Daily Market Wrap - June 11, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices ended once again at record closing high on June 11. Nifty opened higher, dipped in the early part of the session, made an intra day low at 1215 Hrs and later rose. At close, the Nifty was up 61.60 points or 0.39% at 15799.40.

Volumes on the NSE were a little below recent averages. Among sectors, Metals, IT and Energy indices rose the most while Realty and Capital Goods fell the most.

Asian stock markets were mostly higher on Friday, extending the gains of the previous session, following the positive cues overnight from Wall Street. European stocks scaled a record high on Friday, buoyed by hopes that major central banks will remain accommodative despite signs of rising inflation.

Factory-gate sales of cars and utility vehicles in India tumbled as the second wave of coronavirus led to fresh restrictions across the country. Domestic wholesales of passenger vehicles fell more than 66% over the previous month to 88,045 units in May.

Nifty rose for the fourth consecutive week, ending 0.82% higher for the week. Advance decline ratio fell again but remained above 1:1, as periodic profit taking by investors resulted in this. Overall sentiments remain up, inflation fears seem overdone and investors now await US Fed's decision on June 16. 15889 could be the next resistance for the Nifty while 15705 could be the support.

Source : Equity Bulls

Keywords