Sensex was trading flat after nearly an hour of trade amid high volatility. Nifty was above 14,350.
While the benchmarks were down in red, Bank Nifty was outperforming them and sitting in the green. Bank Nifty was up 0.33% at 31,270 while Nifty 50 was trading in red, below 14,350.
We expect USD/INR to trade a 72.80-73.50 range for the week. The key downside risk would be the RBI stepping aside on account of broad USD weakness. The yield on the 10y benchmark is likely to hover around 5.90% heading into the budget. After the devolvement in the Gsec auction on Friday, we may see the RBI announce more frequent OMOs and step up the quantum of OMOs as well in order to manage market sentiment. Equities may continue to see some further profit-taking ahead of the key risk event. USD/INR is likely to open around 73.00 and trade a 72.90-73.20 range intraday. Month-end Exporter selling is likely to cap upside. However, nationalized banks most likely will keep accumulating Dollars. 72.90 is an extremely crucial level, break of which could trigger stops. Asian currencies are trading flat against the US Dollar.: Abhishek Goenka, Founder and CEO, IFA Global
“Today the trend in Nifty is likely to be dictated by the leading banking stocks and FII action. FIIs have poured in Rs 24469 crores net in equity so far in 2021supporting the market. So this space has to be watched closely. Budget expectations will influence the market significantly in the coming days,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Reliance Industries was down more than 4% in less than an hour of trade on Monday morning. However, now the stock was inching up, trimming its losses.
India VIX or the fear gauge of domestic equity markets was up 5%, sitting at 23.67 levels as volatility seemed high on Monday morning. Nifty was moving between 14,250-14,400 range.
Nifty moved below 14,300 mark on Monday morning while the S&P BSE Sensex was down more than 250 points.
‘Even though the markets have opened in the green, a stiff resistance awaits the index at 14550-14600. We will resume the uptrend only if we can manage to get past that trading zone on the back of healthy volumes. Until then the Nifty seems nervous in the short-term time frame with a downward bias. We can go down to 14000-14100 levels,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Sensex and Nifty gave up nearly all gains and began trading flat after the initial few minutes of trading. Sensex was below 49,000 while Nifty was below 14,400.
Small and Midcap indices gained on Monday morning, following the benchmark Indices.
Sensex opens 200 points higher, regains 49,000. Nifty 50 was just below 14,500. Nifty Midcap 50 was up 1%.
Sensex breached 49,000 mark in pre-open session while Nifty was just below 14,500.
Indian share markets will witness extreme volatility in this week just ahead of Union Budget 2021, with the January F&O contracts expiring on January 28, 2021, says Sanjiv Bhasin, Director, IIFL Securities Ltd. Besides Budget, Sanjiv Bhasin says that factors such as global liquidity, rise in bonds or US Dollar, and stimulus announcement from US President Joe Biden, are among few factors which may impact Indian share markets in the coming days.
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Sensex was still above 49,000 mark after having zoomed more than 400 points. Nifty was comfortably above 14,500.
Sensex and Nifty surged massively in the pre-open session on Monday morning. Sensex breached 49,000 mark, gaining more than 500 points while Nifty 50 zoomed past the 14,500 levels.
Vinit Bolinjkar, Head of Research, Ventura Securities, sees a limited upside in Indian share market from the current levels. Further, the execution of budget announcements will sway the market sentiment. He also said that only quality businesses are expected to sustain their valuation and do well in future. One has to look at the promoters/board of directors/stakeholders, quality of the business, business outlook and valuation before investing in any IPO.
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We are of the view that the structure of the index is volatile and likely to continue for the next couple of weeks. In the short run, Reliance Quarterly result’s outcome and the trend of global markets would be trend deciders. Technically, post strong uptrend rally, the Nifty has formed the Bar Reversal candlestick pattern which clearly indicates indecisiveness between bulls and bears. Bears are becoming stronger.
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Indian share markets benchmarks, BSE Sensex and Nifty 50 are staring at a strong opening on Monday, as indicated by the trends on SGX Nifty. Nifty futures were trading 132.50 points or 0.92 per cent higher at14,489.50 on SIngaprean Exchange. Investors will closely eye developments related to Union Budget 2021, COVID-19 vaccine, stock-specific action induced by corporate earnings, oil prices, rupee movement and other global cues.
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The Covid virus drew a greater divide between the rich and the poor. Statistically, an unskilled worker would take a whopping 10,000 years to make as much money as Reliance Industries’ Mukesh Ambani made in an hour during the pandemic. Further, it would take the same person three years to make what one of Asia’s richest men Mukesh Ambani made in a second, according to Oxfam’s latest report ‘The Inequality Virus’. Moreover, Mukesh Ambani’s pandemic earnings would keep the 40 crore informal workers, who are at risk of falling into poverty due to Covid, above the poverty line for at least five months.
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A total of 41 BSE-listed companies including Larsen & Toubro, Kotak Mahindra Bank, ICICI Securities, UCO Bank, Can Fin Homes, Mahindra Holidays, Sharda Corpchem, APL Apollo Tubes, Navin Fluorine, among others are slated to announce their third-quarter earnings today.
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Foreign portfolio investors (FPI) remained net buyers to the tune of Rs 18,456 crore so far in January as global liquidity led to continued investment in emerging markets. According to depositories data, overseas investors pumped in Rs 24,469 crore into equities but pulled out Rs 6,013 crore from the bonds market between January 1-22. The total net investment during the period under review stood at Rs 18,456 crore.
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Mihir Vora, director and chief investment officer of Max Life Insurance in an interview with FE’s Urvashi Valecha talks about the expectations from the upcoming Budget and also discusses why he expects smaller companies to outperform.
SGX Nifty was up more than 100 points during the early hours of trade on Monday. This surge in SGX Nifty hints at a gap up start for Nifty and Sensex.
