Stock Market Updates

The S&P 500 started August under heavy pressure on Thursday as softer economic data placed recession fears back in the spotlight. U.S. stocks saw huge intraday swings on Thursday. According to one metric, it was the market's most volatile day since November 2022. The Nasdaq 100 saw its biggest one-day reversal since May 2022. Economists polled by FactSet project a net gain of 175,000 jobs — a touch below the average for the past three months — and for the unemployment rate to hold steady. Non farm payrolls data is due Friday. Gross GST collections in India rose 10.3 percent to a three-month high of Rs 1.82 lakh crore compared with Rs 1.74 lakh crore in the previous month. Godrej Agrovet to Acquire Remaining Stake In Tyson Foods JV For Rs. 323 Crore Nestle India Invests Rs. 705 Crore in JV with Dr Reddy's Labs Symphony considering for Buyback Japanese stocks plunged for a second day as expectations rose on more rate hikes by the nation’s central bank. The yen gained for a fourth day to pressure markets. Asian equities also declined, tracking losses on Wall Street as data signaled a softening US economy. Indian equity indices rose for the fifth consecutive session on Aug 01, Nifty scaled a new milestone of 25000 for the first time. At the close Nifty was up 59 points or 0.24% at 25010. Nifty is expected to open weak - existing longs should be protected with trailing stop loss of 24798. Nifty Midcap 100 index closed with bearish “Engulfing” candlestick pattern on the daily chart, which signals the possible bearish trend reversal in midcap universe Indian markets could open lower, in line with lower Asian markets today and negative US markets on Aug 01

U.S. stocks extended sharp gains Wednesday afternoon after the Federal Reserve, as expected, left rates unchanged at 5.25-5.5% for the eighth time and Chair Jerome Powell said a cut as early as September was a possibility. The S&P 500 and Nasdaq scored their biggest daily percentage gains since Feb 22. In late trading, Meta Platforms Inc. soared on a sales beat. Qualcomm Inc., the world’s biggest seller of smartphone processors, gave a strong revenue forecast. India’s core sector growth eased to a 20-month low of 4 percent in June, from 6.4 percent in the previous month, owing to a slowdown in five of eight industries and an unfavourable base. A September rate cut could bring more investments into emerging markets (EMs), with India standing to benefit substantially. Mahindra looks to add five-door Thar production capacity by 4,000 units per month Angel One invests Rs 250 crore in wealth management arm Godrej Properties acquires 46-acre land in Indore for plotted development Asia-Pacific markets largely rose on Thursday (except Nikkei which fell sharply as the strengthening yen clouded the outlook for the country's exporters), after comments from U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut could come in September if inflation data remains “encouraging.” Nifty ended higher for the fourth straight session on July 31. At close, Nifty was up 0.38% or 93.9 points at 24951.2. Nifty made a narrow range (128 points high low range) small bull candle on July 31. Nifty closed 3.92% higher for the month. Nifty could face resistance from the 24999-25085 band while 24595 could offer support on downmoves in the near term. Banks, Power and Auto shares saw high volumes and Power and Healthcare stocks look good for some more upside in the near term.

U.S. stocks ended mixed on Monday to kick off a busy week with several Big Tech earnings reports, the Federal Reserve’s interest rate decision and jobs report, all due later this week. The US Federal Reserve is expected to hold interest rates steady at a two-day policy meeting this week (July 30-31) but open the door to interest rate cuts as soon as September by acknowledging inflation has edged nearer to the U.S. central bank's 2% target. Asian stocks fell as the Bank of Japan kicks off its two-day monetary policy meeting and amid speculation investors are trimming some of their holdings before a rush of events in coming days including major central bank decisions, key economic data and earnings from US megacap companies. RVNL received an order worth Rs 739 crore Aarti Drugs received EIR at Baddi facility from US FDA ITD Cementation bags Rs 1,237 crore contract for New Delhi Residential Project Nifty ended almost flat on July 29 after a volatile session. At close, Nifty was up 0.01% or 1.3 points at 24836.1. Nifty displayed minor profit taking on July 29 Defence and Rail stocks rose once again while Bank stocks could not sustain higher levels although witnessing high volumes. Focus may continue to be on the midcap and smallcap space in the near term with some other stocks reacting to results and other developments. Nifty could stay in the 24595-25000 band for the near term. Indian markets could open lower, in line with lower Asian markets today and mixed US markets on July 29

U.S. stocks bounced Friday after a turbulent week for the S&P 500, as investors weighed fresh data on inflation from the Federal Reserve’s favored gauge. Stocks saw sharp gains after a fresh reading on U.S. inflation renewed investor optimism that the Federal Reserve may cut interest rates as soon as September. China’s industrial profits grew at a faster clip in June, official data showed on Saturday, even as businesses were grappling with a downshift in consumers’ sentiment amid a shaky economic recovery. DLF plans to launch Rs 1.04 lakh crore worth real estate projects in medium term Paytm gets government nod for investment in payments arm Vodafone Idea offers to clear remaining Nokia dues of Rs 1,500 crore Asian shares rose on Monday into a week packed with earnings and a trio of central bank meetings. Oil prices inched up over the weekend on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights. Nifty snapped a five-day losing streak on July 26 and touched an all time high in the last minutes of trade. At close, Nifty was up 1.76% or 428.8 points at 24834.9 with Nifty touching fresh life-time high of 24,861.15. Nifty has surpassed the crucial resistance of 24600 and now that resistance is expected to change its role as a support going forward. Nifty rose for the eighth consecutive week, rising 1.24%. Global investors will in the coming week look out for earnings from the US market’s biggest tech companies, a Federal Reserve policy meeting and closely watched employment data in a week that could determine the near-term trajectory of U.S. stocks following a bout of severe turbulence. Nifty could face resistance in the coming week from the 24963-25085 band while the 24504-24600 band could offer support. The view remains mildly bullish for the near term. Indian markets could open higher, in line with higher Asian markets today and positive US markets on July 26

The Dow posted modest gains, but the Nasdaq and S&P 500 booked a third straight day of losses, as investors remained cautious ahead of Friday's inflation update. US equities rallied earlier Thursday after data showed the pace of US growth picked up from the previous quarter — while moderating from last year. Gold fell more than 2% on Thursday, after a better-than-expected reading on U.S. gross domestic product led to expectations for higher-for-longer U.S. interest rates, which contributed to a drop in the price of the precious metal to the lowest level in more than two weeks. US economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs. Gross domestic product increased at a 2.8% annualized rate after rising 1.4% in the previous quarter and 2% forecast. The personal consumption expenditures price index, a key measure for the Fed, rose 2.6% for the quarter, down from the 3.4% move in Q1. Core PCE prices were up 2.9%, down from 3.7%. Asian equities showed signs of recovery on Friday as traders balanced resilience in the US economy with firming expectations of Federal Reserve cuts in coming months. Nifty ended almost flat on July 25 after a low opening. At close, Nifty was down 0.03% or 7.4 points at 24406.1. Nifty formed a mildly bullish counterattack type candle. The recent weakness may have got arrested and we may see consolidation/upward bounce in the Nifty soon. Nifty could rise towards 24592 in the near term while 24141 could provide support.

U.S. stocks finished sharply lower on Wednesday, led by a 3.6% drop in the Nasdaq Composite, after disappointing earnings from megacap technology companies initiated a flight to safety by investors and sparked concerns that the AI optimism that has powered stock-market gains is losing steam. The U.S. PMI flash manufacturing output index fell to 49.5 in July - a six month low, unexpectedly slipping into contraction territory as new orders, production and inventories declined. Economists had forecast a reading of 51.5 In Asia, the People’s Bank of China cut its medium-term lending facility rate to 2.3% from 2.5% on Thursday, following a surprise reduction to a key short-term rate to boost slowing economic activity. Equities in Asia declined as investors began pulling back on the artificial-intelligence frenzy that has powered the bull market this year. Japan’s Nikkei 225 extended its six-day losing streak to plunge 2.6%. Reliance gets US approval to resume crude imports from Venezuela Hindustan Zinc explores doubling capacity; launches low-carbon zinc Adani Green Energy operationalises 250 MW wind capacity at Khavda, Gujarat Nifty fell for a fourth consecutive session on July 24 logging its worst streak since May 2024. At close, Nifty was down 0.27% or 65.6 points at 24413.5. Nifty could stay in the 24141-24595 band for the near term. Indian markets could open lower, in line with lower Asian markets today and sharply negative US markets on July 24

U.S. stocks finished lower on Tuesday as investors awaited earnings reports from Google parent Alphabet and electric-car maker Tesla after the closing bell. Small-cap stocks gained on Tuesday as a rotation out of megacap technology companies gathered more steam. In the kickoff to "Magnificent 7" earnings, Alphabet and Tesla both reported mixed quarterly results after the bell. US two-year yields fell after a solid $69 billion auction — which reflected market bets on rate cuts. Oil slumped amid algorithmic selling and low summer liquidity. Vice President Kamala Harris is projected to have secured delegate backing to become the Democratic presidential nominee, helping settle any remaining nerves over President Joe Biden's withdrawal from the race. Kamala Harris opened up a marginal two-percentage-point lead over Republican Donald Trump after President Joe Biden ended his re-election campaign and passed the torch to her, a Reuters poll found. Most Asian stocks traded in narrow range mostly on the negative side on Wednesday following losses on Wall Street after an mediocre start to the earnings reports from the “Magnificent Seven” megacap technology companies. The Indian market displayed high volatility on the day of Union Budget 2024 on 23rd July. Nifty ended the session with a minor fall of 0.12% and ended the session at 24479. Nifty managed to close above its 20 DMA support, placed at 24311 odd levels. On the higher side 24595 and 24855 could act as resistances, while 24074 becomes the new support for the Nifty.

