SGX Nifty Indicates Higher Opening; Bajaj Finserv Signs MoU with Government of Maharashtra

At 8:05 am IST, SGX Nifty Futures were trading at 18,720 compared with Nifty’s close of 18,534 last Friday.
 

Market Pulse: Rally Attempt

Global Stock Markets: Dow 30, +2.12%; S&P 500, +1.45%; Nasdaq Composite, +1.07%; Shanghai Composite, +0.22%; Nikkei, +1.69%; Kospi, +0.42%.

Last week Nifty was muted as it traded in a narrow range of 200 points. The index started the week with a gap-up opening but failed to sustain the gains. It had a positive opening on Friday and traded in positive territory for most of the session. Currently, Nifty is trading less than 2% below its all-time high. It had a mixed reaction on the sectoral front. Nifty Realty (+3.87%) and Media (+3.15%) were the top gainers. On the flip side, Nifty Energy (-1.87%) and Nifty Bank (-0.18%) were the major decliners.

Currently, we are in a Rally Attempt. From here, we would prefer to see a follow-through day before shifting the market status to a Confirmed Uptrend. If the indexes cross the previous rally high of 18,887 or key sectoral indices and broader market indices scale a new high, we might consider shifting market status to a Confirmed Uptrend. Should this occur, the focus will be on ideas that show the best relative strength with good accumulation. Stocks that recover the quickest tend to lead the next run.

Key News

Wipro (Nse) has set June 16 as the record date for the Rs 12,000 crore buyback plan. The company will buy back up to 4.91% of its equity with a fixed floor price of Rs 445 per equity share.

Bajaj Finserv signed an MoU with the Government of Maharashtra to develop projects worth Rs 5,000 crore in Pune.

Godrej Properties raised its stake in Wonder City Buildcon to 100% from 74%. The cost of acquisition was Rs 45.13 lakh.

Brigade Enterprises(Nse) will launch 10 housing projects in FY24 across Bengaluru and Chennai with an estimated construction cost of Rs 3,000 crore