MarketBuzz

Indian benchmark indices — Sensex and Nifty 50 — are likely headed for a gap-up start on June 30 as SGX Nifty was trading with a premium of more than 110 points from Nifty Futures Wednesday close.

The futures and options contracts July series will begin today as the Indian markets resume after a short one-day break.

Overnight cues remained positive in the US markets as the economy’s first quarter GDP came in very strong at 2 percent.

Back home, the day before yesterday's trading session was a historical day as the Nifty 50, Sensex and Nifty Bank indices touched fresh all-time highs.

The momentum is extremely strong and as the broader end of the markets advances out, continuing to outpace declines, the number of stocks near all-time highs, near 52-week highs is at an all-time high as well.

A couple of very large block deals came in, especially in the Adani group stocks.

The important cues to watch out for primary market activity remain quite strong today as another company called PKD Ventures would be open for subscription. Today is a large day to subscribe to the Cyient DLM IPO.

Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session

Indian benchmark indices — Sensex and Nifty 50 — are set to open higher on June 28, following gains on Wall Street after witnessing broad-based buying in the previous session, with the benchmark blue chip Nifty 50 inching towards an all-time high.

India's NSE stock futures listed on the Singapore Exchange were up 0.25 percent at 18,858, as of 08:08 am. The Nifty 50 is less than half a percent shy of its all-time high level.

On Tuesday, there was a very sharp surge in both the HDFC Bank and HDFC Limited on the back of comments from Deepak Parekh that the merger is now nearing and the company had decided on the record date as well.

On the back of that, there was also a significant surge in names like LTI Mindtree and JSW Steel, given they could be likely candidates that could come into the Nifty.

Meanwhile, the derivatives June series contracts is expiring today. So, some volatility can be expected towards the latter half of the trading session.

The US market, on the other hand, bounced back from the previous day's lows and in fact, the tech stocks that bore the brunt of selling pressure, actually led the US markets higher.

Back home, the Securities and Exchange Board of India (SEBI) board meeting is scheduled today to discuss the proposed total expense ratio changes, the FPI disclosure norms and the mutual fund total expense ratio. All of this will have a significant impact especially in the mutual fund universe and a few listed stocks from the mutual fund space.

Tune in to Marketbuzz Podcast for more cues and news ahead of today’s session

Indian benchmark indices — Sensex and Nifty 50 — are seen opening marginally higher on June 27 after trading in a narrow range in the previous session, as investors look for new triggers, while interest rate worries are likely to keep investors on edge.

There is also a slightly mute clip of a handover from the global markets, especially the US market. While most of the US markets ended in the red, the NASDAQ was a cause of worry as the tech-heavy index fell by over a percent.

As the tech sell-off continued, Tesla went down over six percent as Goldman Sachs downgraded this stock and NV shares too fell over 3.5 percent in the trading session yesterday.

Meanwhile, back home, the Nifty 50 now needs to hold on to its 20-day exponential moving average which is around the 18,650 level. Resistance is being seen where the Nifty is trying to breach the higher level.

While the overall markets were quite muted, there was significant action in the primary markets where the ideaForge Technology IPO got fully subscribed within two hours of opening for subscription already. It is subscribed over 3.5 times.

The shares of Cyient will be in focus as one of the company’s subsidiaries Cyient DLM will be opening its IPO for subscription today.

Tune in to Marketbuzz Podcast for more cues and news to track in today’s session

Indian benchmark indices — Sensex and Nifty 50 —  were set for a muted open on June 26, on the heels of their first weekly loss in over a month, as crude prices rose on supply concerns after a short-lived mutiny by mercenaries in Russia.

India's NSE stock futures listed on the Singapore Exchange were up 0.02 percent at 18,718, as of 07:48 am.

Last week, the blue-chip Nifty 50 index consolidated just shy of record levels, while the S&P BSE Sensex eased after hitting an all-time high, weighed down by hawkish central bank commentary.

The US market slipped on Friday with all of the three indices ending low between 0.5 to 1.2 percent. The dollar index sped toward the $103 mark.

However, it must be noted markets are seeing a bit of profit booking from actual record closing levels and the Nifty 50 coming within a point of a record high in last week's trading session. The small-cap and mid-cap indices also saw some profit booking during the week.

