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    Lacklustre Asian cues keep D-Street bulls in sombre mood

    Synopsis

    Shares of Adani Enterprises rallied around 3% after the Maharashtra government gave its nod to Dharavi Redevelopment Project to Adani Group. Adani Ports, Apollo Hospitals and Dr Reddy's Lab were among the top gainers in Nifty while losses in ONGC, TCS, and HDFC Bank limited the downside.

    Sensex, Nifty open marginally higer tracking Asian marketsETMarkets.com
    Tracking losses in other Asian equities after another round of weak data fueled concerns about the recovery in China, Sensex and Nifty were little changed in the morning session on Monday after Friday's record closing high.

    Shares of Adani Enterprises rallied around 3% after the Maharashtra government gave its nod to Dharavi Redevelopment Project to Adani Group. Adani Ports, Apollo Hospitals and Dr Reddy's Lab were among the top gainers in Nifty while losses in ONGC, TCS, and HDFC Bank limited the downside.

    Action was seen in mid and smallcaps with Subex and Route Mobile rallying 7% each. All sectoral indices were trading with a positive bias with the exception of banks, financials, and auto.

    During the day Sensex hit a fresh peak of 66,189.5 while Nifty crossed the 19,600 mark.

    Expert Take

    Charts indicate that Nifty may get support at 19,475, followed by 19,420 and 19,350. If the index advances, 19,600 would be the initial key resistance level to watch out for, followed by 19,650 and 19,700, said Deven Mehata of Choice Broking.

    At a fundamental level, the fall of the US 10-year bond yield from 5.1% to 4.7% and the Dollar Index from 103.57 to 99.9 is being seen as positive for emerging markets like India, which are likely to witness more capital flows.

    "A month ago Nifty crossing 19500 appeared a tall task since the Fed continued to be hawkish, US bond yields were rising and the dollar was strong in the backdrop of a slowing global economy. But the scenario has changed with US consumer inflation declining more-than-expected to 3% giving hopes that the Fed is near the end of the rate hiking cycle," said Dr. V K Vijayakumar of Geojit Financial Services.

    Global markets

    Asian stock markets were under pressure after China's GDP grew 6.3% in the second quarter from a year prior, weaker than the median forecast of 7.1% from economists surveyed by Bloomberg.

    China's Hang Seng was down 1% while Japan's Nikkei was closed for a holiday, though futures were trading 0.3% lower. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, though that follows a 5.6% rally last week.

    Currency Watch
    The Indian rupee rose 6 paise to 82.11 against the US dollar in early trade. The US Dollar Index was trading below the 100-mark. The index dropped 2.2% last week, its sharpest one-week fall since November, and was steady at 99.936 in the Asia session.

    Crude Impact
    Crude oil prices extended their decline into a second session on Monday after China's weak economic data led to concerns about demand in the world's No. 2 oil consumer as Libya resumed production over the weekend.

    Brent crude futures were trading below the $80 a barrel mark.

    FII/DII Tracker

    Foreign institutional investors (FII) have net bought shares worth Rs 2,636.43 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 772.45 crore on July 14, provisional data from the National Stock Exchange (NSE) shows.

    (With inputs from agencies)

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)




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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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