Nifty may reclaim 15,000 in opening trade, SGX Nifty up 1%; 5 things to know before market opens

Analysts say that if stock markets break the level of 15,000 and sustains above the level, then this bullish rally might be extended in Nifty 50. Image: Reuters

Trends on SGX Nifty suggest a gap-up start for BSE Sensex and Nifty 50 with gain of 170 points. The Nifty futures were trading at 15,116 on the Singaporean Exchange. Market participants will continue to watch the COVID-19 cases, January-March quarter earnings, developments related to ongoing vaccination, along with oil prices and rupee movement for further direction. Analysts say that if stock markets break the level of 15,000 and sustains above the level, then this bullish rally might be extended in Nifty 50.

Q4 results: BSE-listed companies such as Aarti Industries, Abbott India, Torrent Pharmaceuticals, Ujjivan Small Finance Bank, Tata Motors, Canara Bank, Brigade Enterprises, Chalet Hotels, Coromandel Engineering Company, Dolat Investments, GSK Pharma, Jindal Stainless (Hisar), JSL Industries, Jyothy Labs, Minda Corporation, PI Industries and Route Mobile will release quarterly earnings on May 18.

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Tug of war between FIIs and DIIs continues: On Monday, foreign institutional investors were net sellers of shares worth Rs 2,255.84 crore while domestic institutions pulled away Rs 1,948.48 crore from the equity markets.

Technical talk: The short term trend of Nifty seems to have reversed up firmly, after a reasonable weakness of the last few sessions, said an analyst. “Having placed at the crucial overhead resistance around 15000 levels, there is a possibility of volatility emerging or minor downward correction from the highs in the next few sessions and that is going to be a buy on dips opportunity in the market. Immediate support is placed at 14780 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Second Covid wave will delay earnings recovery: If COVID-19 infections fail to decline to more manageable levels, however, lockdowns may be prolonged and widen, which will have a more severe effect on companies’ earnings recovery, according to Moody’s Investors Service. The resurgence of coronavirus infections in India (Baa3 negative) that has led to regional lockdowns will put the brakes on rated companies’ earnings recovery seen in recent months.

Global market watch: Asian stock markets were trading higher in early trade on Tuesday. Japan’s Nikkei 225 jumped 2.12 per cent while the Topix index advanced 1.5 per cent. Over in Hong Kong, the Hang Seng index rose 1.3 per cent. In overnight trade, technology stocks pulled Wall Street’s main indexes lower on Monday. The Dow Jones Industrial Average was down 0.46 per cent, the S&P 500 was down 0.47 per cent, and the Nasdaq Composite was down 0.69 per cent.

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