Nifty Trades Higher On Thursday, Reliance Up Ahead Of AGM
Benchmark indices were trading higher on Thursday, with Asian markets showing a lack of direction. Mainland Chinese stocks slipped with the Shanghai Composite lower and the Hang Sang marginally higher. Stocks in Japan were trading little changed.
The Sensex was up 140 points, while the Nifty gained 42 points in trade. Today is also the close for the June F&O series, which could keep markets increasingly volatile.
Reliance Industries shares gained ahead of its 44th Annual General Meeting June 24. At the closely watched event, the company may offer some hints across its telecom, retail, and O2C business. Shares in Sharda Motor Industries jumped 5% after the company reported higher consolidated profit at Rs 25.91 crore in Q4FY21 against Rs 6.19 crore in Q4FY20. Among the Nifty shares that gained ground in early trade, included names like TCS, Hindalco and Infosys. Stocks from the Nifty that lost ground were Kotak Mahindra Bank and Bajaj Auto.
“Equity market may remain volatile given FNO monthly expiry. Investors would continue to track global Central Banks and RBI’s step forward as the signs of rising inflation leads to fear of a sooner-than-expected tightening in global monetary policies especially post US Fed’s hawkish policy statement. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market. Technically too, Nifty till it holds 15550 levels, it can witness an up-move towards 16,000,” says Siddhartha Khemka of Motilal Oswal.