Nifty continued its pullback from Friday and ended above 15800 but below the resistance of 15850. Absence of global cues allowed the market to remain rangebound. Nifty rallied by 100 points after it took support at convergence point of 10 DMA and 20 DMA which was placed 15750 led by gains in banking stocks. However, the larger picture still depicts that Nifty is stuck in a broader range of 15620-15900 and the bias remains cautious.
Brent oil rose above $77 a barrel for the first time since 2018 after OPEC+ failed to reach an agreement on bringing back curtailed output, leaving the market with tighter supplies than expected. The group’s oil ministers were unable to reach a compromise during talks on Monday, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic. Aside from oil’s surge, investors are watching for a potentially more hawkish tilt at the Federal Reserve. Minutes from the Federal Open Market Committee due Wednesday will help gauge where members are on the tapering timeline.
Key news/Stocks to watch
- South West Monsoon May Revive Over South India from July 8: IMD
- Reliance in talks to buy stake in home fashion brand Portico
- Paytm Readying $2.2 Billion IPO Plan for July Investor Vote
- Siemens Gamesa to Supply for 301 MW Indian Wind Farm
- FMCG cos see double-digit sales growth in Apr-June qtr amid pandemic
- Tata Motors plans to hike passenger vehicles prices
- Kotak Investment Advisors raises Rs 1,386 crore for pre-IPO fund
- Godrej Consumer (GCPL): Sees strong double-digit 1Q sales growth
- Kirloskar Electric (KECL): Extends lay-off period for 39 workmen for a period for 60 days
- Maruti Suzuki (MSIL): Says total production in June at 165,576 units
- NMDC (NMDC): Sets Offer-for- sale shares floor price at 165 rupees each
- NTPC Ltd. (NTPC): NTPC Vidyut Vyapar Nigam invite bids for e-buses in Delhi, Leh
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