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-Jerome Powell’s speech triggered a strong rally on Wall Street and that rubbed off on Dalal Street to a certain extent as well on Monday. The Nifty was back above the mark of 25,000, a level last seen at the start of this month. It turned out to be a day when the benchmark indices outperformed the broader markets.
-Even as the Nifty gained nearly 200 points on Monday, there appeared to be some hesitation among the bulls to scale the record high of 25,078 and take the index beyond that. The Nifty made a high of 25,043 on Monday and closed just above the mark of 25,000, falling just 0.3 points short of registering a record closing high.
-Almost all interest-rate sensitives put in a strong show on Monday, starting with IT, which rallied post the surge seen on the Nasdaq, while Real Estate and Metal stocks too saw a good day at the office.
-For today, the GIFTNifty was lower this morning, trading at a discount of nearly 30 pts from Nifty Futures Monday close, indicating a start in the red for the Indian market.
-Stocks to watch: IT stocks, GPT Infraprojects, KPI Green Energy, UltraTech Cement, Paytm, HCLTech, Lemon Tree Hotels
-In terms of global cues, Asian shares moved in narrow ranges after tech giants dragged down Wall Street, as focus shifted from the Federal Reserve’s policy outlook to Nvidia Corp.’s earnings later this week. Japanese and South Korean stocks turned slightly higher after earlier losses, with mild gains in Australia.Hong Kong futures pointed to a weak opening, while contracts for US peers were steady after some of the world’s largest tech names pushed US stocks lower.
-A gauge of the “Magnificent Seven” megacaps slid 1.2% on Monday. While more than half of the shares in the S&P 500 gained, the US equity benchmark edged lower — a consequence of weakness in the tech giants that dominate it.
Tune in to Marketbuzz Podcast for more news and cues
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