Global Indices Rebound, Post Best Day In Three Weeks
Dear Trader…
The BSE Sensex advanced 320 points or 0.49 per cen to settle at 65,828. The broader NSE Nifty Future surged 76.90 points or 0.39 per cent to end at 19,714. From the Sensex pack, NTPC, Tata Motors, and Sun Pharma were the top gainers, rising 2-3 per cent. Tata Steel, SBI, UltraTech Cement, and JSW Steel also closed in the green, while Infosys, HCL Tech, Tech Mahindra, and TCS closed in the red. Sector-wise, Nifty PSU Pharma rallied 2.7 per cent, led by Glenmark Pharma and Aurobindo Pharma. Nifty Metal also surged 1.9 per cent, led by Vedanta, Hindaloco, and NMDC. Whereas Nifty IT closed 0.3 per cent lower.
Among the more domestically focused stocks, Nifty Smallcap 100 rose 1 per cent, and Nifty Midcap 100 gained 1.08 per cent. In Friday's trade, the market capitalisation of all listed companies on BSE surged by Rs 2.43 lakh crore, while in Q2, it advanced Rs 22.6 lakh crore to Rs 319.08 lakh crore. The market breadth was skewed in favour of the bulls. About 2,302 stocks gained, 1,331 declined, and 148 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw net sales of Rs.1685.70 crore in the cash segment. A total of Rs.11,744.05 crore was sold against a total purchase of Rs.10,058.35 crore. Domestic institutional investors saw a net purchase of Rs.2751.49 crore in the cash segment. A total of Rs.6037.01 crore was sold against a total purchase of Rs.8788.50 crore.
Meanwhile, The Indian market witnessed a rebound as positive GDP data from Britain instilled confidence among its global peers. However, the market is facing stiff resistance at higher levels due to insipid liquidity and a lack of triggers to overcome the bears. The upside risk to domestic inflation may recede with the return of a good monsoon in September. This, in turn, could provide the RBI with leeway to maintain a pause in the upcoming policy meeting next week.
Technically, the important key resistances are placed in August Nifty future are at 19714 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19770 – 19880 levels. Immediate support is placed at 19606 – 19474 levels.
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