Nifty gives up 19300, Sensex under 65k; RIL AGM today, L&T up 1.3%, Vedanta gains 3%

Domestic equity indices NSE Nifty 50 and BSE Sensex opened in the green on Monday, as traders celebrated the US Federal Reserve Chairman’s less hawkish stance, new measures by the Chinese authorities to support the markets and the Reliance AGM.

Nifty 50 opened at 19,298.35, while Sensex began the trading session at 64,908.08, but topped the 65,000 level shortly after opening. The broader markets traded largely in the green, with Nifty Midcap 100 and Nifty Smallcap 100 adding 0.49% and 0.72% in early trade. Sectorally, all indices save for Nifty FMCG gained. Bank Nifty rose 0.31%, while Nifty Media, Nifty Metal and Nifty PSU Bank clocked the highest gains.

August weak for equities

“August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August. The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally.”

Gold outlook

“Gold has support at $1904-1892 while resistance is at $1928-1940. Silver has support at $24.00-23.88, while resistance is at $24.35-24.48 In INR terms, gold has support at Rs 58,480, 58,310. while resistance is at Rs 58,865, 59,040. Silver has support at Rs 72,710-72,150, while resistance is at Rs 74,240–75,040.”

Markets at open

While Nifty 50 opened at 19,298.35, the NSE index reclaimed the 19,300 level while Sensex began the trading session at 64,908.08, however, it topped the 65,000 level shortly after opening.