Indian markets ended June F&O series on a positive note on the back of inflows from institutional investors who bought equities worth Rs 4300 crore in just last four sessions. Benchmarks are just above crucial resistance levels and may consolidate before making a move.
According to experts the market will be taking cues from macro-economic factors like inflation, interest rates and June quarter results. Global crude oil prices and euro-zone worries are also likely to direct the market.
Meanwhile, there was some relief in term of food inflation back home. India's food inflation slipped a 7.78 per cent for the week ended June 18 against 9.13 per cent a week ago.
"The longer-term trend is still not clear in the market, but my sense is that the worst is over from short to medium term. Then the question is that will we remain stagnant at these levels or will we be slowly-slowly going up? My sense is that we will stagnate and consolidate around these levels and then slowly based on the corporate numbers and overall interest, inflation and oil price scenario, we will decide the course of the market direction," said Motilal Oswal, CMD, Motilal Oswal Financial Services to ET Now.
National Stock Exchange's Nifty ended at 5647.40, up 46.95 points or 0.84 per cent. The broader index touched a high of 5657.90 and low of 5606.10 in trade today.
Bombay Stock Exchange's Sensex closed at 18845.87, up 152.01 points or 0.81 per cent. The 30-share index hit a high of 18873.39 and low of 18723.72 intraday.
"Nifty future for the July series is currently trading at around 5 points premium at 5652 levels. Now it holds psychological support at 5600 levels, a close below this level may drag the market towards 5500 witnessing some liquidation of longs whereas on the upside. If Nifty sustains above 5620 levels with volume support it may see further momentum towards 5720-5750 levels," said Ashish Chaturmohta, Vice President - Derivatives and Technical Analyst, IIFL Private Wealth.
BSE Midcap Index was up 0.32 per cent and BSE Smallcap Index moved 0.57 per cent higher.
Amongst sectoral indices, BSE FMCG Index was up 1.83 per cent, BSE Realty Index gained 1.19 per cent and BSE IT Index moved 0.69 per cent higher. BSE Healthcare Index was down 0.03 per cent.
Jaiprakash Associates (3.79%), Hindustan Unilever (3.18%), Jindal Steel (3.13%), Tata Power (1.68%) and Hero Honda (1.63%) were amongst the top Sensex gainers.
ONGC (-1.62%), Maruti (-1.54%), Bharti Airtel (-1.52%), Wipro (-0.61%) and Hindalco (-0.58%) were the major losers.
Market breadth was positive on the BSE with 1507 gainers against 1337 losers.
Source: The Economic Times
Vivek Agrawal
Summer Intern-Fundamental Analysis
DENIP Consultants Pvt. Ltd.
No comments:
Post a Comment