US stocks recovered after their worst week since April as investors looked beyond Joe Biden ending his reelection campaign to focus on the start of the tech earnings season. Asian stocks bounced from one-month lows on Tuesday, with Taiwan's semiconductor shares taking a lead from a Wall Street recovery. Anant Raj Cloud, a wholly-owned subsidiary of the company, has entered into a MoU with GoogleLLC to collaborate for providing Data Center Infrastructure, DC Managed Services and Cloud Platform to various Public & Private enterprises. RailTel Corporation of India Ltd. has received the work order for Indian Railways amounting to Rs 186.81 crore. Sanofi has issued a circular in the Indian market stating that it is going to temporarily halt the sales of its Allegra Suspension syrup Nifty closed lower for the second consecutive session on July 22 as traders reduced commitments ahead of the Union Budget on July 23 and investors parsed through corporate results. At close, Nifty was down 0.09% or 21.7 points at 24509.3. India is scheduled to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. The budget is largely expected to be growth-oriented, with some measures aimed at addressing the rural economy. This is largely discounted. Any measure that disturbs the fiscal consolidation path or cuts capex for increasing allocation to revex or strong measures to hurt the capital market taxation could result in a negative reaction. The Union Budget presentation will likely create enough intra-day volatility on that day. Nifty could face resistance at 24661 and later at 24801 in the near term while 24141 could provide support on falls. Indian markets could open flat to mildly higher, in line with mostly higher Asian markets today and positive US markets on July 22

Market Savera - 22/07/2024

Market Summary and forecast for the coming week by Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

US stocks ended lower across the board, with Dow and small-caps facing selling pressure as equities saw across-the board declines. The selloff in stocks intensified on Thursday as Wall Street got caught up in speculation about whether or not President Joe Biden will stay in the race for the White House. A shakeup of the Democratic ticket could make investors more uncertain about the election outcome. Investors are expecting the Fed to begin cutting its interest rates in September, The European Central Bank left interest rates unchanged in a unanimous vote on Thursday following June’s landmark cut, as it described the potential for a September reduction as “wide open.” The decision — which keeps the key ECB interest rate at 3.75% — was widely expected amid ongoing concern over inflationary pressures, particularly from the labor market. Asia-Pacific markets fell on Friday, tracking Wall Street declines as investors continued to take profits from the rally in equities in recent weeks. In China, investors were left disappointed over the lack of details provided on the implementation steps for achieving the country's economic policy goals at the conclusion of its closely watched plenum on Thursday. Bharti Airtel bags multi-year contract from CBDT for providing network solutions Dr. Reddy’s signs non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan, gastrointestinal drug in India Infosys announced numbers that were above market expectations in Q1FY25 Nifty ended higher for the fourth straight session on July 18 post a sharp recovery post 1130 Hrs. At close, Nifty was up 0.76% or 187.9 points at 24800.9. Nifty has provided a breakout and the next resistance is at 24960. Support could come in at 24661 in the near term. Encouraging results and guidance from Infosys overnight could improve sentiments towards tech stocks and overall market; however it will be interesting to watch as to whether this sustains through the day. Indian markets could open flat to mildly higher, despite mostly lower Asian markets today and negative US markets on July 18

U.S. stocks finished mostly lower on Wednesday as a continued pullback in megacap technology stocks weighed on the S&P 500 and Nasdaq Composite. The Biden administration said it was considering stricter export restrictions to China, while Donald Trump took aim at Taiwan's dominance in the chip-manufacturing industry. Traders now see 100% odds the Fed will lower rates in September. The International Monetary Fund raised India’s growth forecast for FY25 to 7 percent from 6.8 percent projected in April, according to its World Economic Outlook released on July 16. Hindustan Oil Exploration made a gas discovery in Dirok-1 well Zydus Lifesciences inks licensing pact with Takeda to sell GERD drug Zee Entertainment to raise $239 million through 10-year FCCB issue Asian equities fell on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the U.S. and China. China stocks also slipped as investors awaited policy news from a key leadership gathering in Beijing. Nifty ended at a fresh closing high for a third day in a row on July 16. At close, Nifty was up 0.11% or 26.3 points at 24613. Nifty saw a 74 points intra day high low range on July 16 (the lowest range in many months) and closed higher. Nifty could in the meanwhile stay in the 24461-24661 band for the near term. Indian markets could open flat to mildly lower, despite mostly lower Asian markets today and mixed US markets on July 17

U.S. stocks ended higher on Monday, as traders increased their bets on the possibility of a Donald Trump victory in November's U.S. presidential election following a failed assassination attempt over the weekend. The growing probability that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September also helped feed risk appetite. The Indian government has raised the windfall tax on petroleum crude to 7,000 rupees per metric ton from 6,000 rupees, with effect from July 16. Bitcoin hit a two-week high Monday, as betting markets suggested an increased chance of victory for crypto-friendly candidate Donald Trump in the U.S. presidential election. Century Textiles bought 5 acre land parcel in Gurugram, Haryana, with an estimated revenue potential of Rs 1,400 crore Lupin divests women’s health specialty business in US to Evofem for $84 million Tata Steel plans Rs 10,000 crore of capex a year to hit 40 mtpa by 2030 Asia-Pacific markets open mixed on Tuesday as traders in Asia react to Federal Reserve Chair Jerome Powell’s comments that the central bank will not wait until inflation hits 2% to cut interest rates. Nifty ended at a fresh closing high in the first session of the week tracking sharp gains in large PSU stocks. At close, Nifty was up 0.35% or 84.6 points at 24586.7. Nifty could stay in the 24494-24635 band for the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on July 15

U.S. stocks closed higher Friday after paring gains in the final stretch of trading, with all three major indexes rising for the week. Consumers’ optimism about the economy fell to an eight-month low in July over frustration with high prices, even though they expect inflation to slow over the next year. U.S. stock-index futures saw a modest rise Sunday night, as financial markets opened for the week following an apparent assassination attempt on former President Donald Trump a day earlier at a campaign rally. Traders took stock of the likelihood of Donald Trump winning the US presidential election after an assassination attempt. Analysts expect the upcoming Third Plenum in China to focus on areas — such as high local government debt levels and a push for advanced manufacturing. The much-anticipated policy meeting, scheduled for Monday to Thursday, is a major gathering of the top members of the ruling Communist Party of China that typically happens only once every five years. This plenum was widely expected to be held last fall but has been delayed. India’s retail inflation rose to four-month high of 5.08 percent in June compared with 4.75 percent in the previous month as food inflation galloped to 9.4 percent given the impact of heatwave on vegetables. The industrial output growth in India surprised in May rising to a seven month high of 5.9 percent from 5 percent in the previous month, as manufacturing and electricity production soared, according to the official data released on July 12. Collection of net direct tax in India jumped 20% to Rs 5.74 lakh crore till July 11 in the current financial year on higher advance tax payment by corporates, according to the Central Board of Direct Taxes. HCL Tech revenue was in line with estimates and profitability was above expectations in Q1FY25. Dabur expects a gradual growth in consumption this fiscal as it expands into the rural areas. US FDA conducted a Pre-Approval Inspection (PAI) of Piramal Pharma Limiteds PPDS Ahmedabad facilitycompleted successfully with Zero Form - 483 observations and No Action Indicated (NAI) designation. Asia-Pacific markets mostly fell on Monday as investors awaited China’s Third Plenum and also assessed an assassination attempt on former U.S. President Donald Trump at a rally over the weekend. Nifty ended strong on July 12 led by Information Technology stocks after Tata Consultancy Services surprised the street with its Q1 results. Nifty IT index touched the highest since Jan 2022. At close, Nifty was up 0.77% or 186.2 points at 24502.2. Nifty broke out of the range of the last 6-7 sessions and closed at record highs. Nifty could now gradually rise towards 24960 while 24174 and later 23993 could provide support in the near term. Indian markets could open mildly higher, despite mostly lower Asian markets today and in line with higher US markets on July 12

Domestic equity indices continued their upward trajectory for the sixth consecutive week. Investors now look forward to the Q1 earnings season that started this week and the upcoming budget announcement scheduled for July 23rd, which could provide further direction for the market. Multiple tailwinds led the market to come out of its range-bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. Sensex advanced 0.65% and Nifty added 0.73% over the week. The markets edged higher in 2 out of 5 trading sessions during the week. In the broader markets BSE Midcap index was up 0.15% and the BSE Smallcap index fell 0.23%. Market breadth was in favour of losers with 9 shares advancing for every 10 losers. Average cash turnover on NSE was 6% higher as compared to previous week. Sectoral indices were mixed with Realty down 2.3%, Telecom down 1.6% and Auto down 1.1%. On the positive side IT rallied 3.5%, FMCG was up 3.3%, and Oil & Gas gained 2.9%. Among Nifty 100 stocks, Zomato surged 7.2%, ONGC was up 6.6%; ITC gained 5.9%; Marico added 5.6%; and Godrej Consumer rose 5.1%. On the downside, Bank of Baroda fell 8.5%; M&M slipped 6.1%; ABB was down 5.4%; Vedanta fell 5.4% and Canara Bank declined 4.3%. As per provisional figures, FIIs were net buyers of Rs 3844cr in the equity markets during the week and DIIs were net buyers of Rs 5391 crore.

