Indian markets await GST meet on 4th September, optimistic mood prevails
Asian
Pacific markets posted modest gains in the morning on Tuesday, with attention
back on technology shares and the artificial intelligence sector following the
surge in Alibaba Group Holding Ltd.’s shares. Shares in Japan and South Korea
rebounded after Monday’s losses while Australia’s declined. The NSE Nifty 50
ended 198.2 points or 0.81% higher at 24,625.05 and the BSE Sensex closed
554.84 points or 0.7% up at 80,364.49. The Nifty rose as much as 0.85% during
the day to 24,635.6, while the Sensex climbed 0.75% to 80,406.84.
The
foreign portfolio investors on Monday stayed net sellers of Indian shares for
the sixth consecutive session despite markets rising nearly 1%. The FPIs sold
stocks worth approximately Rs 1,703.73 crore, according to provisional data
from the National Stock Exchange. The DIIs stayed net buyers for the fifth
session and bought stake worth Rs 4,316.07 crore.
Fundamental Update
- Hero MotoCorp - The company reported total
two-wheeler sales of 5.5 lakh units in August against expectations of 5.4 lakh
units. Positive
- NMDC - The company has come up with a
business update for August, showing that total production increased by 9.7%
year-over-year to 3.37 million tonnes, while total sales grew by 7.9%. Positive
- Coal India - The company has reported that total
production increased by 9.4% year-over-year to 50.4 million tonnes, while total
sales grew by 7.6% to 56.7 million tonnes. Positive
- Maruti Suzuki - The total
production in August decreased by 6.3% year-over-year to 1.58 lakh units, with
passenger vehicle production also dropping by 6.3% to 1.55 lakh units. Negative
Technical Update
- NIFTY - Nifty has rebounded taking support
at 24,400 to settle at 24,626 on Monday. Index has gained from short covering
over likely GST cut announcement during this week. Support is now shifted to
24,450 while 17 day EMA of 24,750 is strong resistance. Today’s range 24,450 –
24,750.
- BANKNIFTY - Bank nifty too has rebounded from
oversold zone to settle tad higher at 54,002 on Monday. Index has taken a
support at 53,600 while 54,380 is near term resistance. Today’s range – 53,650
– 54,380.
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.
No comments:
Post a Comment