Benchmark indices were trading on a higher note during early-morning trade on upbeat corporate earnings and mixed Asian Markets even as IMF cut India’s GDP forecast to 6.6% from the previous 7.6%. The sentiment was also affected as dual-control issue was resolved in the GST Council meet yesterday and all agreed on July 1 as its date of implementation.
Global investors also await UK PM Theresa May’s Brexit speech. According to reports, she will lay out plan to exit the European Union that would see Britain lose access to the bloc’s single market.
At 11:23 am, the S&P BSE Sensex was trading at 27,252 down 36 points, while the broader Nifty50 was ruling at 8,405, down 8 points.
In the broader market, the BSE Midcap and BSE Smallcap indices registered an uptick of 0.2%, and 0.5%, respectively.
“Nifty could witness termination near this resistance zone of 8,400-8,450 & a corrective wave could follow in the coming week. Hence we recommend reducing leveraged longs & deploying adequate hedge for a while,” said Sacchitanand Uttekar, Equity Technical Analyst & PFA at Motilal Oswal Securities in a note.
On Monday, foreign portfolio investors (FPIs) sold shares worth a net Rs 347.25 crore, while Domestic institutional investors (DIIs) bought shares worth a net Rs 203.45 crore, provisional data available with BSE showed.
Sectors and Stocks
HUL, Asian Paints, Axis Bank, TCS and Sun Pharma were the top gainers on Sensex while RIL, Tata Steel, Cipla and Lupin fell during early morning trade.
Reliance Industries fell over 2% after the company reported below expectations earning report. It announced a 3.6% rise in its net profit in December quarter. The company reported a consolidated net profit of Rs 7,506 crore against Rs 7,245 crore in the same period a year ago.
Fortis Healthcare fell over 2% in an otherwise positive marktet after Daiichi Sankyo moved an application in Delhi High Court to block former Ranbaxy Lab promoters Malvinder and Shivinder Singh from selling their stake in Fortis Healthcare, marking a new twist in the Rs 2,500 crore arbitration case.
Delta corp rose 2% after reports that the company has received a licence for operations of a casino in Gangtok, Sikkim.
Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us.