Trends on SGX Nifty indicate Sensex, Nifty set to have gap-up opening

FPJ Web DeskUpdated: Monday, June 07, 2021, 09:20 AM IST
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Bombay Stock Exchange | File

Trends of SGX Nifty indicate a positive opening for the index. The Nifty futres were trading at 15,750 on the Singaporean Exchange.

Mohit Nigam, Head, PMS - Hem Securities said the benchmark Indices are expected to open on a slight positive note as indicated by trends on SGX Nifty. European stocks also closed higher on Friday after positive UK and Eurozone construction PMI data.

Asian shares firmed up on Monday while the dollar wavered after the anxiously awaited May US payrolls report showed the recovery on track but not so hot that it might bring forward a policy tapering from the Federal Reserve.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent and look to break three sessions of losses. Japan's Nikei rose 1.0 percent to touch its highest in almost a month, and South Korea gained 0.7 percent.

US stocks climbed on Friday, lifted by technology stocks, after a tepid US monthly jobs report relieed investor concerns the Federal Reserve might rein in monetary stimulus soon.

The Dow Jones Industrial Average rose 149.58 points or 0.43 percent to 34,726.62, the S&P 500 gained 34.78 points or 0.83 percent to 4,227.63 and the Nasdaq Composite added 203.63 points, or 1.5 percent to 13,818.13.

Stock specific actions due to Q4 results can be witnessed in stocks like Central Bank of India, MRF, Union Bank of India, NIACL, Jubilant Ingrevia etc. Key resistances to upside are 15,800 and 16,000 while key support levels are 15,500 and 15,300 for Nifty 50.

Fuel prices hiked again

The price of petrol and diesel prices were hiked across metros by 27-28 paise on the second consecutive day on June 7. This is the 21st increase in prices since May 4.

The price of petrol in Mumbai crossed the Rs 101-a-litre mark. According to According to Hindustan Petroleum Corporation Limited website, in the financial capital petrol is being retailed at Rs 101.47 per litre and diesel at Rs 93.64 a litre. In Delhi, petrol costs Rs 95.37 a litre and diesel Rs 86.28. In Chennai, petrol prices have gone up to Rs 90.97 and diesel Rs 96.77 while in Kolkata, petrol is available at Rs 95.34 and diesel at Rs 89.12 per litre.

FPIs invest nearly Rs 8,000 cr

Amid robust fourth quarter earnings and declining daily cases of Covid-19, foreign portfolio investors (FPI) have made a comeback in June and invested nearly Rs 8,000 crore during May 31-June 4.

FPIs made a net investment of Rs 7,967 crore during the week, as per NSDL data.

The surge in foreign funds have also led the Indian stock market to touch new highs. The Nifty50 on the National Stock Exchange recorded a record high of Rs 15,733.60 during the week. The inflow comes after two consecutive months of outflow.

In April and May, FPI's net selling stood at Rs 9,659 crore and Rs 2,954 crore in Indian equities, respectively.

The aggregate net investmemt of FPIs into indian equities so far in 2021 stands at Rs 51,096 crore.

Top-10 most valued firms add over Rs 1.15 lakh cr to m-cap
Seven of the top-10 most valued companies together added Rs 1,15,898.82 crore in market valuation last week, with Reliance Industries grabbing the top spot.

Last week, the 30-share BSE Sensex jumped 677.17 points or 1.31 per cent.

Reliance Industries, HDFC Bank, Hindustan Unilever, HDFC, State Bank of India, Bajaj Finance and Kotak Mahindra Bank witnessed rise in their valuation.

On the other hand, Tata Consultancy Services, Infosys and ICICI Bank's market capitalisation declined. Reliance Industries added Rs 60,668.47 crore to take its valuation to Rs 13,88,718.41 crore and Bajaj Finance's valuation jumped Rs 23,178.02 crore to Rs 3,61,767.29 crore.

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