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Indian equity benchmarks closed higher on Monday, led by energy companies on a pickup in fuel demand, while a recovery in July sales lifted auto stocks after a second wave of COVID-19 cases had dented demand.

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Dear Trader…

Indian equity markets maintained their upward momentum in the today session, following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was observed in blue-chip stocks like Titan Company, Reliance Industries and Axis Bank. Besides, broader indices were also trading in green, supporting their larger peers. Sentiments were upbeat as India’s manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions.

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months. Adding more positivity, Union Finance Minister Nirmala Sitharaman states that Goods and Services Tax (GST) collection for July 2021 has again crossed Rs 1 lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace.

Nifty futures opened at 15777.25 points against the previous close of 15885.00 and opened at a low of 15841.00 points. Nifty Future closed with an average movement of 77.20 points and a rise of around 132.95 points and 15910.20 points .. !!!

On the NSE, the midcap 100 index will rise 1.56% and smallcap 100 index is closing rise 0.91%. Speaking of various sectoral indices, the NSE saw heavy gains in realty, auto and IT stocks, while all other sectoral indices also closed higher.

At the start of intra-day trading, August gold opened at Rs.47780, fell from a high of Rs.47980 points to a low of Rs.47755, with a decline of 16 points, a trend of around Rs.47830 and September Silver opened at Rs.67812, fell from a high of Rs.68177 points to a low of Rs.67634, with a decline of 66 points, a trend of around Rs.67781.

Meanwhile, growth of eight core infrastructure industries grew by 8.9 percent in June 2021 as compared to same month last year, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity. The eight infrastructure sectors had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April. The Eight Core Industries – coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity – comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Technically, the important key resistances are placed in Nifty future are at 15977 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 16008 – 16033 levels. Immediate support is placed at 15888 – 15808 levels.

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