Markets remain subdued amid lack of momentum despite GST boost
In the early morning, the GIFT Nifty was down 32 points or 0.13% at 24,929, in diating a lower open for the benchmark Nifty 50. US index futures were subdued while European contracts dipped amid poloitical turmoil in France. A rally in tech shares helped lift US equity benchmarks on Monday as traders continue to bet that a Federal Reserve interest rate cut will fuel further stock market gains.
The S&P 500 Index ended the session 0.2% higher, the tech-heavy Nasdaq 100 rose 0.5%, while the Dow Jones Industrial Average closed 0.3% higher. The NSE Nifty 50 settled 32.15 points or 0.13% higher at 24,773.15 and the BSE Sensex closed 76.54 points or 0.09% up at 80,787.30. The Nifty rose as much as 0.58% during the day to 24,885.50, while the Sensex was up 0.57% to 81,171.38.
Fundamental Update
- TVS Motor Co - The company informs that it will pass on the full benefit of GST rate reduction to customers across its ICE portfolio, following the recent reforms introduced by the GST Council. Positive
- Craftsman Automation - The company has made a strategic investment of Rs 2.6 lakh to acquire a 26% shareholding in Eastsquare Energy, a power generation and transmission company. Positive
- IRB Infrastructure - The company posted a toll revenue update and reported a 12% YoY growth in their combined toll revenue. Positive
- GlaxoSmithKline Pharmaceuticals -The company has received two orders from the Maharashtra GST authorities for alleged non-payment of GST on the export of services. Negative
Technical Update
- NIFTY – Nifty moved marginally upward with 30 points gain to settle at 24,773 on Monday. Index has crossed 17 day EMA at 24,740 and tick near 50 day EMA of 24,785. Today’s range 24,700 – 25,000.
- BANKNIFTY – Bank nifty traded in range to close steady at 54,186 on Monday. Index moved towards 17 Day EMA of 54,575 but retraced later to close without much gain. Index is likely to trade in range amid lack of momentum. Today’s range – 53,900 – 54,600.
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