SGX Nifty surged larger in trade, gaining 119 points or .75 per cent at 15,893 on Singaporean Exchange. BSE Sensex and Nifty are set to a gap-up opening on Monday, following a week of losses. Last week, the 30-share BSE benchmark dipped 388.96 points or .73 per cent. A host of variables such as macroeconomic information, quarterly earnings, RBI MPC, pace of vaccination, auto sales numbers, the progress of monsoon, COVID-19 trends and other international trends will be keenly watched. Analysts say present valuations, though not high priced demand constant earnings delivery as compared to expectations for additional outperformance. “While the Index may be trading in a tight range, the gradual opening up of the economy and an improved demand backdrop do offer bottom-up opportunities,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Results today: Punjab National Bank (PNB), Varun Beverages, Housing Development Finance Corporation, Emami, Castrol India, Carborundum Universal, RBL Bank, CG Power and Industrial Solutions, Balaji Amines, Shree Renuka Sugars, Capri Global Capital, Orient Cement, Kalyani Steels and Nahar Spinning Mills, other folks will will announce their quarterly earnings on 2nd August.
Global watch: Asian stock markets had been trading mainly larger on Monday. Japan’s Nikkei 225 jumped 1.58 per cent though the Topix index gained 1.74 per cent. The S&P/ASX 200 in Australia climbed 1.4 per cent. US stock marketplace in overnight trade on Friday fell. The Dow Jones Industrial Average fell .42 per cent, the S&P 500 lost .54 per cent, and the Nasdaq Composite dropped .71 per cent.
FIIs turn net sellers in Indian share marketplace: On Friday, foreign institutional investors (FIIs) sold shares worth Rs 3,848.31 crore, though domestic institutional investors (DIIs) lapped up shares worth Rs 2,956.68 crore on a net basis in the Indian equity marketplace. so far in the ongoing economic year, FPIs pulled out a net Rs 6,105 crore from the Indian capital markets.
Robust rise in GST collection: Gross goods and services tax (GST) collections came in at an impressive Rs 1.16 lakh crore in July (largely June transactions), up a third on year and a quarter on month, reflecting a intelligent financial recovery right after the second Covid-19 wave.
Technical speak: Analysts are of the view that the broader texture of the marketplace is nonetheless in the bullish zone, but due to non-directional activity indices might consolidate in the variety of 15600-15900/52000-53000 levels. “In the near future, the 15720/ 52500 level could act as a strong support level for traders and below the same correction wave is likely to continue up to 15600/52000. On the flip side, the 15900/53000 level should be the sacrosanct level for the bulls, above the same uptrend formation could continue up to 15960-16050 /53300-53550 levels,” stated Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, stated.