Nifty for the week remained under pressure but broader market remained strong with Midcap 100 index posting gains of almost 2% on back of retail buying. The FIIs were sellers in cash and derivative segment which put pressure on large cap stocks while USDINR was putting a tough fight around resistance area of 74.86. With Nifty stuck in the trading range of 15,620-15,900, we can expect massive leg of unwinding whenever Nifty closes below 15,620. Today, we can see a positive opening for the markets as the SGX Nifty is trading up by 66 points.
On the global front, U.S indices rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week. The Dow Jones rose 446.29 points, or 1.3%, to 34,868.22, the S&P 500 gained 48.44 points, or 1.12%, to 4,369.26 and the Nasdaq Composite added 139.83 points, or 0.96%, to 14,699.61. Asian markets were bounced on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though some of the risks still lay ahead this week.
Stocks to watch
- The oil marketing companies (OMCs) increased petrol prices but reduced diesel prices on Monday after keeping them unchanged on Sunday
- Infosys- LIC reduce its stake by 0.36% II ICICI Prudential Life Insurance Co reduced its stake by 0.15% in Co during Q1
- Equitas and Ujjivan SFB in focus- RBI allows SFBs to apply for reverse merger
- Granules India- Co clarifies that reports of Company being sold to some PE investors are false
- Maruti- Company launches Smart Finance to enable online financing to vehicles
- NBCC- awards orders worth Rs 3.12 bn for execution
- Avenue Supermart- Gross Margin at 22-quarter low, profit at Rs 950 mn vs expectations of Rs 1.7 bn.
- Delta Corp- Revenue down 64% QoQ, EBIDTA loss at Rs 270 mn.
- Macro-economic data today- Industrial Production (IIP) and Inflation (CPI)
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