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MTECHTIPS:- Technical Snapshot:
The Nifty futures opened flat to negative, and the index staged a session of pull back as the index gained from lower levels. Market participants were expecting and looking for a relief rally since last few sessions. The relief rally finally came through on Tuesday as market participants hunted for oversold but fundamentally strong bargains amid encouraging tidings from both domestic as well as global front. The bounce back came after five successive sessions of downtrend in which the BSE’s Sensex suffered a loss of around seven hundred points, while the NSE’s nifty suffered laceration of over two hundred points.The rupee strengthened sharply from a near record low against the dollar as RBI stepped in with massive intervention, signaling intent to defend the domestic currency. The rupee appreciated to 53.8 to the dollar, hitting intraday low of 54.15 after RBI reportedly sold $400-$500 million worth in spot and forward markets. Capital Goods counter rallied sharply with over three percent gains largely because of bellwether L&T which spurted over 5% on the back of solid
quarter performance. The Metal and IT pockets too amassed significant gains and supported the frontline indices. Fertilizers shares shot up sharply in the session after report claimed that Fertilizer Ministry has approved hike of 10% in urea prices. However, mild selling pressure was seen in FMCG pocket which ended with just over 0.50% cut, there appeared absolutely no evidence of selling pressure on sectoral space but some individual heavyweights like NTPC and Maruti fell.
The Nifty futures opened flat to negative, and the index staged a session of pull back as the index gained from lower levels. Market participants were expecting and looking for a relief rally since last few sessions. The relief rally finally came through on Tuesday as market participants hunted for oversold but fundamentally strong bargains amid encouraging tidings from both domestic as well as global front. The bounce back came after five successive sessions of downtrend in which the BSE’s Sensex suffered a loss of around seven hundred points, while the NSE’s nifty suffered laceration of over two hundred points.The rupee strengthened sharply from a near record low against the dollar as RBI stepped in with massive intervention, signaling intent to defend the domestic currency. The rupee appreciated to 53.8 to the dollar, hitting intraday low of 54.15 after RBI reportedly sold $400-$500 million worth in spot and forward markets. Capital Goods counter rallied sharply with over three percent gains largely because of bellwether L&T which spurted over 5% on the back of solid
quarter performance. The Metal and IT pockets too amassed significant gains and supported the frontline indices. Fertilizers shares shot up sharply in the session after report claimed that Fertilizer Ministry has approved hike of 10% in urea prices. However, mild selling pressure was seen in FMCG pocket which ended with just over 0.50% cut, there appeared absolutely no evidence of selling pressure on sectoral space but some individual heavyweights like NTPC and Maruti fell.
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