The Nasdaq ended sharply lower on Thursday, hit by losses in Nvidia, Apple and Tesla as investors went for smaller companies after softer-than-expected inflation data raised bets the Federal Reserve will cut interest rates in September. Stocks finished trading Thursday with the Dow Jones Industrial Average clinging to a small gain while the S&P 500 dropped and the Nasdaq plummeted. The US consumer price index fell 0.1 percent in June from May, against the Dow Jones estimates of a 0.1 percent increase. Further, the annual inflation in June was also reported at 3 percent against the street estimate of 3.1 percent. The monthly inflation rate dipped in June for the first time in more than four years, providing further support for the Federal Reserve to start lowering interest rates later this year. Optimism over lower rates sparked a shift into riskier parts of the market — as money shifted out of the long-favored safety trade of big tech. The Russell 2000 of smaller firms beat the Nasdaq 100 by 5.8 percentage points — the most since November 2020. In Treasuries, after the inflation data U.S. two-year to 10-year yields slid to their lowest since mid-March.The yield on benchmark U.S. 10-year notes fell 7.4 basis points to 4.206%, from 4.28% late on Wednesday. TCS on Thursday while releasing its Q1 results reaffirmed its commitment to achieving a margin above 26%, despite experiencing its first contraction in four quarters during the April-June period, coinciding with a company-wide salary increase. Asian stocks on Friday hailed the growing bets for a September rate cut from the US Fed. However Asian technology stocks fell Friday, echoing declines on Wall Street as slowing US inflation sparked a rotation out of Big Tech. Nifty ended almost unchanged after a volatile session on July 11. At close, Nifty was down 0.03% or 8.5 points at 24315.9. Nifty formed a hammer like pattern on July 11 but in a sideways manner compared to the previous session. This has little predictive value. Nifty could stay in the 24164-24400 band for the near term.

U.S. stocks rose to new milestones on Wednesday, with the S&P 500 finishing above 5,600 for the first time and the Nasdaq Composite securing its 27th record close of 2024. Helping to fuel some of the risk-on sentiment from investors was the sense that the Federal Reserve might be willing to cut interest rates multiple times through January to support the economy. Jerome Powell told Congress that the Fed doesn’t need inflation below 2% before cutting rates and that officials still have more work to do. He noted the labor market has cooled “pretty significantly.” U.S. inflation data due this week include the Consumer Price Index on Thursday and the Producer Price Index report on Friday. Asian equities rose on Thursday after a rally in the world’s largest tech stocks lifted global shares to new highs ahead of US inflation data due later Thursday. Taiwan Semiconductor Manufacturing Co. traded at record levels after the sole supplier of Nvidia and Apple’s most advanced chips said second-quarter sales grew at their fastest pace since 2022. Japan’s Nikkei 225 surged to a fresh high on Thursday, crossing the 42,000 mark for the first time. Nifty logged its worst session on July 10 since June 4 after hitting highs at open. At close, Nifty was down 0.45% or 108.8 points at 24324.5. Nifty fell on July 10 forming a Bearish Engulfing pattern at record highs. A long lower shadow reflects part recovery during the day and the fight by bulls. Nifty could now be headed lower for the near term with some intermittent bounces. It could stay in the 24461-24141 band for the near term.

U.S. stocks finished mostly higher on Tuesday with the S&P 500 and the Nasdaq Composite reporting small gains to end at record levels, while the Dow Jones Industrial Average fell for a second session. Investors on Tuesday digested Federal Reserve Chair Jerome Powell’s remarks to Congress, which did little to change market bets that policymakers may be able to start cutting interest rates in September. Powell said elevated inflation is not the only risk the economy is facing, and the policymakers were paying closer attention to the cooling labor market. Powell on Tuesday expressed concern that holding interest rates too high for too long could jeopardize economic growth. Asia-Pacific markets were mixed on Wednesday, even as key US benchmarks rose following dovish comments from U.S. Federal Reserve Chairman Jerome Powell overnight. ONGC will invest about Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. Havells India is planning to expand the manufacturing capacity of cables at the Alwar plant. RVNL received an order worth Rs 187 crore from Maharashtra Metro Rail and Rs 203 crore from South Eastern Railway. After opening the day higher on July 09, benchmark indices continued the momentum as the session progressed on and ended the day higher. At close, Nifty was up by 112 points or 0.46% at 24433. Short term trend of the Nifty continues to remain positive. Recent swing low of 24168 is likely to offer an immediate support for the short term, while immediate resistance is seen at 24610 in Nifty. Indian markets could open flat, in line with mixed Asian markets today and despite mostly positive US markets on July 09

The S&P 500 and Nasdaq achieved record-high closes on Monday as investors awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell and the start of quarterly earnings season. Investors have been pouring into bond funds in the US this year as interest-rate cuts begin trickling out from global central banks. Bond funds have attracted nearly $400 billion in net inflows already this year — about 51% of the full-year record total set in 2021, according to EPFR data. In China, investors will be looking ahead to one of the country’s biggest annual policy meetings, approaching next week. Godrej Industries Ltd’s chemicals business unit has agreed to acquire a unit of Shree Vallabh Chemicals at Kheda in Gujarat entailing an estimated investment of Rs 45 crore. JSW Steel plans to invest US$1 billion across its operations to cut carbon emissions, aiming to become net neutral on emissions by 2050. L&T bags Rs 10Kcr order to build two solar plants in West Asia India's fuel consumption rose by 2.6% year-on-year to 19.99 million metric tons in June from a year earlier. Asian shares were mostly higher on Tuesday as markets hoped the U.S. Federal Reserve Chair Jerome Powell would sound dovish about easing prospects later in the day. Nifty ended flat in a volatile session on July 8. At close, Nifty was down 0.01% or 3.3 points at 24320.6. Nifty formed a doji type pattern on July 08 with a long lower shadow. This has little predictive value. Nifty could stay in the 24164-24401 band for the near term. Indian markets could open flat, in line with mixed Asian markets today and despite positive US markets on July 08

U.S. stocks finished higher Friday, with the S&P 500 notching a record high to close out a week of gains following the July 4 holiday. The S&P 500 booked its 34th record close of 2024, while the Nasdaq logged its 24th all-time closing high this year. New data showing U.S. labor market weakness boosted expectations for interest rate cuts as early as September. Natural-gas futures posted a nearly 11% weekly drop on Friday, pressured by an apparent slowdown in demand that came ahead of the Fourth of July holiday — and prices could see further declines with Hurricane Beryl forecast to hit parts of Texas, potentially slamming demand for the fuel New demat account openings in India surged, hitting a four-month high in June, driven by continued foreign investor buying amid a bullish Indian market. The total demat accounts now exceed 16.2 crore, The euro fell after initial projections showed a left-wing coalition was set to win the French legislative election, sowing worries about the nation’s finances. JSW Energy plans Rs 1.15 lakh crore capex to diversify operations Tata Motors JLR retail sales increased 9% in June Quarter Vedanta raises US$ 250 million to settle Zambian copper mine debts, plans to sell 30% stake Asian markets were mostly lower on Monday as investors awaited key economic data from the U.S. and China later this week. Nifty recovered sharply in the last half hour of trade on July 05 to end marginally in the positive. At close, Nifty was up 0.09% or 21.7 points at 24323.9. On a weekly basis, Nifty rose 1.30%, rising for the fifth consecutive week. Nifty could now attempt to cross the previous resistance of 24401 to later gradually move towards the next target of 24960, while 24164 could be the near term support. Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today and despite positive US markets on July 05

Nifty formed a bullish candle on July 05 forming a bullish counter attack type pattern. On weekly basis, Nifty rose 1.30%, rising for the fifth consecutive week. Nifty could now attempt to cross the previous resistance of 24401 to later gradually move towards the next target of 24960, while 24164 could be the near term support.

European stocks rose on Thursday as key elections (UK and France) held center stage and investors grew more optimistic about US Fed interest-rate cuts following US economic data that supported the case for easing. US markets were shut due to the July 04 holiday. Emerging market equities also benefited as the MSCI Emerging Markets Index rose to the highest level in two years on Thursday. Britain’s Labour Party was headed for a huge majority in a parliamentary election on Thursday, an exit poll suggested, against a gloomy backdrop of economic malaise, mounting distrust in institutions and a fraying social fabric. Most markets in the Asia-Pacific region were trading lower in absence of cues from US peers, while investors keenly await US non-farm payroll data, due to be published later today. Raymond Ltd announced demerger of its Real Estate business Alembic Pharma gets tentative nod from USFDA for tablets used in the treatment of certain types of cancer of bone marrow and bile duct Zydus Lifesciences gets tentative approval from US FDA for BP lowering drug Nifty extended its record rally in the second consecutive session on July 04 but ended little changed. At close, Nifty was up 0.06% or 15.7 points at 24302. Nifty could face resistance in the 24380-24401 band while support could come in at 24174-24236 band in the near term. Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today.

