514. South Korea’s Kospi rose 0.2% to 2,575, and Shanghai
Composite gained 1.4% to 3,385.
European shares inched up on Monday as investors remained
optimistic about US corporate earnings this week, while awaiting more economic
data to assess the health of euro zone economies. The pan-European STOXX 600
index inched up 0.1%, after .
Rupee
Weakens – The Indian rupee weakened
against the US currency on Monday, as the dollar index recovered some ground,
tracking a rise in Treasury yields following mixed US data.The rupee finished
at 81.9725 per dollar, compared to its previous close of 81.85. The currency
moved in a narrow 10 paisa range through the session.
Brent
crude falls – Oil prices were steady on
Monday as investors eyed Chinese economic data for signs of demand recovery in
the world’s second-largest oil consumer. Brent crude futures nudged 31 cents
lower to $86 a barrel, while US West Texas Intermediate crude was at $82.09 a
barrel, down 34 cents.
Nifty
futures opened at 17879.65 points against the previous close of 17820.10 and
opened at a low of 17640.00 points. Nifty Future closed with an average movement
of 214.00 points and a decline of around 119.55 points and 17751.00 points…!!
On
the NSE, the midcap 100 index will down 0.39% and small cap 100 index is
closing down 0.33%.
At
the start of intra-day trading, JUNE gold opened at Rs.60351 fell from a high
of Rs.60625 points to a low of Rs.60338 with a rise of 221 points, a trend of
around Rs.60550 and JUNE Silver opened at Rs.75506, fell from a high of Rs.76300
points to a low of Rs.75472 with a rise of 358 points, a trend of around Rs.76035.
Meanwhile, The market
responded negatively to the weak start of the earnings season by IT bellwether
and their cautious outlook. On the global front, the US 10-year bond yield rose
as solid US job data raised concerns over further rate hikes by the Fed. The
earnings reports, primarily from the IT and banking sectors, will influence
market trends in the coming days,
We believe that the uptrend is still intact, and
this dip should be used as a buying opportunity.
Technically, the important key resistances are placed
in Nifty future are at 17751 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 17707 – 17630 levels.
Immediate support is placed at 17888 – 17909 levels.
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