Trends on SGX Nifty were also pointing at a ap-up start, rising 136 points or 0.92 per cent to 14,996 on Singaporean Exchange, according to data on SGXNifty website. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open in positive territory on Monday, after gaining nearly a per cent in the previous week. Trends on SGX Nifty were also pointing at a gap-up start, rising 136 points or 0.92 per cent to 14,996 on Singaporean Exchange, according to data on SGX Nifty website. Asian peers were seen trading higher in the early trade on Monday, with Japan’s Nikkei, Topix and South Korea’s Kospi up one per cent, each. Stock markets in China were mixed. In the previous week on Wall Street, the Dow Jones Industrial rallied nearly 3 per cent and the S&P 500 gained over 1 per cent. While tech-heavy Nasdaq Composite fell 1.5 per cent.
After remaining net buyers in Indian share markets for the six consecutive months, FPIs turned net sellers in April. They have continued to pull out Rs 5,936 crore from the Indian equities in the first week of May amid worries over the intense second wave of coronavirus infection and its fallout on the economy. Foreign investors had pulled out Rs 9,659 crore in April after infusing money in the preceding six months, according to the depositories’ data.
Highlights
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The chart pattern suggests that if Nifty crosses and sustains above 14900 levels it would witness buying which would lead the index towards 15000-15250 levels. Important Support for the week is around 14400-14200. Nifty is trading above 20 and 50 day SMA’s which are important short term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy.
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Nifty futures were trading 146.75 points or one per cent higher at 15,006.80 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Monday. On a weekly chart, Nifty/Sensex gained 400/1,200 points from the lowest levels, said an analyst.
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After having gained 1% each last week, domestic benchmark equity indices might look to continue their upward march on Monday. S&P BSE Sensex now sits at 49,206 while the 50-stock NSE Nifty is at 14,823. Nifty futures on the Singapore Exchange were up more than 100 points, hint at a positive start for domestic equities. Technically, Nifty close above the resistance levels on Friday, which could see the index surge higher and reclaim 15,000 in the coming sessions. On the fundamental side, Dalal Street’s movement is expected to be influenced by covid-19 and vaccination drive.
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COVID-19 updates, financial results and macro-economic data will continue to steer stock markets in this holiday-shortened week, say analysts. Global trends are also expected to guide the market sentiment, they added. Equity markets would remain closed on Thursday for ‘Id-Ul-Fitr’.
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If fears of COVID-19 persist among overseas investors, then further redemptions cannot be ruled out, Himanshu Srivastava, Associate Director – Manager Research, Morningstar India, stated. According to the data, foreign portfolio investors (FPIs) withdrew a net sum of Rs 5,936 crore from Indian equity markets during May 3-7.
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