5 things that changed for market over the weekend: Gift Nifty, Adani stocks, to global market cues for Sensex today
Indian stock market is set for a muted opening on Monday amid mixed cues from global peers. The NSE IX's GIFT Nifty moved 7.5 points, or 0.04%, muted at 19,930.50. Asian equities were trading lower amid a lack of favourable cues, while the US stock market closed higher on Friday due to the long-term outlook of the domestic economy and as investors await the crucial US inflation statistics anticipated this week.
Nasdaq, increased by 0.09% while the Dow Jones index rose by 0.22%. S&P 500 index increased by 0.14%. Sensex and the Nifty, managed to close higher for the sixth straight session on Friday despite a cautious global market environment.
In the last six sessions of gains, Sensex has risen 2.73% while Nifty has risen 2.94%. Sensex closed 333 points, or 0.50%, higher at 66,598.91 while the Nifty closed the day at 19,819.95, up 93 points, or 0.47%. According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, Nifty climbed back closer to its all-time-high at 19,992 mark as risk-on theme dominated Dalal Street.
As widely expected, upwards and upwards went Nifty — with absolutely no signs of hesitation. The buying stampede simply continued in Coal India (+2.75%) NTPC (+2.65%) Tata Motors (+2%) LT (+1.88%). Amongst sectoral indices, Nifty PSE and Reality indices were star outperformers, up 2.35% each — with absolutely no signs of hesitation! Further Tapse stated that Nifty’s biggest support for Monday’s trade will be at 19533 mark.
The technical landscape continues to be positive as long as Nifty trades above the 19533 mark. Technically speaking, immediate bullish targets seen at Nifty’s psychological 20,000 mark. Nifty’s 200 DMA at 18408 mark.
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