The next support for Nifty 50 is seen as a 20-day exponential moving average at 18,642. Last week, the Nifty broke four weeks of consecutive weekly gains to end low by close to percent.

Also, this will be a truncated week as the market will be closed on June 28.

Three IPOs will open up for subscription this week including Ideaforge Technology, Cyient DLM and PKH Ventures.

Tune in to Marketbuzz Podcast for more cues and news ahead of today’s market session

The global markets are quite mixed. We got a mixed handover from the US markets. The S&P and Nasdaq snapped their three-day losing streak. While Dow Jones was absolutely flat with some negative bias. Apple hit fresh new highs, so definitely something to track as far as the technology space is concerned. 

Asian markets are mixed yet again. Hang Seng is down 1.4 percent, Taiwan and China are shut for a holiday. But we do have Nikkei which is higher in trade today. Now core inflation numbers in Japan reported came in at 3.2 percent versus an estimate of 3.4 percent. Inflation in Japan is still above Bank of Japan's target of 2 percent. 

Bank of England hiked rates by 50 basis points versus an estimate of 25 basis points. This is the 13th-consecutive rate hike from Bank of England. So central bank action continues to be taking the centre stage yet again. 

As far as our own markets are concerned, Indian markets closed at the day's low after a lot of volatility. On Thursday, we were just one point away from the record high, but we could not attain that. Sensex was down 363 points from the record high levels of 63,602. It did hit a record high. Mid cap index nabbed its eight day winning streak. Nifty did get some support from the HDFC twins that is HDFC Bank and HDFC but Reliance was the one which acted as a drag. 

Now the immediate Nifty spot is at 18,757 and if we talk about Nifty Bank, it has been consolidating at the 20-day exponential moving average and it has just been hovering around those levels. So a breakout from your will be a key to track as well. 

FIIs sold Rs 693 crore in cash yesterday, DIIs bought Rs 219 crore. So flows are also in favour of a sell figure right now. So it is important to track because the SGX Nifty is indicating that the start could be in the red, 14 points lower, could be muted to a flattish start for our own markets.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

We are seeing some negative cues coming in from the global markets today, June 22, 2023. US markets fell for the third-straight day and this was fuelled by the fact that US Fed chair spoke about more rate hikes by the end of this year, pouring some cold water on expectations that the era of tightening was at least over for now, but it hasn’t.

The futures are flat right now, but we do have Asian markets largely shut in trade today. Hang Seng, Taiwanese index and Chinese market are shut for a holiday, but Nikkei and Cosby are higher in trade. This is something we are tracking closely.

SGX Nifty is indicating that the start for our own markets could be in the red.

So very close to record high, but this testimony from Jerome Powell is something that could keep the market moves under some lid.

The Bank of England will announce its policy decision today, an important event to track as well for our own markets.

Meanwhile, on Wednesday, we posted record close, led by HDFC HDFC Bank, TCS, and Reliance. All these heavy weights, Sensex, Nifty and midcap index ended at record closing highs and midcap index posted record closes for the 12th-straight session. Major buying was seen in financial services, especially the NBFCs.

So now at this level, the immediate support for Nifty is at 18800 and the immediate resistance is at 19000. So if Nifty crosses that level, there could be some more rally above these levels.

Nifty midcap 100 and small cap 100 gained for the eighth-straight session, so that continues to be in focus as well.

The broader markets are doing well on the benchmark, there could be some pause today in terms of a rally because the global markets are suggesting the same.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

As we begin a fresh new day, the cues we are getting from the US markets are weak, with both Dow Jones and S&P 500 down.

After witnessing a stellar rally last week and a holiday on Monday, the US markets have made a comeback, but on the negative side. Asian markets are also lower as Wall Street has a seen a cool off in its rally. Hang Seng is down 1.5 percent, we have the Taiwanese index lower as well. Most of the Asian markets are lower in trade today.

The SGX Nifty too is indicating a start in the red for our own markets right now. It is indicating a cut of around 20 points now for our own markets.

For our own markets, Tuesday was a stellar rally from the lows, especially in the second half recovery which helped Nifty close at the day. The high midcap index continues to outperform as it ended at a record high for the second-straight session. IT stocks and Reliance Industries led to the Nifty gains on Tuesday.