Global markets Wall Street traders pulled stocks higher as bond yields fell after a series of weaker-than-estimated economic reports strengthened the case for the Federal Reserve to start cutting rates this year. The S&P 500 rose to new highs in Wednesday’s shortened trading session as investors appeared to ignore sluggish economic data. The exchanges in the US will be shut today for Independence Day. The U.S. ISM measure of services activity surprised by sliding to its lowest since mid-2020, with employment notably weak ahead of the June payrolls report due on Friday. Minutes from the Fed’s June policy meeting showed officials were awaiting further evidence that inflation is cooling and were divided on how long to keep rates elevated. Investors will now keep a close eye on Friday’s US jobs report. Economists anticipate a 190,000 gain in June nonfarm payrolls — less than the previous month — with the unemployment rate holding at 4%. Corporate News Bandhan Bank reported loans and advances at Rs 1.26 lakh crore up 21.8% for Q1FY25 Brigade Enterprises signed a joint development agreement in Bengaluru for 1.2 million sq ft residential project Vedanta Ltd reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter Local Markets Stocks in Asia rose Thursday to 27 month highs after US shares touched a fresh peak as economic data supported the case for Federal Reserve interest-rate cuts. Nifty ended higher on July 3 with Nifty above 24,250 amid buying across the sectors. At close, Nifty was up 0.67% or 162.7 points at 24286.5. A breach of the low of the day i.e. 24207 could bring in more weakness while 24380 could offer resistance on upmoves in the near term. Indian markets could open higher, in line with mostly higher Asian markets today and positive US markets on July 03

*Tesla catapults US indices to fresh highs* U.S. stocks finished higher on Tuesday after a rally in shares of Tesla Inc. pushed the S&P 500 and the Nasdaq Composite to fresh record highs. Shares of Tesla finished more than 10% higher on Tuesday after it surprised investors by reporting second-quarter deliveries that beat expectations. U.S. markets will have a shortened trading session Wednesday and will be closed Thursday for the Fourth of July holiday. The au Jibun Bank reported that Japan's composite purchasing managers’ index fell to 49.7 in June, down sharply from 52.6 a month prior. This signals a decrease in Japanese private sector activity for the first time in seven months. China's services activity expanded at the slowest pace in eight months and confidence hit a four-year low in June, dragged by slower growth in new orders, a private-sector survey showed on Wednesday, suggesting more economic stimulus is needed. Puravankara aims to secure 20 million square feet of land by the end of the fiscal year KEC International received a new order worth Rs 1,017 crore in its T&D and renewables businesses Healthcare Global Enterprises approved the acquisition of 196-bed Hospital in Vishakhapatnam for Rs 362 crore M&M Finance reported disbursements up 5% year-on-year at Rs 12,730 crore for the end of Q1 FY25 Stocks in Asia mostly rose as traders weighed prospects for Federal Reserve interest-rate cuts after Jerome Powell cited signals that the US is back on a disinflationary path. Nifty opened higher on July 03 on the back of strong global cues and made a fresh all time high of 24236. However it witnessed profit booking at higher levels and finished the day marginally in the red. At close Nifty was down by 18 points or 0.07% at 24123 levels. On the higher side, next resistance is seen around 24250 levels. The level of 23889 could provide support in the near term. Indian markets could open higher, in line with mostly higher Asian markets today and higher US markets on July 02.

The S&P 500 closed higher Monday, supported by tech as stocks kicked off the second half of the year ahead of a crucial monthly jobs report due later this week. The HSBC India Manufacturing PMI rose to 58.3 in June compared with 57.5 in the previous month, as domestic demand helped push new orders. Employment generation recorded the fastest pace since March 2005. Passenger Vehicle (PV) wholesales in India during June 2024 witnessed 3.67 percent growth at 3,40,784 units as against 3,28,710 units dispatched during June 2023. The GST collections in June continue to maintain the momentum at Rs 1.74 lakh crore, as the May collections were recorded at Rs 1,72,739 crore. DCX Systems received an order worth Rs 1250 crore from L&T NCC secured orders worth Rs 355 crore Coal India’s production grows 8% in April-June Asian stocks fluctuated in a narrow range as traders weighed the possibility of another Donald Trump presidency in the wake of his debate with Joe Biden last week. Recovering losses from the last session, Nifty settled at record closing high on July 01 on the first day of the week/month/quarter. At close, Nifty was up 0.55% or 131.4 points at 24141.9. Nifty closed at another record high on July 01. The Nifty could soon breach the previous day’s high of 24174 and head towards 24,380. The level of 23889 could provide support in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on July 01

U.S. stocks slipped Friday as traders digested fresh economic data that indicated slowing inflation, as well as better-than-expected consumer sentiment figures. Traders are rearranging their positions in the aftermath of the debate between Joe Biden and Donald Trump. Biden’s shaky performance boosted sentiment around Trump’s odds for securing a second term in the White House. India’s core sector growth eased to 6.3% in May, against the revised figure of 6.7% for the previous month, due to further contraction in the cement industry even as coal and electricity recorded higher output. Focus in the coming week will be on comments from Fed officials, chiefly Chairman Jerome Powell, who is set to speak at the European Central Bank’s annual forum in Portugal on Tuesday Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan’s business confidence readings. Gail advances its net zero emissions target by five years Poly Medicure board approved to raise up to Rs 1000 crore through QIP Wockhardt announced successful use of Investigational Anti-biotic Nifty ended slightly lower on June 28 forming a minor bearish pattern. For the month, Nifty gained 6.57% - the largest monthly gain in 6 months. Nifty could face resistance from the 24174-24380 band while support could come in at 23338 in the near term. Nifty keeps defying all expectations of giving even a small correction. Indian markets could open flat, in line with muted Asian markets today and lower US markets on June 28

Nifty ended slightly lower on June 28 forming a minor bearish pattern. However, on weekly charts, Nifty rose for the fourth consecutive week (up 2.17% - the largest weekly gain in 5 months) to record its best month so far this year. On weekly charts, the Nifty formed a large bull candle breaking out of a range. On monthly charts, Nifty gained 6.57% - the largest monthly gain in 6 months. Nifty could face resistance from the 24174-24380 band while support could come in at 23338 in the near term. Nifty keeps defying all expectations of giving even a small correction.

*NIFTY scales mount 24K* The S&P 500 closed with a narrow gain on Thursday as Wall Street looked ahead to fresh inflation data for clues as to when the Federal Reserve will begin to lower interest rates. Core inflation in Japan's capital rose in June (to 2.1% YoY vs forecast of 2.0%) on rising fuel bills and the boost to import costs from a weak yen The Japanese yen hit fresh 38-year lows against the US dollar, weakening to as low as 161.27 against the dollar. India is preparing itself for the inclusion of the nation’s government bonds into the JPMorgan Chase & Co. emerging markets index from today, opening up a $1.3 trillion market to a broader range of investors. Equities in Asia on Friday morning followed gains in US stocks overnight. Asian stocks were headed for a fifth straight month of gains on Friday, bolstered by the growing view that cooling inflation in the United States would allow the Federal Reserve to ease rates later this year. HCLTech’s 0.46% stake likely to be sold for Rs 1,757 cr via block deal on Friday Indian Oil to boost LNG portfolio to 20 million tonnes by 2030 Jubilant Ingrevia successfully received EIR from US FDA with Zero observations Nifty ended at record high on June 27 and crossed another milestone by scaling past the 24,000 mark. At close, Nifty was up 0.74% or 175.7 points at 24044. Nifty also registered a smart 6.9% gain in the Monthly F&O series that expired on June 27. Nifty could now rise towards 24240 resistances while 23754 could offer support in the near term. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 27.

*Morning comments (HDFCSec Retail Research)* *Indian markets could open flat to mildly higher, in line with mostly positive Asian markets today and mixed US markets on June 26* US indexes ended marginally higher on Wednesday, lifted by Amazon.com Inc after it announced a major foray into generative AI. The firm also crossed the $2 trillion valuation mark. Big tech got hit in late US trading after Micron Technology Inc.’s outlook failed to meet the lofty expectations for the industry that has powered the bull market in stocks. Micron slumped in late hours, dragging down some chipmakers including giant Nvidia Corp. China's industrial profits rose at a much slower pace in May, official data showed on Thursday, underlining the struggles faced by the world's second-largest economy as weak domestic demand crimps overall growth. Earnings rose 0.7% year-on-year last month after a 4% increase in April while gains over the first five months also eased to 3.4% from 4.3% in the January-April period The Japanese yen hit a near-38 year low against the U.S. dollar late Wednesday, raising expectations that authorities could intervene in currency markets again. The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29 and reaching its weakest level since 1986. US home sales slumped in May while the median sales price nudged lower, the Commerce Department reported Wednesday. Sales of new single-family homes totaled 619,000 for the month, down 11.3% from the upwardly revised figure for April, which was revised all the way up to 698,000 from the initial estimate of 634,000. The most anticipated economic data due this week is the US personal consumption expenditures (PCE) price index - the Fed's preferred inflation gauge - on Friday. Shares in Asia recovered early losses on Thursday morning after US tech companies dropped in late US trading. Nifty rose for the third consecutive session to close at yet another new all time high. At close, Nifty was up 0.62% or 147.5 points at 23868.80. Trend of the Nifty remains positive. The level of 23660 has become new support for the Nifty. On the higher side, next resistance is seen at 24125, which happens to be 138.2% Fibonacci retracement of the entire fall seen from 23338 (3rd June Top) to 22281 (4th Jun Bottom). *DJ (HDFCSec Retail Research)*

