Dear
Trader…
Against the backdrop of India’s 10-year government bond
yields falling to a 7-month low, benchmark equity indices closed higher on
Monday, led by financials after improved quarterly results from heavyweights
Reliance Industries, ICICI Bank, and IT stocks.
The BSE Sensex index ended 401 points or 0.67% higher at
60,056, while Nifty50 rose 119 points or 0.68% to settle at 17,768. The
benchmark 7.26% 2033 bond yield was at 7.1163%, its lowest since September 13,
and down 4 basis points from the previous close.
From the Sensex pack, Wipro, ICICI Bank, Axis Bank, Titan and
SBI were the top gainers, rising 2-3%. UltraTech Cement, HDFC, HDFC Bank and
NTPC also closed higher. On the flip side, IndusInd Bank, Sun Pharma, Maruti
and Bharti Airtel closed in the red.
Shares of HDFC Life closed 6.7% higher after the RBI allowed
HDFC Bank or HDFC Ltd to increase their shareholding in the life insurance
firm. YES Bank closed 3% lower after Q4 results.
On the sectoral front, the Nifty PSU Bank advanced 2.61% and
Nifty Financial Services surged 1.28%. FMCG, IT, metal, realty, consumer
durables and oil & gas sectors also closed higher. Whereas, in the broader
market, Nifty Midcap100 increased 0.39% and Smallcap100 advanced 0.59%.
The market capitalisation of all listed companies on the BSE
increased by Rs 1,36,207 crore to Rs 266.33 lakh crore.
Global Markets –
Asian stocks were mixed on Monday, with investors mostly
treading water ahead of key data releases this week, including earnings results
from US tech behemoths.
Europe opened lower and US equities futures were also down
following a muted finish on Wall Street last week, with a wait-and-see mood
taking hold of the markets as they awaited results from the likes of Amazon,
Microsoft, Google parent Alphabet and Facebook owner Meta.
Hong Kong, Shanghai, Sydney and Seoul were all down on
Monday, while Singapore was flat. London, Frankfurt and Paris also dropped in
early Monday trade. Tokyo, Wellington, Taipei and Manila all rose.
Rupee Strengthens – The Indian rupee gained against the US currency on Monday to
strengthen past the 82-per-dollar level, outperforming its Asian counterparts
as foreign banks in India were seen selling the greenback, several traders
said. The rupee finished up 0.23% at 81.9050 per dollar to notch its biggest
intraday percentage gain since April 13.
Crude oil prices fall – Oil prices were steady on Monday as concern over rising
interest rates, the global economy and the outlook for fuel demand were
balanced by the prospects of tightening supplies. Brent crude slipped 22 cents,
or 0.3%, to $81.44 a barrel. US West Texas Intermediate crude was down 10
cents, or 0.1%, at $77.77.
Nifty
futures opened at 17715.00 points against the previous close of 17657.30 and opened
at a low of 17633.20 points. Nifty Future closed with an average movement of 139.00
points and a rise of around 106.60 points and 17768.00 points…!!
On
the NSE, the midcap 100 index will down 0.39% and small cap 100 index is
closing up 0.59%.
At
the start of intra-day trading, JUNE gold opened at Rs.59865 fell from a high
of Rs.59937 points to a low of Rs.59701 with a rise of 5 points, a trend of
around Rs.59850 and MAY Silver opened at Rs.74512, fell from a high of Rs.74750
points to a low of Rs.74120 with a decline of 79 points, a trend of around Rs.74575.
Meanwhile, The
positive market sentiment in the domestic market was boosted by strong earnings
reported by heavyweights. This led to a reversal in the cautiousness from
initial below expectation FYQ4 results.
However, the weak global sentiment did raise some concerns
midway. But the banking sector played a key role in this upward trend, with
sector majors reporting strong earnings.
Technically, the important key resistances are placed
in Nifty future are at 17768 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 17808 – 17909 levels.
Immediate support is placed at 17676 – 17606 levels.
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