Home Business Indian shares hit record closing highs on Tuesday, led by a surge...

Indian shares hit record closing highs on Tuesday, led by a surge in Bajaj Finserv after the market regulator allowed the shadow bank to set up a mutual fund, while metal stocks bounced back after a four-day losing streak.

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Brave spanish bull

Dear Trader…

Indian equity markets maintained their upward momentum in the today session and continued to trade on positive bias, following gains in Oil & Gas, Metal and Power stocks. Healthy buying was observed in blue-chip stocks like Bajaj Finserv, Bajaj Finance and Tata Steel. Sentiment perked up as Commerce and Industry Minister Piyush Goyal states that the foreign direct investment into the country is on the rise, jumping to $12.1 billion in May this year. He also said the government is working on a mission mode to achieve exports target of $400 billion in 2021-22.

Traders also remain energized with SBI research report Ecowrap penning that the country’s gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year. On the global front, Asian markets were trading mostly in green boosted by a near-record rise on Wall Street, though the momentum began to fizzle out over worries about the economic fallout from surging coronavirus infections in the region.

Nifty futures opened at 16494.25 points against the previous close of 16555.40 and opened at a low of 16495.05 points. Nifty Future closed with an average movement of 148.25 points and a rise of around 121.75 points and 16616.00 points…!!!

On the NSE, the midcap 100 index will rise 1.43% and smallcap 100 index is closing rise 2.00. Speaking of various sectoral indices, only FMCG and IT stocks were seen selling on the NSE, while all other sectoral indices closed higher.

At the start of intra-day trading, October gold opened at Rs.47515, fell from a high of Rs.47642 points to a low of Rs.47472.00 with a rise of 41 points, a trend of around Rs.47625 and September Silver opened at Rs.62792, fell from a high of Rs.63277 points to a low of Rs.62736, with a rise of 236 points, a trend of around Rs.63163.

Meanwhile, given the uncertainties due to the COVID-19 pandemic, Reserve Bank of India (BRI) Governor Shaktikanta Das has opined that continued policy support with a focus on revival and sustenance of growth was the most desirable and judicious policy option at the moment. Das, according to the minutes of the MPC meeting released, also underlined the need for closely monitoring the price situation with a view to anchoring inflation expectations.

He said ‘the need of the hour is twofold: first, continue the monetary policy support to the economy; and second, remain watchful of any durable inflationary pressures and sustained price momentum in key components so as to bring back the CPI inflation to 4 per cent over a period of time in a non-disruptive manner.’

Technically, the important key resistances are placed in Nifty future are at 16630 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 16676 – 16707 levels. Immediate support is placed at 16588 – 16535 levels. Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in

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