Equity Benchmark Indexes Rise in Early Trade Led by ITC, ICICI Bank, and Infosys
In early trade on Monday, equity benchmark indexes rose after two days of sliding, led by buying in index heavyweights ITC, ICICI Bank, and Infosys. The Nifty Midcap 100 gained 0.92%, while the Nifty Smallcap gained 0.62%. Meanwhile, the Nifty PSU and Nifty Oil & Gas were the laggards, while Nifty Auto, Nifty Pharma, and Nifty Healthcare were among the top gainers on the sectoral front. As many as 35 stocks settled in the green in the Nifty index, while the rest 15 ended in red. Shares of Cipla, Adani Enterprises, Hero MotoCorp, Tata Consumer, and UPL ended as top gainers, while Power Grid Corporation of India, Tata Consultancy Services, Reliance Industries, NTPC, and Coal India were among the laggards.
Asian Stocks Sank on Short-lived Violence in Russia
Asian stocks sank on Monday as short-lived violence in Russia added to the uncertainty surrounding Ukraine’s conflict. While benchmarks fell in Tokyo, Sydney, Hong Kong, and Shanghai, they gained in Seoul. The S&P/ASX 200 index in Australia fell 0.3% to 7,078.70, while the Nikkei 225, Japan’s benchmark index, fell about 0.3% to 32,698.81. The Kospi in South Korea rose 0.5% to 2,582.20. The Hang Seng in Hong Kong fell 0.2% to 18,853.18, while the Shanghai Composite, which reopened after a holiday, fell 1.5% to 3,150.62.
Experts’ Views on Markets
According to Prashanth Tapse, Senior Vice President of Research at Mehta Equities, Nifty’s biggest support is seen at 18555 support, and below that, supports exist only at the 18371 mark. While a good news for Indian markets, as per IMD, the monsoon deficiency has gone down to 28% from 47% in a week, which means a buy on dip is around the corner. However, markets would remain cautious and volatile week as June F&O series expiry is scheduled on Thursday, June 29. “The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia’s status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Technical Views
“The Bank NIFTY index continues to witness a battle between the bulls and bears. It has support at the 43400 level, while the resistance is observed at 44000, where the highest call writing is visible. If the index breaks down below the 43400 level, it may experience further correction towards the 42000 mark. The overall undertone of the index remains neutral, and a break on either side of the support or resistance level will confirm a clear trend,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Conclusion
Despite the uncertainty surrounding global markets, Indian markets seem to be holding their ground, with the pharma and auto sectors providing support. However, markets are expected to remain cautious and volatile as the June F&O series expiry is scheduled on Thursday, June 29.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