The Dow rallied on Monday to a one-month high, while the Nasdaq fell over 1% as investors rotated out of AI-linked stocks, betting on Federal Reserve interest rate cuts this year. Nvidia slid 6.68% for a third session due to profit taking in the semiconductor bellwether after last week's sharp rise made it the world's most valuable company. India's current account balance recorded a surplus for the first time since April-June 2021, aided by lower merchandise trade deficit and higher services exports. India's current account balance recorded a surplus of $5.7 billion (0.6% of GDP) during January-March 2024 quarter, as against a deficit of $8.7 billion (1% of GDP) in the preceding quarter and $1.3 billion (0.2% of GDP) in the same quarter a year ago. For the full year, India’s current account deficit moderated to $23.2 billion (0.7% of GDP) during FY24 from $67 billion (2% of GDP) during the previous year on the back of a lower merchandise trade deficit. Asia-Pacific markets mostly climbed higher on Tuesday, even as U.S. Big Tech stocks sold off in favor of other sectors such as banking and energy. Nifty ended marginally higher in a volatile session after a lower opening on June 24. At close, Nifty was up 0.16% or 36.8 points at 23537.8. Nifty formed a bullish piercing line pattern on daily charts. However, the small range and falling turnover does not support the bullish outcome. In the near term Nifty could face resistance in the 23570-23667 band while 23290 could offer support.

U.S. stocks finished mostly lower Friday as the technology sector fell, but major equities indexes still rose for the week. The S&P 500's tech sector was under pressure Friday, losing 0.8% as Nvidia Corp.'s shares dropped sharply. The leading index for the U.S. economy sank again in May, declining for the third month in a row, but it “doesn’t currently signal a recession,” U.S. home sales fell for the third month in a row, as buyers dealt with a dearth of listings and soaring prices. Sales activity fell to the lowest level since January 2024, even as home prices hit a record high. Asian shares edged lower, kicking off a week that includes measures of inflation that will help guide bets on the outlook for global interest rates. Nifty ended lower in a highly volatile session on June 21; however it rose for three weeks in a row to record its highest weekly close even as it fell on Friday. At close, Nifty was down 0.28% or 65.9 points at 23501.1. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support. PB Fintech signs agreements for Rs 250 crore unsecured loans to Policybazaar and Paisabazaar Prestige Estates board approves Rs 5,000 crore fundraising via QIP and other modes US FDA has conducted an inspection at Cipla’s manufacturing facility in Goa, the Company received 6 inspectional observations in Form 483. Indian markets could open lower, in line with mostly negative Asian markets today and negative US markets on June 21

Domestic markets ended the volatile week on a flat note on account of profit booking as well as concerns over the slow progress of monsoon. Equity indices continued to hit fresh highs on the back of positive global cues but made small progress. Sensex and Nifty ended the week with minor gains of 0.28 per cent and 0.15 per cent, respectively. The markets edged higher in 2 out of 4 trading sessions during the week Among Nifty 100 stocks, Motherson surged 7.5%, Vedanta was up 5.1%; ICICI Bank gained 4.8%; Axis Bank added 4.8%; and HDFC Bank rose 4.3%. On the downside, ABB fell 6.9%; Hero Motocorp slipped 6.1%; Ultratech Cement was down 5.2%; Maruti Suzuki fell 5.0% and Siemens declined 4.5%. As per provisional figures, FIIs were net buyers of Rs 9103cr in the equity markets during the week and DIIs were net buyers of Rs 9575 crore. Nifty formed an engulfing bear like pattern on June 21 for the second time in 3 days. On weekly charts, it made a spinning top like pattern after a rise, suggesting a possible halt in the upmove. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support.

The S&P 500 and Nasdaq closed lower on Thursday. Stocks retreated after a rally to all-time highs prompted calls for a near-term pullback amid signs of buyer fatigue. Economic data released on June 20 indicated that unemployment in the US continues to rise. The Labor Department reported that fillings for jobless benefits reached 238,000 for the week ended June 15, up 5,500 from the previous week. This is the highest level since September 2023. The Bank of England kept interest rates unchanged at 5.25 percent, which came in line with the market’s expectations. Traders are betting the Bank of England will cut rates in August after dovish signals from policymakers. The Union Cabinet has approved an increase in the Minimum Support Prices for 14 crops for the upcoming Kharif season. Asian stocks fell after US shares closed lower overnight. Private equity firm Olympus is looking to offload 5 percent via a block deal of around US$ 100 million in Aster DM Healthcare. Sula Vineyards aims for double-digit growth aided by premiumisation shift SEBI its interim order barring JM Financial from acting as a lead manager for any new public issue of debt securities Nifty recovered from previous day’s fall and ended higher in a volatile session on June 20. At close, Nifty was up 0.22% or 51 points at 23,567. Nifty could now stay in the 23,413-23,664 band for the near term. Indian markets could open flat to mildly lower, in line with mostly negative Asian markets today and negative US markets on June 20

European stocks and US equity futures paused Wednesday as traders looked for fresh catalysts to extend the latest tech-driven gains. Financial markets in the U.S. were closed Wednesday on account of Juneteenth Day. China left benchmark lending rates unchanged at a monthly fixing on Thursday, in line with market expectations. Asian shares were muted following a rally in the previous session as investors sought new triggers after a holiday in the US. Sun Pharmaceutical Industries Ltd. received Warning Letter from US FDA for its Dadra facility. Asia Opportunities Fund and General Atlantic are likely to sell a combined 4.2% stake in PNB Housing Finance MAS Financial Services Ltd is launching a qualified institutional placement (QIP) worth Rs 400 crore Nifty gave up early gains to end minorly in the negative after a volatile session on June 19. At close, Nifty was down 0.18% or 41.9 points at 23516. Nifty could stay in the 23290-23664 band for the near term. Indian markets could open flat to mildly higher, in line with mildly positive Asian markets today

U.S. stocks finished higher on Tuesday as the S&P 500 and the Nasdaq Composite posted fresh records ahead of the Juneteenth holiday on Wednesday. Nvidia Corp.'s stock surged 3.5%, with the company reaching a valuation of nearly $3.34 trillion. The AI chipmaker was the most valuable U.S. company by market capitalization as of Tuesday afternoon, overtaking megacap tech players Microsoft Corp. and Apple Inc. Fitch Ratings revised India's growth forecast for the ongoing financial year from 7% projected in March to 7.2%. In its latest global economic outlook report released on Tuesday, the agency attributed this upward revision to elevated consumer confidence boosting spending levels and a rise in investments across sectors. Asian equities rose Wednesday after a rise in chipmakers drove US stocks to yet another record-breaking session on Wall Street. Coal India exploring lithium assets in Argentina with U.S. company Ami Organics launches QIP with floor price of Rs 1,228, aims to raise Rs 500 crore. Radico Khaitan to launch Rampur Asava Indian Single Malt Whisky in India Nifty saw another day of records as it extended gains to the fourth session on June 18. At close, Nifty was up 0.39% or 92.3 points at 23557.9. Nifty is yet to show any reversal signal. Nifty could stay in the 23334-23690 band for the near term. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 18

The S&P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week's economic data and Federal Reserve officials' speeches that could shed light on monetary policy. Crude oil prices surged nearly $2 a barrel on Monday to their highest settlement levels in over a month, adding to last week's gains as investors grew more optimistic on the demand outlook. The country’s largest lender State Bank of India (SBI) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers. The Indian government has cut the windfall tax on petroleum crude to Rs.3,250 per metric ton from Rs.5,200, effective June 15. Asian stocks gained on Tuesday after a rally in several large technology companies drove US stocks to another record high and ahead of a chorus of Federal Reserve officials due to speak later in the day. BHEL secures Rs 7,000 crore orders from Adani Power for two power plants Alembic Pharma received final approval for Icatibant Injection, Coromandel International to develop soil test based nutrient advisory for farmers of Maharashtra Nifty ended at a fresh closing high in the last session of the eventful week on June 14. At close, Nifty was up 0.29% or 66.7 points at 23465.6. Nifty formed a long legged doji on daily charts on June 14 suggesting possibility of a reversal. A move above 23490 could nullify the bearish indication on daily charts. We think Nifty could stay in the 23290-23695 band for the near term with a mild bullish bias. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on June 17.

