On the day of weekly possibilities expiry, BSE Sensex and Nifty 50 have been staring at a gap-up opening, as indicated by trends on SGX Nifty in early trade. Domestic markets path would rely on the monsoon, opening up of the economy in a graded manner and the pace of on-going vaccination. Besides, corporate earnings, stock-particular development, crude oil costs, rupee movement against US dollar and other worldwide cues will be closely tracked by industry participants. India reported significantly less than 1 lakh new situations of Covid-19 infection for the third day in a row, at a time when the government announced free of charge shots for all. Asian peers have been seen trading in the positive territory on Thursday.
Global watch: Asian stock markets have been trading greater in early trade with Japan’s Nikkei 225 up half a per cent. The Topix index gained .21 per cent and South Korea’s Kospi added .34 per cent. US stock indices ended decrease in overnight trade on Wall Street. The Dow Jones Industrial Average fell .44 per cent, the S&P 500 lost .18 per cent, and the Nasdaq Composite dropped .09 per cent.
Q4 outcomes today: A total of 64 businesses such as Steel Authority of India (SAIL), NHPC, Century Plyboards (India), Parle Industries, Cera Sanitaryware, Mazagon Dock Shipbuilders, eClerx Services, Responsive Industries, Tide Water Oil Company, National Fertilisers and Mayur Uniquoters, are scheduled to release their quarterly earnings.
FIIs stay net sellers: On Wednesday, foreign institutional investors (FIIs) offloaded shares worth Rs 846.37 crore, though domestic institutional investors (DIIs) sold shares worth Rs 271.7 crore on a net basis in the Indian equity industry.
Watch out for these levels for Indian rupee: The USD-INR spot is hovering about 73 zone, regardless of whether it will bounce or not depends on US CPI. “The fx traders await some guidance from CPI data and ECB policy. An upbeat CPI data won’t provide an excuse for the Fed to defer the tapering debate a little longer but all will be revealed at the June 16th FOMC meeting. Until then in USDINR spot, 73.25-73.30 is a crucial resistance, a consistent above that can push prices towards 73.60-73.75 zone while 72.75-72.50 will act as a crucial support,” Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services, stated.
Technical outlook: Wednesday’s decline appears to have dampen the work of bulls to sustain the highs, stated an analyst. “The formation of long bear candle at the new highs open chances of reversal pattern. But, follow through weakness in the subsequent session is expected to confirm the reversal and that could open more weakness for the short term. Crucial supports to be watched at 15560 and a decisive move below this area is expected to drag the market to lower 15400 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, stated.