Sensex, Nifty Updates: Sensex and Nifty are likely to open on a bullish note on Monday, extending last week's gains amid positive global equities. SGX Nifty was rising 90 points higher at 10,690, indicating positive trend in domestic grounds today. On Friday, Sensex closed 177 points higher at 36,021 and Nifty ended 55 points higher at 10,607. Global equities were buoyed today as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment.
Here's a look at the updates of the market action on BSE and NSE today
9.00 AM: Nifty outlook
Commenting on Nifty's technical indicators, Rohit Singre, Senior Technical Analyst at LKP Securities said," Index has good resistance near 10700-10800 zone and one can use mentioned levels to book profit on every rise, good support is shifted at 10500-10400 zone so until holding above said levels we may see strength to be there".
8.56 AM: Top 10 firms add Rs 1.37 lakh crore in market cap
The 10 most valued Indian companies together added a whopping Rs 1,37,508.61 crore in market valuation last week, with TCS and RIL emerging as the biggest gainers. The market valuation of Tata Consultancy Services (TCS) jumped Rs 31,294.89 crore to Rs 8,25,149.40 crore. Reliance Industries Limited (RIL) added Rs 28,464.11 crore to take its market valuation to Rs 11,33,168.55 crore.
8. 50 AM: SGX Nifty
SGX Nifty was rising 90 points higher at 10,690, indicating positive trend in domestic grounds today
8. 48 AM: Global equities today
Global market trends will continue to dictate the domestic markets, in the absence of any major domestic event. Where Wall Street ended on a positive note before its holiday weekend, concerns over rising US coronavirus cases took a toll on European indices that closed in the red. Ahead of holiday due to US Independence Day, US futures were trading mildly in red.
8. 41 AM: Rupee outlook
On rupee's jump to 3- month high at the opening bell, Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said,"The bias for the rupee has shifted towards appreciation, given the risk-on environment and significant flows in the market, and as strong data sets from the U.S. have weighed on the dollar. That should lead to the rupee testing levels of 74.30 and 74 eventually, having said that, we believe the RBI will step in at regular intervals, and will not be comfortable to see the rupee appreciate beyond the 73.90 to 74.00 band."
8.35 AM: Rupee Closing
In line with the equity market, the rupee appreciated and closed at three months high of 74.64 against the US dollar, tracking weakness in the greenback and gains in the domestic equity market.
8. 30 AM: Closing
Sensex and Nifty extended gains for the third straight session and closed higher on Friday. Where Sensex ended at 36,021 points on Friday with a gain of 2.4 per cent during the week, Nifty closed with a gain of 2.17 per cent at 10,607. Sensex gained 1,104 points in the last 3 sessions, while Nifty climbed 305 points.
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8. 20 AM: What to expect from market
Indian equities have risen recently, enjoying a swift recovery from its March lows, tracking positive trends from global markets. Increasing optimism over a safe and effective COVID-19 vaccine and progress of vaccine trials also helped ease traders' concerns. Investor sentiments were further boosted by a revival in key economic data globally, indicating that economic activity might be stabilising.
Expressing views over the trends investors will focus in the coming week, Ajit Mishra, VP-Research, Religare Broking said," Participants will be eyeing key macro indicators like IIP data, CPI and WPI inflation. Besides, the progress of monsoon and developments on the COVID front will also be in focus."
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8. 10 AM: Gold vs Sensex
A lumpsum investment of Rs 1 lakh at the start of June 2005 would have grown to Rs 5.2 lakh by June-end this year in equities (using Sensex as proxy), whereas the same amount would have fetched you Rs 7.7 lakh if invested in gold for the same duration.
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8. 00 AM: Trading sentiments for the week
Trading sentiment in the equity markets this week will be guided by global cues, COVID-19 trends and quarterly earnings by market heavyweight TCS, analysts said.
Investors will also monitor movement of rupee and crude oil as well as progress of monsoon, they added.
Global cues, COVID-19 trends, TCS Q4 earnings major drivers for markets this week: Analysts