U.S. stocks closed mostly higher on Wednesday, helped by a softer-than-expected consumer-price index reading and signs that the US Fed could start to cut interest rates this year. The US Fed acknowledged modest further progress toward the Committee’s 2 percent inflation objective. The committee, in its closely watched “dot plot” of individual participants’ rate expectations, did indicate a more aggressive cutting path in 2025, with four reductions totaling a full percentage point anticipated, up from three. The S&P 500 topped 5,400 for the first time in its history, with Wednesday marking the 20-month anniversary of the bull market. India's industrial output growth slowed to 5 percent in April from 5.4 percent in March. The IIP growth rate in April 2023 was 4.6 percent. Asian markets rose on Thursday after the US Fed kept its benchmark federal rates unchanged for the seventh time, and as US inflation data came softer than anticipated. Nestle India will continue paying general licence fee, or royalty, at the existing rate of 4.5%, net of taxes, to Swiss parent Société des Produits Nestlé S.A. Brigade targets a total development value of Rs 13,000 crore from its Chennai residential portfolio Manappuram Finance expects gold loan growth of 12-18% for FY25 Nifty snapped a two-day fall and closed higher on June 12. At close, Nifty was up 0.25% or 58.1 points at 23322.9. Nifty touched another all-time high in the early part of the session on June12 but gave up most of the gains during the day. It could now stay in the 23206-23442 band for the near term. An upward breach of this band is likely in the near term. Indian markets could open higher, in line with mostly positive Asian markets today and mostly higher US markets on June 12

U.S. stocks finished mostly higher on Tuesday, helped by shares of Apple Inc. as the iPhone maker surged to a new record. Apple disclosed new artificial-intelligence features including an improved Siri virtual assistant Investors looked ahead to the release of the May consumer-price index and the Federal Reserve’s policy announcement China’s May consumer inflation rate came in at 0.3%, missing expectations of 0.4% by economists polled by Reuters. The figure was unchanged from April. India’s May inflation rate is forecast to climb marginally to 4.89%, according to a poll of economists, slightly higher than April’s 4.83% increase. Asian stocks ignored a positive US session and opened lower as a double event of US inflation data and the Federal Reserve decision landing later in the day kept traders on edge. State Bank of has approved a plan for long-term fundraising of up to $3 billion. Tata Motors announced on Tuesday its plans to invest between Rs 16,000 crore and Rs 18,000 crore into its electric vehicle (EV) division until 2029. Blinkit, the quick commerce subsidiary of Zomato, is set to receive an infusion of Rs 300 crore in fresh capital from its parent company. Nifty erased all its gains in the last hour of the session on June 11 after making a top at 1345 Hrs and ended little changed from previous day’s close. At close, Nifty was up 5.7 points at 23264.9. Markets seem to be consolidating and Nifty could stay in the 23411-22930 band in this period. Indian markets could open flat, in line with mixed Asian markets today and mostly higher US markets on June 11

U.S. stocks ended higher on Monday, as investors await the Federal Reserve's policy meeting and new inflation data due later this week. Crude oil futures finished higher Monday, with U.S. benchmark prices up by 2.9% — the largest daily rise for a front-month contract since February. Asian stocks were mixed and muted Tuesday, following a quiet session on Wall Street as investors positioned for this week’s Federal Reserve decision and US inflation data. Gail India plans to set up a 1500 KTA ethane cracker project in Madhya Pradesh, with an investment of Rs 60,000 crore. KEC International Ltd. bagged multiple orders worth Rs 1,061 crore in various segments. Rahul Bhatia's promoter entity Interglobe Enterprises Private Ltd plans to sell stake worth $394 million in Indigo Airlines Nifty ended lower in a volatile session on June 10. At close, Nifty was down 0.13% or 30.9 points at 23259.2. Nifty made a fresh record high in the morning of June 10 but came under selling pressure on a day. A bout of mild profit taking seems due. Nifty could face resistance on the up at 23411, while 22930 and later 22643 could offer support. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 10

Wall Street stocks ended slightly lower on Friday in volatile trading after stronger-than-expected U.S. jobs data pointed to a robust economy but provoked worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast. The unemployment rate inched up to 4%. For the week, the S&P 500 gained 1.32%, Nasdaq rose 2.38%, and the Dow added 0.29%. Asian stocks fell on Monday as traders heavily cut back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns. Australia, China, Hong Kong and Taiwan markets are closed for public holidays. RailTel Corporation secures Rs 81-cr order from National Informatics Centre TCS launches artificial intelligence platform to hasten GenAI adoption Bajaj Housing Finance, a subsidiary of Bajaj Finance, files IPO papers with SEBI; to raise Rs 7,000 crore Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as the NDA government’s formation gets closer. Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for further cues on the direction of the markets. One can maintain a bullish stance with a stop loss of 22780 level. Targets are 23800 – 24100 levels in the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week’s time in the band of 23338 to 21281.

Sensex and Nifty experienced their most significant single-day drop in four years. However, post this sudden downturn, the market has managed to rebound swiftly, almost reaching new highs once again, buoyed by BJP-led NDA's re-election and global optimism. The S&P BSE Sensex soared 3.69% and the NSE Nifty 50 jumped 3.37% over the week. The markets edged higher in 4 out of 5 trading sessions during the week. In the broader markets, BSE Midcap index was up 2.94% and the BSE Smallcap index increased by 3.11% over the week. Market breadth was in favour of gainers with 7 shares advancing for every 5 losers. Average cash turnover on NSE was 38% higher compared to previous week. Among the sectoral indices IT gained 8.2%, FMCG was up 6.9%, Auto was up 6.8% Realty was up 4.8% and Consumer Durables was up 4.1%. On the downside Capital Goods lost 1.7%, PSU Banks fell 1.4% and Power declined 0.4% Among Nifty 100 stocks, M&M surged 14.0%, United Spirits was up 12.8%; Dabur gained 12.5%; Godrej Consumer added 12.4%; and Tech Mahindra rose 12.1%. On the downside, Adani Energy fell 9.2%; Adani Total Gas slipped 5.9%; Adani Enterprises was down 5.6%; Hindustan Aeronautics fell 4.6% and BPCL declined 4.5%. Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as NDA government's formation gets closer. One can maintain a bullish stance with the stoploss of 22780 level. Targets are 23800 - 24100 levels ib the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week's time in the band of 23338 to 21281. Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for

*Morning comments (HDFCSec Retail Research)* *All eyes on MPC* *Indian markets could open flat to mildly higher, in line with mixed Asian and US markets on June 06* Stocks closed mixed Thursday, after the European Central Bank cut rates for the first time in five years and as investors looked ahead to Friday's monthly jobs report to help gauge the strength of the U.S. economy. Wall Street expects to see 190,000 new jobs in the May report, slightly up from April. The unemployment rate is expected to hold steady at a historically low 3.9% Any upside or downside surprise could prompt investors to reassess their outlook for Fed rate policy. Many analysts eye September as the most likely time frame for a rate cut, assuming inflation continues to ease. The European Central Bank cut rates for the first time since 2019. The move was expected but marks a significant change in the central bank's policy. Attention now turns to when the Federal Reserve will follow suit. Monetary Policy Committee is likely to maintain status quo on the Reserve Bank of India's key lending rate amid the continuing need to bring down inflation further, even as economic activity remains strong. All economists polled expect the MPC to hold the Reserve Bank of India's repo rate steady at 6.5%. This will be the first RBI policy after the Lok Sabha election results 2024. In corporate news, Wipro Ltd said it has been awarded a $500-million deal by a leading US communication service provider over a period of five years. Wipro shall provide managed services for some products and industry-specific solutions. RVNL had been awarded a contract worth Rs 495 crore by the NTPC. IRB Infrastructure Developers Ltd along with its associate announced a strong year-on-year toll revenue growth of 30% for May 2024. Nifty extended its recovery for a second consecutive session on June 06 after the steep fall witnessed on June 04. Broad market indices rose more than the Nifty even as the advance decline ratio rose. The intra day volatility is falling over the past two days. Nifty could now stay in the 22419-23180 band for the near term. RBI Governor’s commentary on inflation and future interest rate cut trajectory will drive the markets in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian and US markets on June 06.

The S&P 500 and Nasdaq Composite ended at records Wednesday as Nvidia Corp.'s market capitalization touched the $3 trillion mark for the first time. Nvidia is now worth more than Apple, becoming the second-largest U.S. company behind only Microsoft. The rise came amid tentative optimism for interest rate cuts on signs of slowing labor demand and a cooling economy. US treasury yields continued their fall this week as rate-cut bets were boosted by data showing the economy created fewer than expected private sector jobs in May, with just 152,000 workers hired in the month, down from 188,000 in the prior month, and missing economists estimates of 173,000. Bank of Canada became the first Group of Seven central bank to kick off an easing cycle. The Bank of Canada has trimmed its key policy rate by 25 basis points to 4.75 percent, in a widely expected move that marked its first cut in four years, and said more easing was likely if inflation continued to ease. Asia-Pacific stocks rose on Thursday as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight. BHEL secures Rs 3,500 crore order from Adani Power for Chhattisgarh thermal plant Indian Energy Exchange reports 28.9% jump in May 2024 volumes Torrent Pharma in pact with Takeda to commercialize acid reflux drug Nifty erased some of the previous day's losses and ended higher on June 05 after the NDA allies pledged support for the alliance to form a government for the third term. At close, Nifty was up 3.36% or 735.9 points at 22620.4. Nifty now should consolidate after a sharp fall. Nifty could now head towards 22858 and 23180 on the upside while 22319 could offer support in the near term.

US stocks tossed between negative and positive territory on Tuesday, finishing narrowly in the green as investors shifted their rate-cut expectations after more weaker-than-expected economic data. US job openings fell in April to their lowest level since February 2021 (8.1 million, confounding economists' estimates for an increase to 8.37M) as the labor market shows further signs of rebalancing. China's services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, pointing to sustained recovery in the second quarter. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.0 from 52.5 in April, expanding for the 17th straight month and growing at the fastest pace since July 2023. Asian markets traded with a mixed outlook on Wednesday following higher close of US indices on renewed expectations of rate cuts by the Federal Reserve due to a cooling US labour market. GPT Infraprojects received an order of Rs 547 crore Tata Motors’ finance unit to merge with Tata Capital Shilpa Medicare filed Type IV DMF of recombinant Human Albumin 20% Nifty tumbled to log its worst session in over four years on June 04 as vote counts from the nation's marathon elections indicated that the incumbent Bharatiya Janata Party might be reliant on alliance partners to return to power for a third time. At close, Nifty was down 5.93% or 1379.4 points at 21884.5. Nifty crashed on June 04 as vote count suggested weaker than expected performance by the NDA. While clarity on the final outcome and formation of the new Govt could take some more time, Nifty could fluctuate between 21710 to 22417 in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and higher US markets on June 04.

