Asian stock markets were trading mixed during the early hours of trade on Monday.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices soared higher last week with Nifty 50 setting fresh all-time highs repeatedly. Ahead of this week’s first trading session, S&P BSE Sensex is placed at 52,100 while the Nifty 50 index is at 15,670. SGX Nifty was trading in the green, hinting at some positive momentum ahead of the opening bell. Cues from global peers were, however, mixed. Wall Street had closed with gains on Friday but Asian peers were trading mixed during the early hours of trade on Monday. Shanghai Composite, Nikkei 225, and TOPIX were in the green while KOSPI, KOSDAQ and Hang Seng were in the red.
The central government is unlikely to unveil any fresh stimulus measures to aid the pandemic struck economy to come out of the second wave of covid-19. Instead, the government will focus on Budget proposals, mainly in the infrastructure sector. The Union Budget introduced in February this year, already factors in the need for faster recovery from the pandemic aided slump in the economy and involves certain measures that will help in the process. The government will also look to undertake capex. On Friday, finance minister Nirmala Sitharaman asked various infrastructure ministries and central public-sector enterprises (CPSEs) to “front-load” capex and ensure the timely completion of large projects.
Highlights
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were increased for the second day straight on Monday across major cities. Petrol in Delhi today costs Rs 95.31 per litre, while diesel in the capital city costs Rs 86.22 litre today. Since May 4, rates have been hiked 21 times. Petrol price in Delhi has been increased by Rs 4.76 since May 4, while diesel price has surged Rs 5.31 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Sensex and Nifty trade with gains. Nifty breaches 15,700 mark while Sensex gains to inch closer to 52,200.
The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15950-16100 levels. However if the index breaks below 15600 level it would witness selling which would take the index towards 15450-15350. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages, indicating positive bias in the short term.
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Asian stock markets were trading mixed on Monday with Japan’s Nikkei gaining 0.33 per cent. The Topix index and South Korea’s Kospi were marginally up. US stocks climbed on Friday, lifted by technology stocks. The Dow Jones Industrial Average rose 0.43 per cent, the S&P 500 gained 0.83 per cent, and the Nasdaq Composite added 1.5 per cent.
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"Sector rotation is helping Nifty stay higher. Options concentration seen at 15,500 Puts and 15,700 Calls. Bank Nifty Futures witnessed addition of shorts on Friday along with huge writing at 35,500 Calls indicating caution," said Rahul Sharma of JM Financial Services. He added that more upside is expected for Nifty if 15,700+ is sustained. Supports at 15,595 and 15,470. "Next target at 15,900-16,000".
Commodity prices traded weak with most of the commodities in Non-Agro segment ended in red for the week except Crude oil. Crude oil prices rallied on strong demand outlook in the second half of the year. Bullion prices traded under pressure on stronger dollar following robust economic data while base metals fell on fear of policy change from central banks and weak China demand.
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BSE-listed companies such as Union Bank of India, Central Bank of India, Mrs Bectors Food Specialities, Dynamatic Technologies, MRF, New India Assurance Company, Shree Pushkar Chemicals & Fertilisers, SMC Global Securities, SMS Lifesciences India, Tower Infrastructure Trust, Victoria Mills, and Yuken India, among others are scheduled to announce their January-March quarter earnings on June 7.
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'Nifty remains in its structural uptrend and next milestone for June 2021 is placed at 16,100, India vix declined to six-month lows indicating subsiding anxiety-related COVID implication. We believe, the upward journey will be nonlinear or zigzag and buy on declines strategy should work well as strong support exist at 15,200. Broader market outperformance to extend as Smallcap index is expected to challenge life highs. BFSI, Auto, IT, Consumption and Infra to lead the rally,' said Dharmesh Shah – Head – Technical, ICICI Direct.
SGX Nifty was up 42 points ahead of the opening bell on Monday. Nifty futures trading with gains suggests some positive momentum for domestic equities.
The government is unlikely to announce any new fiscal stimulus until the later part of the September quarter, as focus shifts to undertaking budgetary capital spending and prodding Central pubic sector undertakings (CPSEs) to invest more aggressively.
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