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Daily Markets - June 14, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-06-14 17:10:59 (Time Zone: UTC)


Indian equity benchmark indices recovered from their early losses in the second half of the session to close with small gains. The Nifty opened lower and fell to make an intra day low in the first twenty minutes of trade. Shares of some companies controlled by billionaire Gautam Adani plunged after a report said accounts of three Mauritius-based funds that own the group's stocks have been frozen. The Nifty later started the slow recovery move up and ended the day in the positive. At close, the NSE Nifty 50 was up 12.9 points or 0.08% at 15,811.85.

Volumes on the NSE were in line with recent averages despite large amount of intra day volatility. Among sectors, Energy & IT gained the most while Realty and Power fell the most. BSE Midcap index fell 0.68%.

Asian stocks rose broadly on Monday after the G7 summit ended with a pledge to continue to support economies with investment until pandemic subsidies. European shares hit a record high on Monday as investors bet on global central banks sticking to an accommodative stance on monetary policy even as the post-pandemic economic recovery gathers pace.

Wholesale inflation in India reached a massive 12.94 percent in May (vs 10.94 percent in April), as the constant rise in cost of fuel, including petrol, LPG and high speed diesel percolated down into the economy and a low base effect pushed up figures.

Nifty witnessed a massive intra day recovery from the lows suggesting that the upmove is not out of strength. However the intra day volatility was enough to prompt profit taking across the board resulting in a negative advance decline ratio. The street will now watch as to whether some more negative news will surface in the coming few days to prompt a more sustaining downmove. 15737-15890 seems to be the band for the near term.


Source: Equity Bulls

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