Trends on SGX Nifty recommended a positive opening for BSE Sensex and Nifty 50 on the 1st day of the week. Nifty futures have been trading 90.50 points or .57 per cent up at 15,838.50 on Singaporean Exchange. Stocks markets in Asia have been trading mixed in early trade on Monday as oil rates surged ahead of a different meeting in between OPEC and its allies. In overnight trade on Wall Street, S&P closing up for a seventh straight day. Analysts say that in addition to decline in COVID-19 situations and vaccination drive, expectations of improved customer spending and standard monsoon rainfall is most likely to drive the domestic demand.
India Pesticides listing: Agrochemical firm India Pesticides is all set to make stock marketplace debut on Monday. The Rs 800-crore IPO was subscribed more than 29 occasions. It was opened for subscription in between 23-25 June 2021.
Global watch: Asian stocks markets have been seen trading mixed with Japan’s Nikkei 225 slipping half a per cent. The Topix index shed .43 per cent, though South Korea’s Kospi edged .33% greater. US stocks on Friday scaled new highs. The Dow Jones Industrial Average rose .44 per cent, the S&P 500 gained .75 per cent, and the Nasdaq Composite added .81 per cent.
FII and DII information: On Friday, foreign institutional investors (FIIs) offloaded shares worth Rs 982.8 crore, though domestic institutional investors (DIIs) lapped up shares worth Rs 930.39 crore on a net basis in the Indian share marketplace.
Nifty valuations not economical: Nifty valuations at the existing juncture is not economical and demand constant earnings delivery ahead, stated an analyst. “Any disappointment on the earnings front could weaken the overall positive sentiments. However, we expect the earnings momentum is to accelerate given the pickup in the pace of vaccination and the further opening of the economy. Good monsoon further supports bullish biasness,” stated Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Nifty technical view: “As far as levels are concerned, we managed to hold crucial support of 15650. As long as 15650 – 15450 are being held, the bulls have no reason to worry for. On the upside, reaching the new milestone of 16000 has become challenging and the market clearly seem to be waiting for some sort of trigger to reach there. Before this, 15800 followed by 15900 are to be seen as immediate hurdles,” Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking), stated.