Bulls turn enthusiastic on hope of rally; global clues positive

The Indian market ended positively on Monday as buyers regained momentum after several days of declines. Despite significant selling pressure, the market showed strong gains, with hopes that the upward trend will continue today. Nifty is expected to surpass 24,500 if the rally persists.

In the derivatives market, Gift Nifty closed at 24,415 on Monday night and climbed to 24,425 this morning, suggesting that the Indian market will start with gains today.

Global markets

European markets also rose on Monday. However, Dutch medical equipment firm Philips saw a 17% drop in its share price after warning of a significant decline in demand from China.

In the US, the markets experienced notable gains yesterday, driven by easing tensions in West Asia and lower crude oil prices. The Dow Jones Industrial Average rose by 273.17 points (0.65%) to close at 42,387.57. The S&P 500 ended up 15.40 points (0.27%) at 5,823.52, while the Nasdaq gained 48.58 points (0.26%) to finish at 18,567.19.

US futures are slightly unchanged this morning, with the Dow up by 0.05, the S&P up by 0.08, and the Nasdaq down by 0.07%.

US 10-year Treasury yields decreased to 4.282%.

Asian markets are mixed today. Japan's Nikkei index opened lower, while the Australian market rose.

Positive signs in Indian market

On Monday, the Indian market opened positively and closed higher after fluctuating throughout the day, marking an end to a five-day decline. The Sensex closed at 80,005.04, up by 602.75 points (0.76%), and Nifty ended at 24,339.15, gaining 158.35 points (0.90%). Bank Nifty rose by 471.85 points (0.93%) to close at 51,259.30. The midcap index increased by 0.83% to close at 55,736.60, while the smallcap index jumped by 1.20% to close at 18,062.30.

Notably, while the market showed a good gain, it fell sharply from its peak during the day. For the rally to continue, Nifty should ideally close above 24,500. Support levels today are expected at 24,185 and 24,100, with resistance at 24,455 and 24,545.

Reliance Industries' share price dropped significantly after its record date for a 1:1 bond issue but rose to ₹1,353 yesterday, closing at ₹1,335, a gain of 0.5%.

Indian Oil Corporation (IOC) reported a 9.8% drop in turnover, with profits significantly down.

BHEL shares soared by up to 10% after reporting a profit in the second quarter, closing with a gain of 6.55%.

Waree Energy's IPO listed yesterday with a remarkable gain of 53%.

Gold rebounds

Gold prices, which fell sharply yesterday morning, have rebounded. After closing at $2,748.70 an ounce on Friday, gold dropped to $2,725 yesterday morning but rebounded to close at $2,742.80. This morning, it stands at $2,747.

In Kerala, gold prices fell by ₹360 to ₹58,520 on Monday but may rise today. Silver closed at $33.61 per ounce.

The dollar's strength has weakened slightly. The dollar index, which rose above 104.50 yesterday, closed at 104.32 and fell to 104.24 this morning.

The Indian rupee held steady on Monday, closing unchanged at a record high of ₹84.08, with the Reserve Bank intervening heavily in the market.

Crude oil prices dropped sharply as tensions eased in West Asia. Brent crude closed at $71.42 yesterday and is at $72 this morning. WTI crude is at $67.97, and UAE's Murban crude is at $70.65 per barrel.

Cryptocurrencies saw a surge, with Bitcoin crossing $70,000 before dipping slightly. Ether rose above $2,565.

Industrial metals showed mixed results yesterday. Copper rose by 0.17% to $9,401.20 per tonne, while aluminium fell by 1.00% to $2,650.85. Tin rose by 0.59%, zinc by 0.88%, while nickel fell by 0.71% and lead by 1.56%.

Market indicators

- Sensex 30: 80,005.04 (+0.76%)
- Nifty50: 24,339.15 (+0.90%)
- Bank Nifty: 51,259.30 (+0.93%)
- Mid Cap 100: 55,736.60 (+0.83%)
- Small Cap 100: 18,062.30 (+1.20%)
- Dow Jones 30: 42,387.57 (+0.65%)
- S&P 500: 5,823.52 (+0.27%)
- Nasdaq: 18,567.19 (+0.26%)
- Dollar (USD): ₹84.08 (unchanged)
- Dollar Index: 104.32 (+0.06)
- Gold (oz): $2,742.80 (-$5.90)
- Gold (Pavan): ₹58,520 (-₹360)
- Crude (Brent): $71.42 (-$4.63)