Market opening: Sensex, Nifty defy global cues, shoot up 90 pts, 22 pts in early trade
The Christmas gift in the form of GST rate cuts on 23 items, which was announced on Friday, is likely to help sectors like tyre , insurance, retail, electronic goods, cinema, goods vehicles, gaming and auto/electronic ancillaries.
Indian stock markets defied global markets in Monday's opening session with a surge of 89.93 points or 0.25 per cent in Sensex at Rs. 35,832 while Nifty50 opened higher by 21.80 points or 0.20 per cent at Rs. 10,775. Despite a fall in crude oil prices and weakening of rupee due to weak global markets and fear of partial US government shutdown, the Indian markets still opened positive.
The Christmas gift in the form of GST rate cuts on 23 items, which was announced on Friday, is likely to help sectors like tyre, insurance, retail, electronic goods, cinema, goods vehicles, gaming and auto/electronic ancillaries.
According to pivot charts, there is a strong support zone for Nifty50 and Bank Nifty at 10,650 levels and 26,650 levels respectively.
The crucial range for the Nifty50 will be from 10,550 to 10,950 levels, whereas for Bank Nifty the range will be from 26550 to 27100 levels.
Stocks to watch out for and why:
1. HCL Tech will be a part of Sensex from Monday.
2. Bajaj Finance will make its entry into Sensex from Monday.
3. Reliance Industries has picked up 5.56 per cent stakes in a tech startup Vakt holdings ltd, UK for USD 5 million.
4. Maruti Suzuki plans to acquire 700-acre land for a plant in Haryana.
5. Unichem Lab gets USFDA nod for Parkinson's disease drug.
6. Jet Airways cuts domestic and international flight prices by up to 30 per cent in Christmas and new year offers.
7. Fortis Healthcare, SEBI orders Singh brothers and others to repay the loan of Rs 403 crores with interest within 3 months.
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Bank of Baroda, Dena Bank, and Vijaya Bank merger action should be watched closely till the month end.
Looking further ahead than just today, negative global sentiments, consistent fall in Dow Jones, snapping of 4-day gaining streak in rupee is likely to impact the market this entire week.
FPIs have indicated they will infuse Rs 4000 crore in the coming weeks and this is likely to provide a positive outlook for investment in new year.
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