The stock market opened strongly today. BSE’s 30-stock key sensitive index Sensex opened at 52,231.38 with a gain of 131.33 points on Monday. At the same time, the National Stock Exchange’s 50-stock key sensitive index Nifty started the day’s trading with a level of 15,725. After a while, the market started showing pressure. In the early trade, Nifty was trading at the level of 15707 with a gain of 37 points. On the other hand, the Sensex rose by 27.39 points. 52,127.44 was on the level.
Sensex opened strong in early trade, Nifty near 15,700 points
The Sensex rose over 150 points in early trade on Monday on gains in ICICI Bank, ITC and SBI shares and steady inflow of foreign funds. BSE’s 30-share Sensex was trading at 52,120.09, up 20.04 points or 0.04 per cent after opening with a gain of about 180 points in early trade. Similarly, the Nifty of the National Stock Exchange gained 29.20 points or 0.19 per cent to reach 15,699.45 points. Among the Sensex companies, POWERGRID’s share rose the most by about one percent. L&T, NTPC, ONGC, ITC, SBI, Bajaj Auto and ICICI Bank were also gainers. On the other hand, Bajaj Finserv, HDFC, Asian Paints and Dr Reddy’s were among the losers.
This week the market may move like this
The trend of Kovid-19 infection, the pace of vaccination and global factors will decide the direction of the stock markets this week. Analysts expressed the view that apart from this, there is no such development on the domestic front, which could lead the markets to take direction. Ajit Mishra, Vice President – Research, Religare Broking said, market participants watch during the week monsoon will be in progress. Along with this, the industrial production (IIP) data is to come on June 11. The market is expecting further relaxation of curbs by the states in view of the reduction in infection cases. Quarterly results of big companies like Bata India, GAIL, SAIL, BHEL and DLF are to come during the week. Industrial production figures will come after the close of business on Friday. Apart from this, the quarterly results of Union Bank of India, Petronet LNG and NHPC are also due during the week.
Opinion of Geojit Financial Services
Vinod Nair, Head of Research, Geojit Financial Services, said, “The market will maintain its belligerent potential in the short to medium term due to the reduction in Kovid-19 cases. The manufacturing and industrial production figures for the month of April are due this week.
Reliance Securities Estimates
Vinod Modi, head of strategy, Reliance Securities, said, in the near future, investors will be watching the pace of infection cases and vaccinations. Nirali Shah, Head of Equity Research, Samco Securities said, “Indian markets will perform in line with the volatility of commodities and equities globally. Apart from this, crude oil prices, rupee volatility and investment trend by foreign institutional investors will also decide the market direction, analysts said.
Three out of five days were fast
The stock market was bullish on three out of five trading days last week. The BSE Sensex closed at 52,100.05 with a weekly gain of 677.17 points, or 1.32 per cent. The Nifty of the National Stock Exchange also climbed 234.60 points, or 1.52 per cent, during the week to end trading at 15,670.25 points on Friday. Buying was more intense in medium and small companies. The BSE Midcap rose 849.66 points, or 3.92 per cent, to a record high of 22,511.49 points and Smallcap 782.21 points, or 3.34 per cent, to a record high of 24,261.90 on the weekend.