Daily Markets Wrap - July 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: UTC)
Indian benchmark equity indices ended higher after opening in the negative on July 7. Nifty opened in the negative and gradually inched up through the day to end almost at the intra day high. At close, the Nifty was up 61.40 points or 0.39% at 15879.70.
Volumes on the NSE were below recent averages. Among sectors, Realty and Metals gained the most while Oil & Gas, Consumer Durables and Energy fell the most. BSE midcap and smallcap indices ended marginally in the green.
Fitch Ratings on Wednesday cut India's growth forecast to 10 percent for the current fiscal, from 12.8 percent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence.
Asian share markets stumbled on Wednesday as investors braced for minutes from the Federal Reserve's last meeting which could confirm a hawkish turn in U.S. monetary policy. European stocks edged higher on Wednesday, shaking off losses on Wall Street triggered in part by softer-than-expected economic data.
Nifty has closed at the all time high on July 07. It is just shy of the intraday high of 15915. The current momentum can take the Nifty past the previous high. Sectoral rotation continues while volumes remain subdued. On falls, Nifty could take support at 15818, while on rises, once the previous high of 15915 is sustainably breached, it could rise towards 15970.