Optimism
prevail over trade deals, markets gain over tailwinds
Most of the Asian-Pacific markets rose on Monday morning and headed for sharp monthly gains, supported by hopes of trade deals with U.S. President Donald Trump, while attention for the day was on factory activity data from China, Japan, and South Korea. US futures edged higher in Asian trading hours on Monday. Japan’s Nikkei 225 jumped over 1.6% to its highest level since mid-July, boosted by tech stocks.
The
trends on Gift Nifty also indicate a positive start for the Indian benchmark
index. The Gift Nifty was trading around 25,770 level, a premium of nearly 20
points from the Nifty futures’ previous close. Meanwhile, India’s trade team
extended its stay in US to iron out differences as the two sides look to clinch
a deal before the July 9 deadline. Trump also said he doesn’t think he’ll need
to extend the deadline.
Fundamental
Update
Torrent Pharma: Company is
going to acquire controlling stake in JB Chemicals at equity valuation of Rs
25,689 crore, followed by merger. Positive
Hind Rectifiers – It
won Rs 127 crore order from Indian Railways to be executed by FY27. Positive
AU Small Finance Bank – Bank
approved Rs 11,000 crore fundraising limits for 12 months and appointed Jagajit
Mangal Prasad as independent director. Positive
Gujarat Industries Power – It
has commissioned 105 MW of 600 MW Khavda solar project. Positive
Technical
Update
NIFTY
–
The
Nifty index continued upside journey to settle at 25,638 on Friday. Index is
looking to buck the trend to make over 4% gain in the month of June, on
positive momentum. Today’s range – 25,550 – 25,850.
BANKNIFTY
– Bank
nifty has marched further towards all time high to close at 57,444 on Friday.
Index has broken near term resistance of 57,200 and likely to head towards 58K
this week. Today’s range – 57,200 – 57,800.
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