Indian equity markets are likely to open higher amid positive momentum across global equity markets. Asian markets did well this morning while U.S and Europe also rose in yesterday's session, factoring favourable economic data release and ease of restrictions in major European countries.
SGX Nifty indicates a strong gap-up opening above 15,700 levels. Consistent drop in daily fresh cases of COVID, impressive earnings, good monsoon, global investor sentiment and FIIs buying interest are some of the key factors which are playing important role in lifting market's momentum.
Key support levels for Nifty 50 shall be around 15,460 and 15,360 while resistance levels would be 15,750 and 16,000, said Mohit Nigam, Head-PMS, Hems Securities. RIL's stock will be in focus today after Mukesh Ambani announced strong future plans. APL Apollo, Arvind Fashions and GSPL are some of the stocks which might witness action due to result announcement.
At 09:02 AM, the Sensex was up 177.10 points or 0.34 percent at 52026.58, and the Nifty was up 32.50 points or 0.21 percent at 15608.70.
Asian shares were off their 3-month high. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent to 711 points. Wall Street's main indexes ended on a mixed note on Wednesday.
Topix index advanced 0.38 percnt and South Korea’s Kospi edged up 0.33 percent. In overnight trade on Wall Street, US stock indices ended marginally higher. The Dow Jones Industrial Average rose 0.07 percent, the S&P 500 gained 0.14 per cent, and the Nasdaq Composite added 0.14 percent.
Reliance Industries' balance sheet is strong said Mukesh Ambani, Chairman and Managing Director. Addressing shareholders in the Integrated Annual Report 2020-21, Ambani said, “Strong operating cash flow and largest-ever capital raise further strengthened our balance sheet, enabling us to deleverage and meet our net-debt zero commitment ahead of stated timeline. We now have a strong balance sheet, with high liquidity that will support growth plans for our three hyper-growth engines — Jio, Retail, and oil-to-chemicals (O2C),” he said.
Fuel prices unchanged
After increasing fuel prices for two consecutive days, prices remained unchanged. Petrol had crossed the Rs 100 mark in Mumbai and is today retailed at Rs 100.72 per litre in the financial capital. Diesel is available at Rs 92.69 per litre.
Petrol and diesel prices have increased by over Rs 3 per litre after oil companies began hiking fuel prices since the first week of May. Both auto fuels are retailing at an all-time high at the moment.
In the national capital, petrol was retailed at Rs 94.49 and diesel were at Rs 85.38 per litre, according to Indian Oil Corporation. In Chennai, petrol is priced at Rs 95.99 and diesel at Rs 90.12 per litre, while in Kolkata petrol is priced at Rs 94.50 and diesel at Rs 88.23 per litre