MTECHTIPS:-Technical Snapshot
The Nifty futures witnessed a gap down opening on Tuesday as the index opened the day with sharp losses. But the index gained sharply in the final trading session, as the Nifty recovered from its lows to close the day with gains above the 5100 levels. The session’s around half a percent gains appeared even more prominent as they came on a day of relentless risk aversion across the global markets. The markets had got off to a worrisome start early morning and lost colossal ground through the first half as investors largely remained influenced by the disconcerting leads from both sides of the Atlantic, where a weak US jobs data along with the success of anti-austerity leaders in European elections multiplied concerns over global economic
outlook.Investors turned sanguine and resorted to hefty bottom fishing in fundamentally strong and undervalued stocks after Mukherjee’s comment, who opined that in order to provide greater clarity and certainty in GAAR related issues, a committee has been set up which has held several rounds of discussions with various stakeholders including foreign institutional investors and will submit its report by May 31. Hefty short covering was witnessed in the Capital Goods counter, which topped the sectoral space with close to four percent gains. The Power & Metal pockets along with rate sensitive sectors gained traction in the session after initial sharp sell-off. Apart from the Aviation shares which skyrocketed in the range of 7-13% post GAAR deferment, PSU oil marketing companies like BPCL, HPCL and IOC rallied in the range of 2-5% in the session after international crude oil prices corrected.
The Nifty futures witnessed a gap down opening on Tuesday as the index opened the day with sharp losses. But the index gained sharply in the final trading session, as the Nifty recovered from its lows to close the day with gains above the 5100 levels. The session’s around half a percent gains appeared even more prominent as they came on a day of relentless risk aversion across the global markets. The markets had got off to a worrisome start early morning and lost colossal ground through the first half as investors largely remained influenced by the disconcerting leads from both sides of the Atlantic, where a weak US jobs data along with the success of anti-austerity leaders in European elections multiplied concerns over global economic
outlook.Investors turned sanguine and resorted to hefty bottom fishing in fundamentally strong and undervalued stocks after Mukherjee’s comment, who opined that in order to provide greater clarity and certainty in GAAR related issues, a committee has been set up which has held several rounds of discussions with various stakeholders including foreign institutional investors and will submit its report by May 31. Hefty short covering was witnessed in the Capital Goods counter, which topped the sectoral space with close to four percent gains. The Power & Metal pockets along with rate sensitive sectors gained traction in the session after initial sharp sell-off. Apart from the Aviation shares which skyrocketed in the range of 7-13% post GAAR deferment, PSU oil marketing companies like BPCL, HPCL and IOC rallied in the range of 2-5% in the session after international crude oil prices corrected.
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