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Market Commentary
Daily Market Wrap - July 6, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Posted On : 2021-07-06 22:06:10( TIMEZONE : IST )
Indian benchmark equity indices ended minorly in the negative on July 6 after once again facing resistance at 15915 levels. The Nifty opened flat, rose during the earlier part of the day to make an intra day high at 1350 Hrs. It fell later to end almost at the opening and intra day low levels. At close, the Nifty was down 16.10 points or 0.10% at 15818.30.
Asian share markets were volatile on Tuesday as oil prices surged higher and after Australia's central bank flagged some tapering in its quantitative easing programme and concerns over the future of China's powerful technology sector weighed down shares. The bank said it would continue purchasing government bonds past the present September deadline at a weekly pace of A$4 billion, rather than the current A$5 billion until at least mid-November. European stocks were off to a muted start on Tuesday following three sessions of gains as an unexpected drop in German industrial orders offset a jump in commodity stocks
Tata Motors share price after gaining in the morning session dipped over 10 percent in the last hour of trade on July 6 after the company flagged chip supply shortage impacting sales at Jaguar Land Rover in Q2FY22 coupled with a negative EBIT margin.
The Goods and Service Tax (GST) collections for June 2021 fell to Rs 92,849 crore. This is the first time in nine months that monthly GST collection has slipped below the Rs 1 lakh crore-mark.
Volumes on the NSE were higher than recent averages. Among sectors, Power & Banks gained the most while Auto, IT and energy were the main losers. BSE midcap index ended marginally higher, while smallcap index fell 0.26 percent.
Nifty corrected mildly after a two day rise. This happened with higher volumes. Nifty also made a double top at 15914 levels. On daily charts it has made a bearish inverted hammer like pattern. Hence at 15850+ levels, a lot of selling pressure seems to be emerging from investors. 15738 is the support for the Nifty in the near term while 15915 continues to be resistance.
