Sensex up 125 pts; broader indices underperform; Metal, PSB stocks crack
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Sensex closes 125 pts higher, Nifty at 16,258; metals, top drags; IT, media gain
15 min read . Updated: 09 Aug 2021, 03:55 PM IST
Market closing: The Sensex closed at 54,402.85, up 125.13 points or 0.23%, while the Nifty was at 16,258.25, up 20.05, or 0.12%. Auto, metals, PSU banks, and realty stocks were top drags on Monday.
Share Market HIGHLIGHTS: Sensex ends 278 pts up from day’s low, Nifty tops 16,250; M&M, Axis Bank top gainers
74.40-74.50 levels will act as an important resistance for USD-INR
The IPO fever continues to buzz with Nuvoco Viastas' Rs 5000 cr, CarTrade Rs 3000 cr, Aptus Value Housing Rs. 2800, and Chemplast Sanmar Rs.3800cr likely to hit markets this week. It will be watchful whether RBI shows any intervention downside to cap sharp gains in rupee. If so, any dip on account of inflows should be taken as a buying opportunity amid broad dollar strength. Going ahead, India’s Industrial Production for June and CPI inflation for July will keep markets on edge especially after the RBI increased its FY22 inflation forecast to 5.7% from 5.1% earlier. Technically, for dollar-rupee pair 74.40-74.50 levels will act as an important resistance to watch for. If the pair breaks and consistently trades above 74.40-50 levels, then the rupee is most likely to move near 74.80-90 levels in the near term and then towards 75.30-75.50 levels in the medium term. Amit Pabari, MD, CR Forex Advisors