Asian stock markets were trading deep in the red on Monday morning.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls might look to regain control of domestic equity markets this week, after having seen some bearish sentiment kick in last week. S&P BSE Sensex currently sits at 52,344 points while the Nifty 50 index is at 15,683. SGX Nifty was down 191 points during the early hours of trade on Monday, hinting at a negative start for Dalal Street. Global cues too were in the red with Asian stock markets deep in the red. Wall Street benchmark indices had closed Friday’s trading session with losses. Last week the US Federal Reserve had made its intention of reversing some rate cuts by 2023 known.
Kerala finance minister, KN Balagopal, said that the 4-year old Goods and Services Tax (GST) was antithetical to federalism to begin with, adding to the list of state finance ministers seeking a comprehensive overhaul of the structure, design and administration of the taxation system. “Cooperative federalism is at stake. GST hasn’t yielded the promised revenue productivity. Let us at least learn from experience and restructure the tax. There are also genuine concerns over the (lack of) democratic functioning of the GST Council,” KN Balagopal said. Earlier, West Bengal’s Amit Mitra and Punjab’s Manpreet Singh Badal, have minced no words of late in their criticism of the GST Council’s way of functioning. KN Balagopal said that the Union government needs to instil confidence among all members of the GST Council that a truly democratic spirit will govern the council’s functioning.
Highlights
"Markets are likely to spend some more time in a range and we expect volatility to remain high due to the scheduled derivatives expiry of June month contracts. With no major event, participants will be closely eyeing the global markets for cues. Besides, the progress of the monsoon and updates on the vaccination drive will also be in focus. On the benchmark front, Nifty has critical support at 15,400, followed by 15,200. In case of a rebound, it would find resistance around 15,850-16,000 zone. Among the sectors, defensive viz. FMCG and IT are likely to maintain their prevailing positive bias while metals and PSU banks may continue to trade lackluster and drift further lower. We advise traders to align their positions accordingly," said Ajit Mishra, VP Research. Religare Broking.
The Nifty lost less than 1% last week after gains of four consecutive weeks amid some profit booking in the midcap and small cap space. The midcap and small cap indices lost 2% and 3%, respectively, during the week. Apart from FMCG and technology stocks, rest of the sectors ended the week in the red where high beta stocks from metals and realty space witnessed significant pressure. On the options front, the highest option concentration is placed at 15800 Call and 15500 Put strikes. The Call OI base is close to 48 lakh shares, which should act as immediate hurdle for the Nifty during the week. Similarly, Put base at 15500 and 15600 strike is almost equal. We believe a fresh move below 15600 may result in extended profit booking towards 15200 in the settlement week.
~ ICICI Direct
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged on Monday by oil marketing companies. Petrol price in Delhi today stands at Rs 97.22 per litre, and diesel in the capital city is retailing at Rs 87.97 per litre today. Rates have been hiked 27 times since May 4. The price of petrol in Delhi has increased by Rs 6.53, while diesel price has surged Rs 6.92 per litre since the rate revision began. 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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Nifty futures on Singapore Exchange were down more than 200 points before the opening bell.
BSE Sensex and Nifty 50 snapped a four-day gaining streak last week, ending up to a per cent lower. SGX Nifty tanked 191.50 points or 1.22 per cent to 15,558 on Singaporean Exchange. Investor sentiment was hit after the US Federal Reserve monetary policy meeting hinted at interest rate hikes by 2023. With no major event, global cues are likely to continue to dictate the market trend
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Commodity prices traded lower with most of the commodities in the non-agro segment witnessed selling except crude oil. Bullion prices traded lower on stringer dollar on US Fed tapering signals while base metals traded weak on China crackdown and weak demand. Crude oil prices extended rally on strong fuel demand recovery form US and Europe.
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"Although Nifty bounced back after breaking the support zone of 15,565-15605 on Friday, long trades are advised to stay cautious below 15,600. Bullish Zone: above 15,800 and Bearish Zone: below 15,600. Neutral Zone: 15,600 - 15,800," said Rahul Sharma, Head, Technical and Derivatives Research, JM Financial Services.
Domestic stock market indices, BSE Sensex and Nifty were staring at a negative start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 175.50 points or 1.11 per cent lower at 15,574.50 on Singaporean Exchange. In the previous session, BSE Sensex ended flat at 52,344.45, while the Nifty 50 index settled down at 15,683. Chart patterns suggest indecisiveness between bulls and bears. However, technical analysts believe that in the medium term the texture of the benchmark indices is still bullish and likely to continue in the short run. “The texture of the chart suggests 15400/51800 should be the sacrosanct level for the bulls and as long as its trading above the same, uptrend is likely to continue up to 15800-15900/52600-52850 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
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Excerpts
SGX Nifty was down nearly 200 points during the early hours of trade on Monday. Bears were in control on stock markets across Asia.
Citing the ‘rarest of rare’ economic problems being faced by his state over the past four-five years due to natural calamities including the severe floods of 2018 and pandemics, Balagopal said Kerala, with a creditable track record in “developing human capital”, was being virtually thwarted in its efforts to address ‘second-generation’ issues concerning healthcare, education and employment by assorted national policies and a tilt away from federalism.
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