U.S. stocks closed mostly higher on Monday in a volatile day of trade following an early trading glitch on the New York Stock Exchange and as investors looked forward to a series of economic data due later this week, including the jobs report due Friday. The Dow recovered the bulk of its previous losses in the final hour of trade, while the S&P 500 turned positive. U.S. and global benchmark crude futures settled Monday at their lowest levels since February, pressured in the wake of a weekend decision by major oil producers that would lead to higher oil production later this year. July West Texas Intermediate crude fell $2.77, or 3.6%, to settle at $74.22 a barrel on the New York Mercantile Exchange. Asian stocks fell Tuesday morning after concerns about the health of the US economy outweighed expectations for early Federal Reserve policy easing. Welspun Corp associate company signs Rs 3,670 crore contracts with Aramco for steel pipe supply Amber Enterprises may invest Rs 2,000 crore to set up printed circuit board facility PNC Infratech subsidiary receives Rs 391 crore from NHAI in settlement agreement Nifty logged its best session in over three years on June 03, as investors cheered exit polls, along with better-than-expected India Q4 GDP. At close, Nifty was up 3.25% or 733.2 at 23263.9. It made a new all-time high with large volumes based on the event and economic data. It could now rise towards 23490 in the near term while 23039 could offer support. Counting of votes and final election results could lead to some level of volatility, though lower than the previous session. Indian markets could open higher, in line with mixed Asian markets today and mostly higher US markets on June 03

India’s Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as local exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a decisive parliamentary majority. According to an exit poll summary by local news channel NDTV, the BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of parliament. Asian stocks gained on Monday, as a softer reading of the US Federal Reserve’s preferred measure for inflation bolstered rate-cut hopes. Nifty formed a long legged doji on May 31 and broke the 5-day losing streak. It formed a sideways candle compared to the previous session. On weekly charts, Nifty fell 1.86%, while on monthly charts, Nifty ended May 0.33% lower forming a long doji after a rise. Exit polls' outcome has been slightly better than median expectations. Nifty could see volatile moves early this week after a higher opening based on the outcome of exit polls and later the actual results of voting. Nifty could face resistance in the 22993-23110 band while 22150 could offer support for the early part of next week. *DJ (HDFCSec Retail Research)*

U.S. stocks ended mostly higher Friday, after erasing earlier losses shortly before the closing bell. India's gross domestic product (GDP) growth surpassed all expectations and stood at 7.8 percent in the January-March quarter, though slower versus 8.4 percent in the third quarter. The full-year 2023-24 GDP growth has been revised upwards to 8.2 percent from the second advance estimate of 7.6 percent. India's eight core sectors posted a growth of 6.2 percent in April, backed by strong electricity and steel output. India's gross goods and services tax (GST) collections rose to ₹1.73 lakh crore in May (vs Rs.2.10 lakh cr in April), growing 10 per cent year on year (YoY) driven by increased revenues from domestic transactions India’s Prime Minister Narendra Modi looks set for a rare third consecutive term in power, as exit polls on Saturday suggested his Bharatiya Janata Party-led alliance will clinch a decisive parliamentary majority. Asian stocks gained on Monday, as a softer reading of the US Federal Reserve’s preferred measure for inflation bolstered rate-cut hopes. Adani Ports signs 30-year deal to operate terminal at Tanzania's Dar es Salaam Port Coal production in May grew by 7.5% year-on-year to 64.4 million tonnes, and offtake increased by 7.2% year-on-year to 68.2 million tonnes. NMDC’s iron ore output falls 37% in May; sales down 22 % Indian markets could open sharply higher due to outcome of exit polls in favour of ruling dispensation

U.S. stocks closed lower on Thursday, pulled down by tumbling technology stocks, including the roughly 20% drop in shares of Salesforce Inc. US Gross domestic product rose 1.3% annualized in the first three months of the year, below the previous estimate of 1.6%, Bureau of Economic Analysis figures published Thursday showed. The economy’s main growth engine — personal spending — advanced 2.0%, versus the previous estimate of 2.5%. India's economy is expected to have grown at a slower pace in the January-March quarter than the previous three months, dampened by a moderation in manufacturing and urban spending. The gross domestic product is estimated to grow by 7% in the January–March period, according to economists, lower than the higher- than-expected 8.4% expansion in the previous quarter. The GDP figures will be released on Friday at 1200 GMT. MSCI's quarterly rejig will come into effect following the market close on May 31, leading to potential inflows of around $2 billion into the Indian equity markets. MSCI's quarterly rebalancing will lead to 13 new stocks being added to the MSCI Global Standard Index, while three stocks will be excluded. China's manufacturing activity unexpectedly fell in May, keeping alive hopes of fresh stimulus as a prolonged property crisis continues to weigh on businesses, consumers and investors. Asian stocks rose Friday as the latest round of US economic data signaled economic momentum is slowing, boosting the case for the Federal Reserve to start cutting interest rates this year. Federal Bank and Tata AIA Life Insurance Announce Strategic Bancassurance Partnership IDFC First Bank to issue shares worth Rs 3,200 cr via preferential issue Orient Electric appoints Ravindra Singh Negi as Managing Director and CEO Nifty fell for the fifth consecutive session on May 30, to close with the losses of 0.95% at 22488. From the recent high of 23110, Nifty has witnessed a fall of almost 700 points towards 22417. 50 days EMA for Nifty is placed near 22380, which can offer support for the short term. On the higher side, 22700 could act as an immediate resistance. Indian markets could open higher, in line with mostly higher Asian markets today and despite negative US markets on May 30

Major U.S. stock indexes rose Friday, with the Nasdaq Composite scoring a fresh record peak ahead of the three-day weekend honouring Memorial Day. US stocks got a degree of relief as University of Michigan data showed consumers expect prices to climb at a 3.3% annual rate over the next year, down from the 3.5% expected earlier in the month. The chances of a Fed interest rate cut were pushed back to the Fed's November FOMC meeting, instead of the first cut occurring in September, according to the CME's FedWatch Tool. China’s industrial profits rose 4.3% year on year in the January to April period (unchanged from Jan-March period), data from the National Bureau of Statistics showed. India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion in the previous fiscal. Asian stocks followed gains in US peers as an easing in US consumer inflation expectations boosted the case for the Federal Reserve to cut rates this year. Adani Ports and Special Economic Zone Ltd (APSEZ) will replace Wipro Ltd in the 30-stock blue-chip S&P BSE Sensex from June 24. GAIL's 10 MW green hydrogen plant in Madhya Pradesh inaugurated Reliance Industries seeks CCI approval for Viacom18-Star India merger Excel Industries enters into a long-term supply agreement with a multinational company After making fresh highs above 23,000 in early trade, Nifty settled flat on May 24. At close, Nifty was down 0.05% or 10.6 points at 22957. The low of May 24 i.e. 22908 should be protected on a closing basis for the rally to continue. Nifty could now face resistance at 23175 while 22794 could provide support in the near term. Indian markets could open mildly higher, in line with mixed Asian markets today and positive US markets on May 24

U.S. stocks finished lower Thursday, with the Dow sliding about 600 points on renewed concerns about the US Fed's next move on interest rates. Stocks retreated as data showing US business activity accelerated amid a pickup in inflation strengthened bets the Federal Reserve will remain on hold. As bond yields rose, the stock market's most interest-rate sensitive segments fell, with the S&P 500's real-estate sector ending almost 2.2% lower, Boeing Co. shares also dropped about 7.6%, creating a major drag on the blue-chip index. Asian stocks tracked Wall Street lower following activity data that signaled the Federal Reserve may keep rates on hold for most of this year. Astral Limited Launches New Paint Line as Astral Paints Tech Mahindra, Fuji TV ink pact to produce content globally L&T Technology Services announces Establishment of Simulation Centre of Excellence for Airbus Nifty ended at record high level on May 23 after the RBI announced a mega dividend to the Govt the previous evening. At close, Nifty was up 1.64% or 369.9 points at 22967.7. Nifty rose the most in percentage terms in almost 6 months on May 23. It could now head towards 23175 on the upside while 22794 could offer support on corrections in the near term. Indian markets could open flat to mildly lower, in line with mostly negative Asian markets today and lower US markets on May 23

