Asian stock markets were trading higher in early trade on Monday.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Monday, after ending almost unchanged last week amid mixed cues. In the previous session, the 30-share index fell 0.35 per cent or 182 points to settle at 52,386 while the Nifty 50 index ended at 15,689 points, down 0.24 per cent. Investors will closely track quarterly earnings, macroeconomic data (IIP, CPI inflation and WPI inflation) announcements, the progress of monsoon, updates on the new COVID variant, inflation, oil prices and bond yields. Asian stock markets were trading higher in early trade on Monday. Japan’s Nikkei 225 jumped 2.19 per cent while the Topix index gained 2.18 per cent. South Korea’s Kospi advanced 0.87 per cent. The three major US stock indices rallied to record closing highs on Friday. The Dow Jones Industrial Average rose 1.3 per cent, the S&P 500 gained 1.12 per cent, and the Nasdaq Composite added 0.96 per cent.
With India’s story remaining “very strong”, the economy will register double-digit growth in the current fiscal and the disinvestment climate also looks better, said Niti Aayog Vice Chairman Rajiv Kumar. He also asserted that the country is prepared in a far better manner in case there is a COVID wave as states have also their own lessons from the previous two waves.
Highlights
The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15900-16300 levels. However, if the index breaks below 15600 level it would witness selling which would take the index towards 15400-15300. Nifty is now well placed above its 50 and 100 SMA indicating positive bias in the short term. Nifty is expected to remain in an uptrend to sideways zone until it breaks 15600 on the downside. For the week, we expect Nifty to trade in the range of 15900-15600 with mixed bias.
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Commodity prices traded mixed with most of the commodities in the Non-Agro segment traded higher while crude oil and silver prices ended in red. Gold prices traded higher on lower bond yields while base metals traded higher on lower supply concerns and higher demand. Crude oil futures hovered on mixed fundamentals with delayed OPEC decision on output quota.
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Nifty futures were trading 69.50 points or 0.44 per cent higher at 15,797.50 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on the first day of the week. Asian peers were seen trading up to 2 per cent, on the back of gains on Wall Street. US main indices posted record closing highs in overnight trade on Friday. According to technical analysts, Nifty/Sensex held 15635/ 52250 support and reversed sharply which indicates a strong possibility of a quick pullback rally from current levels.
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Ratan Tata, chairman emeritus of Tata Sons, would have been in a different profession today, if he were not heading the Tata Group. Tata regrets that he was not able to practice architecture for long, despite earning a degree from Cornell University in 1959. In a video interview, the industrialist and philanthropist said that he always wanted to be an architect, as it interested and motivated him.
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While Prime Minister Narendra Modi’s government faces growing clamour to rein in rising petrol and diesel prices by cutting taxes, the reason for it not yielding to the demand can be traced back to the early 2000’s. The present and the next governments have a bill worth Rs 1.3 lakh crore to pay, thanks to the then governments’ largesse of keeping petrol and diesel prices in check.
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Quarterly earnings from IT majors Infosys and Wipro, macroeconomic data announcements and global cues would be the major drivers for the equity markets this week, said analysts. Leading IT companies Infosys and Wipro and other players such as Mindtree, Tata Elxsi and HDFC AMC would announce their financial results this week.
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“We are now hopefully getting past our (COVID-19) pandemic… and the economic activities will be strengthened as we get into the second half of this (fiscal) year given what I have seen for example various indicators, including the mobility indicators,” Kumar told PTI in an interview.
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