Indian markets look volatile on monthly expiry date
In
the early morning session, the GIFT Nifty traded flat at 24,688, indicating a
muted open for the benchmark Nifty 50. European futures fell while US index
futures were flat during Asian trading hours. Gold hit a new record and the
dollar held its losses as concerns mounted over a US government shutdown. On
Friday, the benchmark indices saw a volatile session and ended in the red after
opening higher. Nifty ended 0.08% lower at 24634.90 while Sensex ended 0.08%
lower at 80364.94.
Nifty
PSU Bank snapped 3-day losing streak, and ended as the top gaining sector for
the day. Sectoral indices settled mix. Foreign portfolio investors extended
their selling streak into the sixth consecutive session on Monday. The overseas
investors sold stocks worth approximately Rs 2,831.59 crore, according to
provisional data from the National Stock Exchange. Domestic institutional
investors remained buyers for the 25th session and mopped equities worth Rs
3845.87 crore.
Fundamental Update
- Bharat Electronics - The company gets additional
orders worth Rs 1,092 crore since its last disclosure on Sept. 16. Positive
- SEPC - The company gets Rs 32.6 crore order
from Avenir International Engineers and Consultants LLC. Positive
- RailTel Corp. - The company gets a Rs 37.5 crore
order from Visakhapatnam Port Authority for implementation of Smart Video
Surveillance. Positive
- Religare Enterprises - The
company’s arm Care Health Insurance allots 1.7 crore shares of Rs 256 cr. Positive
Technical Update
- NIFTY – Nifty fell back after early rise towards 24,800 and settle marginally lower at 24,635 on Monday. Index is likely to be volatile with the swing towards 24,550 to 24,850 during expiry day.
- BANKNIFTY – Bank nifty traded positive during
yesterday’s session ad closed marginally higher at 54,461. Index finds support
at 54,250 while 54,700 is strong resistance. Today’s range – 54,000 – 54,850.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
report and especially states that we have no financial liability whatsoever to
the user of this report.
