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12,000 calling on Nifty, Wipro to be on radar; UTI AMC & Mazagon Dock as new listing for the day!

Karan DSIJ
·2-min read

D-Street gears for an early Diwali-like celebration as the bulls seem to continue to pick up from where they left on Friday.

The early trend shows that SGX Nifty is likely to have a blistering start as it is trading up by 42 points above the 12,000 mark. The key catalyst for this is the strong global cues.

However, as the day progresses, the global cues make take a backseat and macroeconomic data & quarterly earnings of Wipro, which is due today, would be eyed on. Further, the market participants will also keep an eye on the listing of UTI Asset Management and Mazagon Dock.

Security in the F&O ban for today is Adani Enterprises, BHEL, IDEA, Jindal Steel, and VEDL.

Mimicking strong trends from Wall Street on Friday, most of the Asian indices were trending higher on Monday. China’s Shanghai Composite was up by 1.61 per cent and it was trading above the important psychological mark of 3,300. Hong Kong’s Hang Seng has rallied 1.34 per cent and is trading within the striking distance from the 24,500 mark while Japan’s Nikkei 225 was down by 0.33 per cent on the back of mixed economic data.

The dovish monetary policy from RBI gave wings to the bulls to fly on Friday. Sensex and Nifty reclaimed their important psychological mark of 40,500 and 11,900, respectively. The banking stocks witnessed bazooka move and amongst the banking pack, the PSU banks, which are known as the backbenchers of the markets were in the limelight as they soared 3.10 per cent. Meanwhile, the broader markets continued their underperformance as Nifty Mid-cap and Small-cap dipped 0.31 per cent and 0.23 per cent, respectively.

Friday was a fantastic day for Wall Street as the three most-widely followed indices in the US ended with solid gains wherein, the tech-heavy Nasdaq outperformed its counterpart as it rose 1.4 per cent to end above the 11,550 mark. Once again the chorus of stimulus package spurred optimism on Wall Street as the US President Trump tweeted, “COVID Relief Negotiations are moving along. Go Big!”