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Monday Market Opening: Keep An Eye On IndiaMart, Zomato & United Spirits Today
Finally the market joyride ended on Friday as both NSE and BSE saw a decline. As the new trading week opens today, experts feel that the domestic Q1 results will surely have an impact
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Friday saw both Sensex and Nifty declining to close on the red mark, thus ending the joyride for the Indian stock markets. The BSE Sensex was down 887.64 points and closed at 66,684.26, while the NSE Nifty was down 234.15 points and closed at 19,745. As the new trading week opens today, experts are looking at the domestic Q1 results to have a positive impact on the market.
The Top Gainers
Let us have a look at the top gainers for Friday. These included Oriental Aromatics, IndiaMART InterMESH, United Spirits, and Heritage Foods.
Oriental Aromatics was up by 15.65 per cent and is trading at Rs 375. In the last five days, it has gained 11.52 per cent. IndiaMART InterMESH was up by 8.31 per cent and is available at Rs 3,141.65. In the last one month, it has jumped 9.34 per cent.
United Spirits gained 6.46 per cent and is trading at Rs 1,038. In the last five days, it has jumped 8.47 per cent. Heritage Foods jumped 8.75 per cent and is trading at Rs 269. It is nearing its 52-week high of Rs 270.
Bullish Signs In These Stocks
According to the momentum indicator MACD, there are some stocks which are showing bullish signs. These include Indian Railway Finance Corp, Zomato, Railtel Corporation of India, and Jammu & Kashmir Bank.
Indian Railway Finance Corp has gained 5.86 per cent and is available at Rs 35.20, and Zomato is up by 3.54 per cent and is trading at Rs 80.35.
Railtel Corporation of India is trading at Rs 155.35 following a jump of 7.43 per cent. Jammu & Kashmir Bank gained 5.45 per cent and is trading at Rs 74.45.
Expert Speak
Arvinder Singh Nanda, Senior Vice President, Master Capital Services
Benchmark Indices ended lower after six days of positive rally. On a weekly basis, Nifty advances for the fourth straight week led by improved investors sentiments and continued FII Inflows. We expect the markets will take further cues from ongoing Q1FY24 results, domestic and global macroeconomic data, global market trends, crude oil prices, FII/DII activities. Ongoing quarterly earnings season will be in focus, as many major companies will be announcing their quarterly numbers in the coming week such as Canara Bank, Federal Bank, Tata Steel, Asian Paints, Bajaj Auto, L&T, SBI Life, Tata Motors, Axis Bank, BPCL, Cipla, Dr. Reddy, Tech Mahindra, BEL, Nestle, Marico and many more.
Bank nifty prices are comparatively looking more strong than nifty. Prices increased by nearly 2.80% to hit a fresh all-time high at 46369.50. Prices are currently trading above their short-term moving averages, while the MACD indicator has also generated a bullish crossover. We expect prices to trade further higher towards 46500 and 46800. We believe any fall close to 45500 may provide an opportunity to establish fresh long positions.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)