Market activity remained range bound on Monday with midcaps and small caps ending in deep red while Nifty closed in the positive terrain near 16,500. The surge in Nifty IT by 2% prevented losses in Nifty 50 Index although breadth continues to remain in negative for the 14th trading session now. Markets are currently trading at a crucial juncture and are heavily relied on Central Bank liquidity to sustain at these higher levels. Crucial support for Nifty is placed at 16376 and resistance is seen at 16650. The primary trigger for breakdown may come from close in Nifty Bank below 34926. The SGX Nifty is indicating a gap-up opening of 95 points.
U.S indices rallied on Monday, and the Nasdaq reached an all-time closing high as sentiment was boosted by full FDA approval of Pfizer’s COVID-19 vaccine even as the Jackson Hole Symposium is expected to convene later this week. The Dow Jones Industrial Average rose 215.63 points, or 0.61%, to 35,335.71, the S&P 500 gained 37.86 points, or 0.85%, to 4,479.53 and the Nasdaq Composite added 227.99 points, or 1.55%, to 14,942.65. Oil jumps as much as 6%, snapping longest losing streak since 2019, Brent at USD 69.36 a bbl.
Key news/Stocks in news
- Skymet downgrades Monsoon2021 to below normal. 60% chance of below normal, at 94% of LPA. Rajasthan Odisha Kerala likely deficient rains. Chance of drought Gujarat West Rajasthan imminent.
- Eicher Motors Re-appoints Siddhartha Lal as managing director of the company with effect from May 1, 2021.
- JSW Steel- ICRA upgraded the rating of long-term bank facilities and non-convertible debentures to ICRA AA with stable outlook.
- Maruti Suzuki- The Competition Commission of India (CCI) imposed a fine of Rs 200 crore on Maruti Suzuki India for anti-competitive practices related to how it forced dealers to discount cars.
- Pfizer- US FDA grants full approval to Pfizer-BioNTech COVID-19 vaccine
- Gujarat Gas hikes prices for industrial segment by Rs 4 per scm and CNG by Rs 2 per kg
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