At last trading session Nifty 50 opened gap up above 14,750 zones and moved in the northward direction throughout the session. It snapped its losses of the last three sessions and closed near its day’s high with handsome intraday gains of around 250 points and formed a healthy bullish candle, said Mohit Nigam, Head, PMS, Hem Securities.
Large buying from domestic institutions seen in yesterday’s session. US stocks fell for the first time in three sessions as investors mulled risks to the economic outlook including inflation and a spike in COVID-19 cases in parts of the world.
Key companies announcing their quarterly results today includes Tata Motors, Canara Bank, Aarti Industries, Abbott India, Torrent Pharmaceuticals, Ujjivan Small Finance Bank etc. Immediate support for Nifty 50 is 14,800 .TThe Nifty should close above 15,000 to continue the bullish trend.
Asian markets up
Asian shares were up shrugging off worries about an increase in regional coronavirus infections and a subdued session on Wall Street, while inflation jitters helped push gold prices to three-month highs, Reuters said.
The Japanese economy contracted at an annual rate of 5.1 percent in January-March, slammed by a plunge in spending over the coronavirus pandemic, according to government data released Tuesday.
The Taiex in Taiwan surged 3.28 percent. In Japan, the Nikkei 225 also saw robust gains as it jumped 2.12 percent while the Topix index advanced 1.49 percent.
COVID impact bigger on aggregate demand: RBI
The economic slowdown is not as severe as when the pandemic struck in 2020, the Reserve Bank of India (RBI) said in its monthly bulletin. However, it said COVID-19 second wave has had a bigger impact on aggregate demand than on aggregate supply.
“The biggest toll of the second wave is in terms of a demand shock – loss of mobility, discretionary spending and employment, besides inventory accumulation, while the aggregate supply is less impacted. The resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1:2021/22,” it added, Reuters reported
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