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A slight drop in Covid cases for two straight days is a positive sign for Dalal Street, but persistent selloff by FIIs isn’t. After a smart recovery on Monday, domestic stocks may see a muted start to Tuesday’s trade, much in line with their Asian peers. Technical charts, however, are signalling gains ahead.
Here s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 12 points, or 0.08 per cent, lower at 14,670.50 in signs that Dalal Street was headed for a flat start on Tuesday.
Tech View: Nifty likely to see recovery
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Nifty futures on the Singapore Exchange traded 2 points, or 0.01 per cent, higher at 14,684.50 in signs that Dalal Street was headed for a flat start on Tuesday. Here are a few stocks which may buzz the most in today s trade:
Adani Ports, L&T Infotech: Adani Ports, Adani Total Gas, L&T Infotech, P&G Hygiene,
RBL Bank, Morepen Labs, DCM Shriram, IIFL Securities,
Greaves Cotton are among companies which will report their March quarter results on Tuesday.
IDBI Bank: LIC-owned IDBI Bank reported a nearly four-fold jump in its standalone profit after tax to Rs 512 crore in the March quarter compared to Rs 135 crore in the year-ago period on the back of an impressive 38 per cent growth in its net interest income (NII).
Equity indices traded near the flat line with small gains in morning trade. PSU banks were in demand while FMCG and IT shares corrected. The Nifty hovered at 14,650 level.
At 10:32 IST, the barometer index, the S&P BSE Sensex, was up 71.76 points or 0.15% at 48,789.49. The Nifty 50 index was up 28.5 points or 0.19% at 14,662.90.
In broader market, the S&P BSE Mid-Cap index was up 0.95% while the S&P BSE Small-Cap index was surged 0.91%.
The market breadth was strong. On the BSE, 1735 shares rose and 805 shares fell. A total of 147 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 153,193,587 with 3,209,919 global deaths.
Shares of Morepen Laboratories, on Monday, were locked in 5 per cent upper circuit at Rs 68.65 on the BSE, hitting a 19-year high in an otherwise weak market. The pharmaceutical company s stock is trading at its highest level since May 2002, the BSE data shows.
Till 12:15 pm, a combined 8.2 million equity shares had changed hands and there were pending buy orders for 2.75 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.62 per cent at 48,481 points. In the past one month, the market price of Morepen Laboratories has zoomed 101 per cent, as compared to 3 per cent decline n the S&P BSE Sensex.
Ahead of Market: 12 things that will decide stock action on Friday
SECTIONS
Share
Synopsis We might see further consolidation after the recent up move. However, the bias would remain on the positive side, said Ajit Mishra, VP - Research at Religare Broking.
iStock
Analysts said Nifty can see a brief consolidation in the 14,700-15,000 range in the coming days before it moves higher.
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NSE
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NEW DELHI: Nifty made another gap up opening and took out the crucial 15,000-mark before succumbing to a volatile trade due to the weekly and monthly F&O expiry. The headline index still managed to end above its previous closing mark, but formed its first bearish candle on the daily chart in the past six sessions.