A brisk getting in index heavyweights such as Reliance Industries Ltd (RIL), Infosys, Bajaj Finance, lifted Sensex 615 points from day’s low on Monday. The 30-share index gained 76 points to finish at 52,551, a record higher closing. Similarly, the Nifty 50 index gained 205 points from day’s low and settled above 15,800 for the very first time ever, at 15,811.85. The broader industry underperformed the equity benchmarks. S&P BSE MidCap index completed trade at 22,771.49, down 157 points or .68 per cent, even though S&P BSE SmallCap index ended 41 points or .16 per cent down at 25,075.42. India VIX, the volatility index, gained 3.95 per cent to finish at 14.66 levels, the lowest level considering the fact that February 2020.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has respected the 15700 level on a closing basis. Despite the crack in the very first hours of trade, it has managed to claw back its losses and has closed properly above the lows of the day. 15900-16000 continues to stay the next target for the index and as extended as 15700 holds, traders have no explanation to be concerned. A purchase on dips is a prudent tactic to adopt at these levels of the industry.
Rohit Singre, Senior Technical Analyst at LKP Securities
After a volatile session index closed a day at 15809 with minimal gains and formed a hanging man sort of candle pattern on the every day chart. sturdy strength has been seen in nifty from reduced levels which recommend bulls managed to grab the chance from reduced levels going forward quick base is coming close to 15750-15650 zone once more any dip close to stated levels will be getting chance for the all round targets of 16k mark, the quick hurdle is coming close to 15900-16000 mark stated levels will be profit booking levels on the larger side.
Vinod Nair, Head of Research at Geojit Financial Services
Though the domestic industry opened on a damaging note due to lack of positive cues, it recovered in the afternoon, led by heavyweights following positive worldwide markets. WPI inflation for May rose to 12.94% reflecting a larger value of fuel and manufactured items along with a reduced base. Fed policy meeting to be held on June 15-16 is anticipated to dominate investor behaviour in the coming days. Though the Fed is anticipated to retain its prices unchanged, the important focus of the industry will be on its comment on inflation.
Binod Modi, Head Strategy at Reliance Securities
Domestic equities witnessed U-turn today following witnessing a steep gap-down opening. A sharp recovery in PSU banks, IT, FMCG and Reliance Industries supported industry rebound. Indian equities remained buoyant in last couple of weeks aided by withdrawal of business enterprise curbs by states and enhanced prospects of financial recovery. Further, the government’s strategy to expedite development applications to push financial activities and pickup in business enterprise activities are anticipated to outcome in sharp improvement in higher-frequency important financial indicators from the existing month onwards. Sharp development in IIP information for April indicates sturdy 1QFY22 earnings overall performance but choose-up in consumption is a great deal required to sustain improvement in coming months.