The markets could see a relief rally this week after the sell-off seen last week. However, for the near-term, the trend still remains down.
Analysts are not much enthused about the broader market's slight gains recorded on Friday helped by SBI's stellar quarterly performance, as they are worried about the continued pressure on the rupee which hit its all-time low last week.
“Technically, 4,960 will act as a major hurdle for the Nifty,” said Shrikant Chouhan, Head (Technical Research), Kotak Securities.
Asian markets began the trading week on firmer footing early Monday.
Japan’s Nikkei Stock Average and South Korea’s Kospi gained 0.6% each, respectively. At 715 am Indian Standard Time, the SGX Nifty was trading at 4,890 levels – down 8 points.
Among individual stocks, Competition Commission of India has cleared state-run oil firms – HPCL, BPCL, and IOC of cartelisation charges. This could propel the stocks higher in trade today.
Moser Baer plans to restructure over Rs 1,800 crore of its term debt as the company looks to strengthen its abilities to leverage future opportunities in the growing sector.
Suzlon Energy has sought up to 45 days more for the repayment of foreign currency convertible bonds worth Rs 1,967 crore due on June 17.
Watch out for TV Today as Aditya Birla Group has acquired 27.5% stake in the Aroon Purie-controlled Living Media India, marking an entry into the media business.
Also keep a tab on Pfizer, Tata Comminications, Gitanjali Gems and Zee Entertainment as they declare their March quarter results.
