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Global markets consolidate as oil rally sees Asian stocks gain with US Dollar weakness adding to currency gains.

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Indian Indices: Asian indices opened in the green ignoring the North Korean missile test and US internal probe uncertainty as ‘risk on’ trade continued to see equities being bought aggressively. OIl prices climbed above US $ 50 which saw energy stocks rebound as the US Dollar weakness saw flows buy into Asian currencies which aided the sentiment.

Nifty saw huge intraday volatility as the GST rates finalization gave FMCG bell weathers like ITC and HUL huge boost that saw Nifty scale 9500 on opening bell. However, big selling by foreign investors pushed the Nifty to below 9400 as rupee weakness saw selling intensify. Positive results which beat estimates by SBI lifted the sentiment near close to see a sharp pullback help the index close in the green. For today expect volatility to be the buzzword as we enter derivative contract expiry week. 

The BSE Sensex is currently trading at 30589.97, up by 125.05 points or 0.41% after trading in a range of 30582.82 and 30712.15. There were 15 stocks advancing against 14 stocks declining on the index, while one stock remained unchanged. The broader indices were trading mixed; the BSE Mid cap index declined 0.21%, while Small cap index was up by 0.16%.

The CNX Nifty is currently trading at 9462.25, up by 34.35 points or 0.36% after trading in a range of 9457.10 and 9498.65. There were 24 stocks advancing against 27 stocks declining on the index.




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Technical view: Nifty will find support around Friday's low around 9390 which if broken can see weakness accelerate, while 9500/9520 will act as resistance on the upside. Bank Nifty also finds support around 22628 while 22850 will act as resistance on the upside.


MothersonSumi (Buy Above 424 with Stop Loss at 416 for Target of 440): The stock has gained strong momentum in the previous trading session snapping a three day losing streak. Motherson found support at its 15-DMA and has bounced sharply. The smart upswing is also accompanied with credible uptick in volumes. In addition, other momentum oscillators also point towards an extended rally in the stock.

Derivative Snippets

The joint venture between Larsen & Toubro (L&T) and Mitsubishi Hitachi Power Systems Ltd, L&T-MHPS Boilers Private Limited (LMB), has secured export orders worth around Rs3bn from the Japanese thermal power generation company.

In the last trading session, markets ended on a flat note after witnessing volatile intraday swings. Long unwinding was seen in Nifty 9300 PE while short selling was witnessed in 9500CE indicating of a likely close for Nifty between these two strikes during this expiry week. 

FIIs were net sellers in cash market segment to the tune of Rs 989 Cr.FIIs index future long short ratio at 2x vs 1.9x.


Nifty Movers: The top gainers on Nifty were ITC up by 3.93%, BhartiInfratel up by 2.07%, Kotak Mahindra Bank up by 1.69%, Indiabulls Housing up by 1.46% and Adani Ports up by 1.45%. On the flip side, Tata Power down by 3.27%, Sun Pharma down by 2.17%, GAIL India down by 1.73%, SBI down by 1.59% and Lupin down by 1.58% were the top losers.


Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were FMCG up by 1.94%, Telecom up by 0.87%, Capital Goods up by 0.73%, IT up by 0.73% and Realty up by 0.72%, while PSU down by 0.84%, Oil & Gas down by 0.66%, Healthcare down by 0.60%, Utilities down by 0.56% and Energy down by 0.26% were the losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green, amid political turmoil in Brazil. Indonesia’s central bank governor said its policy stance remained neutral and that it was monitoring global risks ranging from the big chance of a rate hike in the United States in June to tension in the Korean peninsula. At a policy meeting, Bank Indonesia kept its benchmark interest rate unchanged at 4.75 percent, saying its decision was consistent with its efforts to maintain stability at a time of recovery for Southeast Asia’s largest economy.


Global Signals:Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI gained 2.92 points or 0.17% to 1,771.20, KOSPI Index increased 11.41 points or 0.5% to 2,299.89, Taiwan Weighted rose 30.47 points or 0.31% to 9,978.09, Jakarta Composite jumped 32.87 points or 0.57% to 5,824.75, Nikkei 225 added 89.02 points or 0.45% to 19,679.78 and Hang Seng was up by 237.39 points or 0.94% to 25,412.26.

On the flip side, Shanghai Composite was down by 7.52 points or 0.24% to 3,083.11.