U.S. stocks traded lower Wednesday as the minutes from the Federal Reserve’s May meeting raised concerns of persistent inflation, indicating the central bank may not cut interest rates soon. Post market, Nvidia’s results sent its shares as much as 7% higher in after-hours trading. Nvidia said second-quarter revenue will be about $28 billion, beating analysts’ estimates. The company also announced a 10-for-1 stock split and boosted its quarterly dividend by 150% to 10 cents a share. The Reserve Bank of India's (RBI) Central Board of Directors has approved the transfer of Rs 2.11 lakh crores as surplus to the government for the financial year 2023-24. The government had budgeted a dividend of Rs 1.02 lakh crore for 2024-25. BPCL Boosts Aviation Fueling Capabilities with New Hydrant Facilities at Manohar International Airport, Goa. NHPC expects to complete all 4 units of the Parbati-II hydroelectric project by Dec 2024 Karur Vysya Bank has set a target of opening 100 new branches during the current financial year across the country, Asia-Pacific markets were mixed after minutes of the last U.S. Federal Reserve meeting revealed Fed officials’ concerns over persistent inflation, with members seemingly becoming unsure of possible interest rate cuts. Nifty ended a range-bound session on May 22 in the positive. At close, Nifty was up 0.31% or 68.8 points at 22597.8. Nifty settled higher for the fifth consecutive session and recorded its longest winning streak since April 25 Nifty could now rise towards the 22710-22794 band while 22404 can provide support on falls in the near term. Indian markets could open flat, in line with mixed Asian markets today and despite lower US markets on May 22

World stocks scored a third straight record high on Thursday as renewed hopes of interest rate cuts in the United States and other major economies extended a month-long global bull run. U.S. stocks closed with small gains on Tuesday, sending the S&P 500 and Nasdaq to record levels, as investors evaluated the latest comments from Federal Reserve officials for clues on the timing of a rate cut while quarterly earnings from Nvidia drew closer. India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy, according to an article in the RBI's May Bulletin released on Tuesday. Vodafone Idea to raise Rs 2,075 crore via preferential allotment of shares to AB Group Muthoot FinCorp records highest-ever loan disbursement in FY24 at Rs 61,703 crore Glenmark unit ties up with BeiGene to market cancer drugs in India Most stocks in the Asia-Pacific region were trading mixed Nifty struggled to find a direction on May 21 as India moves closer to the election results day. At close, Nifty was up 0.12% or 27.1 points at 22529.1. The sideways move continues, and Nifty could now face resistance in the 22578-22775 band while 22198 could offer support in the near term. Indian markets could open flat to mildly higher, in line with mixed Asian markets today and positive US markets on May 21

Asian stocks got off to a shaky positive start on Thursday after the US Federal Reserve flagged delays to interest rate cuts but downplayed the prospect of further interest-rate hikes. Nifty erased all the intraday gains in the last hour of trade and ended in the negative zone in a highly volatile session on April 30. At close, The Nifty was down 0.17% or 38.6 points at 22604.9. Nifty formed a higher top and could form a higher bottom in the short term. On monthly charts, Nifty gained 1.24% for the month of April. Nifty could now face resistance at 22783 while 22447 could offer support in the near term.

Bank Nifty made a record high while Nifty is about 120 points short so far. The short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22726-22775 band for the near term. Immediate support is at 22447. Indian markets could open mildly higher, in line with mostly higher Asian markets today and positive US markets on Apr 29

Nifty ended lower on April 26, snapping a five-day rally. At close, Nifty was down 0.67% or 150.4 points at 22419.9. N Nifty could now remain in the 22625-22336 band for the near term. A breach of the lower band could take it to 22148. Indian markets could open higher, in line with higher Asian markets today and positive US markets on Apr 26

Nifty extended its gains for the fourth session on April 24, though it gave up a significant part of its intra-day gains. At the close, Nifty was up 0.15% or 34.4 points at 22,402.2. The movement in Nifty seems rangebound in the near term within the 22,503-22,214 band. A breach of this band could decide the future trend of the Nifty. Indian markets could open lower, in line with mostly lower Asian markets today and mixed US markets on Apr 24

US stocks recorded gains across the board on Tuesda. Tesla rose as much as 8% in after-hours trading after the company said its future vehicle lineup would include more affordable models. Easing concerns about the risk of a major re-escalation of tension in the Middle East and a focus on company earnings brought renewed risk appetite from investors. Germany returned to growth in early April after months of contraction, while activity in the broader euro zone expanded at its fastest clip in nearly a year. The U.S. economy lost momentum in April as businesses reported a decline in new orders and reduced employment for the first time since the pandemic. The flash U.S. manufacturing purchasing managers index slipped to a four-month low of 49.9 in April from 51.9 in March. The S&P flash U.S. services PMI fell to a five-month low of 50.9 this month from 51.7 in March. Nikkei led gains in Asia as markets in the region rose across the board, following Wall Street's sustained rally for a second straight day. Mastek wins a new deal from Yanbu Cement Company After reporting losses in the last two quarters, MCX earned a net profit of Rs 87.8 crore during the January-March quarter of FY24. LTIM could report revenue growth of 3% YoY to Rs 8,950 crore in Rupee terms. Nifty rose for the third session on the trot on April 23, to close at 22368, with a minor gain. Unfilled Gap between 22503 and 22427 is expected to remain a resistance zone for the Nifty in the near term. Support for the Nifty is now shifted up to 22212. Indian markets could open higher, in line with higher Asian markets today and positive US markets on Apr 23.

Nifty ended higher for the second consecutive day on April 22. At close, Nifty was up 0.86% or 189.4 points at 22336.4. The Nifty has reversed the intermediate downtrend and is now headed higher. It could in the near term stay in the 22213-22504 band. Indian markets could open flat, despite mostly higher Asian markets today and higher US markets on Apr 22

Nifty reversed a four-day losing streak to end Apr 19 higher. At close, Nifty was up 0.69% or 151.2 points at 22147. It could in the near term face resistance from the 22427-22503 band while 21710-21778 band could offer support. Indian markets could open higher, in line with mostly higher Asian markets today and despite mostly lower US markets on Apr 19

Nifty extended losses for the third consecutive day on April 16 as geopolitical concerns weighed on investor sentiments. At close, Nifty was down 0.56% or 124.6 points at 22147.9. Nifty fell with a downgap on April 16 and made a bearish candle. Nifty could continue to display weak bias in the near term and head towards 21947, while 22503 could be a strong resistance.

While the Nifty remains in an intermediate uptrend, sell off seen on Friday's, as well as anticipated fall on today's opening trade will break the nearby supports thereby leading to a short term reversal. Nifty could now head towards the next major supports of 22303-22142 in the coming sessions. The 22303 level corresponds to the previous swing low and the 22142 level corresponds to the 50 day SMA. As the intermediate uptrend is intact, we expect any correction to halt at lower levels and the intermediate uptrend to resume. The the Israel-Iran conflict, domestic and global economic macroeconomic data, crude oil prices, January-March quarter results for Q4FY24, general elections 2024,and global cues are likely to keep investors on their toes and will guide market direction this week. Indian markets to open lower, in line with lower asian markets, sharply lower US markets on 12th April and in response to hightened geo-political uncertaininties.

Nifty started new week by climbing to a fresh record high and closing level on Apr 08 led by gains in automobile stocks. With this, the market cap of BSE-listed firms crossed the Rs 400 lakh crore mark. At close, Nifty was up 0.68% or 152.6 points at 22666.3. It has formed a higher top higher bottom formation compared to the previous sessions. Nifty could now stay in the 22529-22810 band for the near term. Indian markets could open mildly higher, in line with positive Asian markets today and despite flat US markets on Apr 08

Asian stocks followed gains on Wall Street after better-than-expected US payrolls data on Friday. The focus will soon shift to US March inflation data due mid-week. Nifty recovered from early morning weakness and closed flat on April 05. At close, Nifty was down 0.9 points at 22513.7. Nifty closed flat after a 110-point high low range day on Apr 05. On weekly charts it rose 0.84%, up for the third consecutive week. A breach of this week’s low of 22304 could denote a change in trend to down. Nifty could remain in the 22453-22619 band over the near term. Indian markets could open flat to mildly higher, in line with positive Asian markets today and higher US markets on Apr 05.

Nifty ended higher in the volatile session on Apr 04 snapping a two-day losing streak. At close, Nifty was up 0.36% or 80 points at 22514.7. Nifty made a new high at 22619 but closed below the earlier high of 22529. Nifty could now remain in the 22453-22619 band for the near term. Indian markets could open lower, in line with lower Asian markets today and negative US markets on Apr 04.

Nifty ended a choppy session flat on April 03 At close, Nifty was down 0.08% or 18.7 points at 22434.7. Nifty closed nominally lower on April 03. The Nifty closes over the last three days are in a small band of 22435-22462 despite intra day volatility, suggesting tug of war between bulls and bears. Nifty will have to break the 22204-22529 band for further cues on direction.

Nifty snapped its three-day rally on April 02 despite a sharp last half hour recovery. At close, Nifty was down 0.04% or 8.7 points at 22453.3. The 22204-22529 band stays valid for the time being for the Nifty. A breach of this band could decide the future direction of Nifty. Indian markets could open lower, in line with mostly lower Asian markets today and negative US markets on Apr 02

Niftya extended the winning run on the second consecutive day on March 28 although it pared some gains in the last hour of the session. At close, Nifty was up 0.92% or 203.3 points at 22326.9. 22526 is proving tough to be breached on the up, while 21973-22180 band could provide the near term support for the markets. Indian markets could open higher, in line with mostly positive Asian markets today and higher US markets on Mar 28

Nifty recouped part of the late losses to continue its rally on March 27. At close, Nifty was up 0.54% or 118.9 points at 22123.7. Nifty formed a small candle with a high upper shadow on March 27. Nifty keeps facing selling pressure as it nears 22,200. Nifty could now remain in the 21932-22204 band for the near term.