By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indices end on a positive note
Our markets got off to a good start, as indicated by the SGX Nifty and other Asian peers. Bulls appeared to be charged on the weekly expiry day, as the Nifty reclaimed the 15700 mark and closed well above it, snapping a two-day fall. The Nifty bank index gained momentum during the afternoon session, finishing with nearly a percentage gain after a 2 day decline.
Broader Market Movement
Looking at the broader markets, the midcap and small cap indices were back in action after a one-day pause, as the broader markets indices outperformed the benchmark indices, both gaining more than 1.5 percent. Except for the Nifty Auto, which ended in the red, all other sectors ended in the green. The Nifty Media, which was yesterday’s top loser, turned around to be the top gaining sector of the day, up more than 4%, followed by Realty and PSU Banking. On a stock specific basis, 35 of the 50 stocks in the Nifty 50 ended in the green, with Bajaj Finance, Bajaj Finserv, and SBIN among the top gainers and ITC, Bajaj Auto, and Eicher Motors among the top losers.
Stocks in News
JSW Steel’s stock jumped nearly 3% after the company reported that its May month production was higher than the previous year. Shares ofGAIL shares rose more than 2% after the company reported improved Q4 results, with net profit increasing 28.3 percent over the previous quarter. Bata India share price rose over 5 percent intraday despite the company reporting a poor set of numbers in the quarter ended March 2021.
Global Data Front
On the global front, investors appear to be cautious ahead of the much-anticipated May inflation data, as the US benchmark indices ended the day on a slightly lower note. Looking at the futures of the major Wall Street indices, the Dow Jones Futures are up 0.19 percent, the Nasdaq Futures are down 0.23 percent, and the S&P 500 Futures are up 0.22 percent. While on the European front, the FTSE, DAX, and CAC 40 are all trading flat ahead of the European Central Bank (ECB) policy decision.
Summing Up, the Nifty ended its two-day losing streak thanks to broad-based buying across sectors. The 30-share BSE Sensex closed at 52300, up 358 points or 0.69 percent, and the Nifty closed at 15737, up 102 points or 0.65 percent. The Nifty levels to watch in the coming days are 15800 – 15850 on the upside and 15550 – 15500 on the downside.
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