Hello Everyone, As discussed in the pre-market report, we did see a rocket move today in the Nifty Indices.
The Nifty opened with a big gap up at 15793 (Up 71 points from Friday's close) and then went on rising up to finally close at 15834 as you see in the chart below.
On a daily chart, looks like Nifty is in a mood to now move up, and now that we are expecting major IT giants TCS & Infosys results on 8th & 9th July respectively, we can expect some more up move even though Nifty IT was still consolidating today.
Nifty Realty was the top gainer of the day which was up by 2.73% in the day and was followed by Banks, Metals & financial services. Whereas IT & Pharma closed in negative today. Seems like IT is getting ready to rally soon.
Tata Steel was among the top buzzing stocks today. The steel major has posted an over 43% jump in its consolidated crude steel output at 7.9 m tonnes (MT) during the quarter ended 30 June 2021. The company's consolidated output of steel in the year-ago quarter was at 5.5 MT.
This news set the metal sector on fire today as people expect other metal companies to post similar results.
State-owned ONGC said it will procure equipment and services worth over Rs 30,000 crore to support its oil and gas exploration and production operations, which will provide local entities business and support 'Aatmanirbhar Bharat' initiative. And it was up by 2.36% in the day.
According to analysts, large-cap IT firms could report revenue growth of 2-4.5 percent in constant currency terms, while the midcap IT firms are likely to register a 3-7 percent growth on a sequential basis. The strong deal pipeline and increased spending across verticals will be the key drivers for revenue growth, they say. However, today's down move of the IT sector can be considered as consolidation before the bull run, which can be confirmed once TCS results are out.
That's it, for now, team, let's meet tomorrow with the Pre market report to see what we can expect tomorrow.
- Srikant Rajan