The stock markets opened higher on Monday (July 12) with Sensex surging over 248 points or 0.47 percent at 52,634.30 while the Nifty50 was up 77 points or 0.49 percent at 15,766.80 in opening trade tracking gains in index majors ICICI Bank, TCS and Reliance Industries amid a firm trend in global markets..
The 30-share BSE index was trading 241.95 points or 0.46 percent higher at 52,628.14 in initial deals, while the broader NSE Nifty advanced 81.65 points or 0.52 percent to 15,771.45.
The BSE MidCap index advanced 0.6 percent while the BSE SmallCap index added 0.91 percent. The Nifty PSU Bank index was ruling as the best performing index, up 1 percent.
ICICI Bank was the top gainer in the Sensex pack, climbing nearly 2 per cent, followed by Maruti Suzuki, SBI, UltraTech Cement, IndusInd Bank and Tata Steel. TCS and Reliance Industries rose up to 0.56 per cent in early trade. On the other hand, Bajaj Finserv, HDFC Bank, Tech Mahindra and Hindustan Unilever were the laggards.
In the previous session, Sensex ended 182.75 points or 0.35 percent lower at 52,386.19. The NSE Nifty dropped 38.10 points or 0.24 percent to close at 15,689.80.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,124.65 crore on Friday, as per provisional exchange data.
Mohit Nigam, Head-PMS, Hem Securities said, some stock specific actions can be witnessed on Monday in stocks such as Maruti Suzuki (launched Maruti Suzuki Smart Finance), Equitas Small Finance Bank (got RBI nod to apply for amalgamation plan), Adani Ports (Raising upto $750M in USD bonds). Earnings to watch today include HFCL, HMT, Steel Strip Wheels. Immediate support and resistance for Nifty 50 are 15,600 and 15,800 respectively.
Companies releasing quarterly results today
A total of 11 companies will release quarterly earnings today. HFCL, HMT, Steel Strips Wheels, Amit Securitie, Dr lalchandani Labs, Indbank Merchant Banking Services, Ind Bank Housing, ISMT, SM Gold, and Welcure Drugs and Pharmaceuticals will release their quarterly earnings on July 12.
Asian markets trading high
On Monday, Asian stock markets were trading higher in early trade. Asian shares were enjoying a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential piftalls lay ahead this week.
Japan’s Nikkei 225 jumped 2.19 percent while the Topix index gained 2.18 percent. South Korea’s Kospi advanced 0.87 percent. The three major US stock indices rallied to record closing highs on Friday. The Dow Jones Industrial Average rose 1.3 per cent, the S&P 500 gained 1.12 percent, and the Nasdaq Composite added 0.96 percent.
Petrol prices up, diesel down
Petrol prices were hiked again on Monday whereas diesel rates were reduced after two months. Petrol prices were hiked by 28-30 paise, while diesel prices were reduced by 14-16 paise.
Petrol price on Monday crossed the Rs 107-per-litre mark in Mumbai after the fuel rate was hiked yet again.
In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 107.20 per litre on Monday. While diesel price has declined to Rs 97.29 per litre. The price of petrol and diesel in Chennai was Rs 101.92 and Rs 94.24 per litre respectively and Rs 101.35 and Rs 92.81 per litre in Kolkata.
The hike on Saturday is the 39th increase in the price of petrol since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal. In 39 hikes, the price of petrol has risen by Rs 10.81 per litre. During this period, diesel rates have soared by Rs 9.15 a litre in 36 instances of price rise.
On Monday (July 12) international oil benchmark Brent crude declined 0.19 percent to $75.41 per barrel.
India's fuel demand rebounds in June
India's fuel demand rebounded in June after slumping to a nine-month low in the previous month as restrictions to curb the spread of the pandemic were eased, helping economic activity and mobility to pick up.
Fuel consumption rose 1.5 percent to 16.33 million tonnes in June from a year earlier and by 8 percent over May 2021, data from the Petroleum Planning and Analysis Cell (PPAC) of Ministry of Petroleum and Natural Gas showed.
Petrol sales rose 5.6 percent year-on-year to 2.4 million tonnes in June. It was up 21 percent from May sales of 1.99 million tonnes. Diesel - the most used fuel in the country - rose 12 percent from May to 6.2 million tonnes, but was down 1.5 percent from June 2020 and 18.8 percent from June 2019.
This is the first monthly increase since March.