Among Asian peers, Shanghai Composite was down in red, while Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ were all trading with gains.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Equity markets corrected last week after having surged more than 11% since the Union Budget. S&P BSE Sensex now sits at 50,889 points while the 50-stock NSE Nifty was below the crucial 15,000 mark. Looking to get back in the groove, benchmark indices will look to recover last week’s losses in the coming trading sessions. On Monday morning, Nifty futures on Singapore Exchange were hinting at a gap-up start for domestic equities. Among Asian peers, Shanghai Composite was down in red, while Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ were all trading with gains.
The production-linked incentive (PLI) schemes announced by the government for mobile phones and telecom equipment alone could result in net gains of around Rs 65,000 crore to the government over the next five years. The gains will be on account of incremental GST receipts. Both the schemes are for a five-year period. Here, the government would be giving incentives in the range of 4-6%, on an annual basis, to the companies that qualify for the scheme.
Highlights
Commodity prices traded volatile during the week passed by with bullion prices ended lower while crude oil halted recent rally falling back to below $60 per barrel. Base metals traded strong with Copper soaring to nine years high on supply deficit and higher demand optimism.
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Headline indices BSE Sensex and Nifty 50 were likely to start the week on a flat to positive note, following a 1.2 per cent fall last week. Nifty futures were seen trading just 12.50 points up at 15,007 on Singaporean Exchange in early trade on Monday. A spike in coronavirus cases in some Indian states and rising bond yields dampened investor sentiment. This week GDP data is scheduled to be released.
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Nifty Futures were now down in red. SGX Nifty was trading with marginal gains but will less than an hour to go before the opening bell, it was seen trading more than 30 points lower.
Headline indices BSE Sensex and Nifty 50 were likely to start the week on a flat to positive note, following a 1.2 per cent fall last week. Nifty futures were seen trading just 12.50 points up at 15,007 on Singaporean Exchange in early trade on Monday. A spike in coronavirus cases in some Indian states and rising bond yields dampened investor sentiment. This week GDP data is scheduled to be released. According to an analyst, the short term trend of Nifty continues to be weak. "The late hour upside recovery of Friday could signal a possibility of a minor upside bounce in the coming session. However, a decisive move below 14950 could result more weakness down to 14700-14500 levels in the near term. Immediate resistance is placed at 15115," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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"We’re seeing a healthy correction in the markets however position management becomes difficult during such phases. A decisive break below 14,800 may result in further slide in Nifty. On the downside, the 14,450-14,650 zone would act as a cushion. Considering the scenario, we advise limiting naked leveraged positions and keeping extra caution in the selection of stocks," said Ajit Mishra, VP - Research, Religare Broking.
Equity markets went in for a correction last week, after having soared more than 11% since the Union Budget. S&P BSE Sensex erased 654 points or 1.27% and the 50-stock NSE Nifty slipped 181 points to close just below the crucial 15,000 mark. Many analysts on Dalal Street had warned of such a correction and had been advising investors to remain cautious. But, where do the benchmark indices move from here? Will they resume their upward march or are the bears ready to pounce?
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As the government and the Reserve Bank of India (RBI) gear up for a review of a medium-term inflation targeting framework in March, many economists have cautioned against a dilution of the extant target, especially given the elevated fiscal deficit projections until FY26. Some even pitched for having a closer look at core inflation while continuing to target the headline retail inflation in the 4 (+/-2)% band.
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SGX Nifty was up 12 points on Monday morning, hinting at a flat to positive start for domestic equity markets.
The production-linked incentive schemes (PLIs), while catalysing exports and domestic manufacturing, are also designed to enrich the government exchequer. The two PLI schemes for mobile phones and telecom equipment alone will result in net gains of around Rs 65,000 crore to the government over the next five years, just on account of incremental GST receipts more than offsetting the estimated Central Budget outlays.
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