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Indian shares ended a tick lower on Tuesday as concerns around rising global inflation and high valuations in the domestic market outweighed optimism around the country’s declining COVID-19 cases.

Dear Trader…

Indian bourses extended their losses in Today’s session as investors grew uneasy about high valuations and rising global inflation ahead of central bank meetings. Some anxiety also came in as foreign institutional investors stood as net sellers in the capital market on Monday as they sold shares worth Rs 186.46 crore, as per exchange data.

However, downfall remain limited as the government pledged to provide free COVID-19 vaccines to all adults, in an effort to rein in a pandemic that has killed hundreds of thousands. Also, daily COVID-19 cases in India have been on a downward trend since early May, with data from the health ministry on Tuesday showing 86,498 infections in the last 24 hours.

Nifty futures opened at 15787.00          points against the previous close of 15784.85 and opened at a low of 15701.10 points. Nifty Future closed with an average movement of 88.90 points and a decline of around 20.80 points and 15764.05 points .. !!!

On the NSE, the midcap 100 index will rise 0.60% and smallcap 100 index is closing rise 0.54%. Speaking of various sectoral indices, the NSE saw selling in Banking, Fin Service and Metal stocks, while all other sectoral indices closed higher.

At the start of intra-day trading, august gold opened at Rs.49146, fell from a high of Rs.49228 points to a low of Rs.49010, with a rise of 37 points, a trend of around Rs.49180 and July Silver opened at Rs.71606, fell from a high of Rs.71750 points to a low of Rs.71225, with a decline of 308 points, a trend of around Rs.71509..!!

Meanwhile, rating agency Crisil in its latest report has said that the second wave of the coronavirus disease (COVID‑19) pandemic and consequent restrictions to curb the infections may limit the commercial vehicles’ sales growth to 23-28 percent in 2021-22 as compared to earlier estimate of 32-37 percent rise. It also said despite this growth, the overall commercial vehicle (CV) volumes are likely to be around 30 percent lower in this fiscal year compared to the 2019 level.

According to the report, volume growth hit a decadal-low last fiscal year. It said sit hard by the pandemic, CV sales in India plunged 21 percent to 568, 559 units in 2020-21 as against 717,539 units in 2019-20. The CV market saw two consecutive fiscals of steep volume decline, 29 per cent and 21 per cent in 2020 and 2021, respectively, following multiple headwinds such as revised axle norms, BS-VI transition, and the pandemic. While a sharp recovery from the lows was on the cards this fiscal year, it will be constrained by a weak first quarter because of the second wave of the pandemic.

Technically, the important key resistances are placed in Nifty future are at 15764 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 15909 – 16008 levels. Immediate support is placed at 15707 – 15686 levels.

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