Daily Market Wrap - July 13, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: UTC)
India's equity benchmark indices broke a three session losing streak following positive Asian cues. The Nifty opened higher, fell initially to make an intraday low at 1050 Hrs, but rose gradually later to end the day almost at the intraday highs. At close, the Nifty 50 Index advanced 0.76% or 119.8 points to 15,812.35.
Volumes on the NSE were in line with recent averages which are on the lower side. Among sectors, Banks, Metals and Oil & Gas gained the most while IT and FMCG lost the most. The S&P BSE MidCap was little changed while the S&P BSE SmallCap advanced 0.46%.
Global shares pushed to a record high on Tuesday, buoyed by better than expected Chinese export data (June exports up 32.2% vs 27.9% in May and 23.1% forecast) as markets awaited the release of U.S. inflation data for further clues about the global economic recovery.
Nifty overcame the bearish signs of the candle formed on Monday and rose smartly. Positive advance decline ratio also gives bullish signals. With earnings season underway, investors will turn their attention to Infosys's results that are expected to be posted on Wednesday and also watch the US CPI number due tonight. 15880-15727 could be the band for Nifty on Wednesday.