Now, the Nifty resistance is seen at 18,850 to 18,900 and support for the Nifty is seen at 18,700. Even Nifty Bank recovered 421 points from the lows to 43,767. Now, Nifty Bank’s 20-day moving average is at 43,967 is the immediate resistance. This will be an important level to watch out for as well.

In terms of fund flows, domestic institutional investors (DIIs) net bought Rs 19072 crore, while foreign institutional investors (FIIs) sold the same amount in cash markets. So there is some selling, which has come by some profit taking, maybe after the run that we’ve seen very close to record high levels. But, we’ll have to see it looks like it could be another day in seeing some dips.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

This morning, there were no cues coming in from the US markets as they were shut for a holiday. However, Asian markets are in focus as China has cut its five-year loan prime rate by 10 basis points and one-year loan prime rate by 10 basis points to 3.55 percent. This comes in after the Chinese Central bank had cut key interest rates last week itself.

Japanese stocks too are in focus as Berkshire Hathaway have raised stakes in five trading firms, all of them higher in trade right now.

But if we look at the benchmarks or the headline index, like Hang Seng, is low in trade. SGX Nifty too is indicating that the start for our own markets could be in the negative, yet again, a 50-point downtick is what it is indicating. As far as our own markets are concerned there was an expectation of record highs. Nifty opened higher but saw profit booking from those levels, closed lower by 70 points.

PSU Banking index, IT and financial services were the top gainers on Monday. In fact, even India VIX< which is the volatility index, was up 3.5 percent in Monday’s trading session.

The defence sector continues to be in focus, on the back of Prime Minister Narendra Modi's US visit. Some of these stocks continued to make new highs on Monday as well.

Today, is where there is some there is some news related to inflows that have come by. Bank Nifty, which has been trading around the 20-day exponential moving average, its resistance comes at 44,050 support comes at 43,400.

Meanwhile, the Nifty support is at 18,600.It is a very crucial level to watch out for. If it breaks below that, we could see further pressure on the benchmark index, but looks like it is expected to be a negative start for our own market.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

This is a fresh new trading week and the cues for today are taking cues from last week when Nifty50 closed high for the fourth consecutive week and gains in financials and FMCG-led markets higher. Sensex, Nifty and midcap closed at intra-day highs on Friday's trading session and Nifty is now just 61 points away from its all-time high of 18,887.6 points.

Now the big question of course, this week is will the Nifty be able to reclaim its new high? The midcap index too was up 3 percent for the week. It hit its record high, four out of the five trading sessions.

Nifty FMCG was up 3.5 percent last week and hit record high, three out of five trading sessions.

Let's talk about some flows. In June, foreign institutional investors (FIIs) have bought Rs 6900 crore in cash, so far. Domestic institutional investors (DIIs) have net bought Rs 4,330 in cash.

And the key levels to watch for Nifty. On the support side or the downside it’s 18650 to 18700. Resistance is at 18,950 to 19,000. These will be important levels to watch apart from the fact that we are tracking whether Nifty scales its record highs or not.

Last week, US markets they closed lower. US markets will be shut today for a holiday. So we won't be getting those cues tomorrow.

Japanese markets are mixed. Hang Seng and Taiwanese index are lower right now. Japanese markets are hovering around the 33-year-highs and yen is at a 15-year-low versus the euro after Bank of Japan's decision. SGX Nifty is absolutely flat. So, these cues are a little difficult to read. However, Nifty levels will be tracked closely today.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

There was definitely a bit of caution on Thursday after the US Fed’s hawkish comments.So, the Nifty and Sensex were profit booking. After three days of gains, the Nifty nifty failed to hold on to 18,700.

Financials were under pressure. Bank Nifty saw an over 500 points cut in the index. Midcaps saw more strength, so the midcap index was at a record high and continued to gain in terms of global cues.

We also had the ECB policy outcome. It did hike rates by 25bps.Europe closed slightly lower.

The US markets continued to show strength and closed higher. It was the highest levels intra-day levels that the US markets have seen since April 2022.

Asian stocks were mixed. SGX Nifty was indicating a positive start. In terms of flows, the net bought

Asia mixed SGX indicating a positive start in terms of flows, the FIIs net bought over Rs 300 crore. The Axis Bank block deal was a part of the flows.

We are likely to continue seeing stock specific interest in our markets. Also watch out for the FTSE index changes which come into effect from today's market close. India could receive net inflows of around $250 million to $270 million. 

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session