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Anticipated Positive Start for Domestic Market Benchmarks
The domestic market benchmark indices are poised to open on a positive note, with GIFT Nifty showing a significant uptick of over 70 points from Monday’s closing figures on Nifty Futures. This optimistic outlook is attributed to the positive global cues currently influencing the market.
Strong Performance by Nifty and Sensex
Monday witnessed another remarkable performance by Nifty and Sensex, marking their sixth consecutive day in the green. Both indices recorded substantial gains, with Nifty reaching a new record high of 20,008.15, surpassing its previous record set on July 20 of the same year. Sensex also closed on a high note, displaying a robust increase of 528.17 points.
Strong Performance by Nifty and Sensex
Renowned market analyst Rupak De, Senior Technical Analyst at LKP Securities, expressed optimism about the market’s current trajectory. He emphasized the historic milestone achieved by the benchmark index, breaching the 20,000 mark for the first time. De also provided insights into potential resistance zones and future prospects for Nifty.
Asian Markets Display Sideways Movement
In the Asian stock markets, there was a sideways trend, primarily influenced by the dollar’s recent fluctuations. Central banks in China and Japan, along with speculators awaiting U.S. inflation data, played pivotal roles in shaping this market sentiment.
Wall Street Ends on a Positive Note
The U.S. stock market indices closed on a positive note on Monday, with the Nasdaq leading the surge with a 1.1% increase. This rise was attributed to strong performances by companies like Tesla Inc. and Amazon.com. The session also set the stage for the much-anticipated U.S. inflation report scheduled for Wednesday.
Tesla’s Soaring Stock Price
Tesla’s stock price experienced a significant boost following optimistic predictions by Morgan Stanley analysts. They highlighted the potential value increase of $600 billion for the company, driven by the advancements in Tesla’s Dojo supercomputer and its implications for robotaxis and network services.
KKR’s Investment in Reliance Retail
Global investment firm KKR announced a substantial investment of ₹2,069.50 crore into Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Limited. This investment valued RRVL among the top four companies in the country by equity value, significantly impacting Reliance Industries’ market focus.
L&T’s Share Buyback Update
Larsen & Toubro (L&T) raised its offer price for the proposed ₹10,000 crore share buyback, responding to positive market dynamics. This strategic move is significant as it represents L&T’s first-ever buyback offer in its long history, potentially impacting its public shareholders.
Crude Oil Price and Market Dynamics
The global oil market observed Brent oil futures trading slightly above $90 per barrel, with market participants closely monitoring macroeconomic data releases. Developments in Europe and the U.S., particularly in terms of interest rate policies, are expected to impact oil prices.
GIFT Nifty’s Strong Performance
GIFT Nifty exhibited robust performance, trading more than 70 points above Nifty Futures’ closing levels on Monday. Analysts predict substantial support for Tuesday’s trade at the 19,807 mark, emphasizing the positive technical landscape and bullish targets for Nifty.
European Markets Reflect Optimism
European stock markets concluded on a positive note as traders anticipated a week filled with significant global economic data releases. The Stoxx 600 index reversed earlier losses to end higher, breaking a previous losing streak.
This comprehensive overview highlights the current market dynamics and the factors influencing various sectors, offering valuable insights for investors and traders.
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