Indian equity markets are set for yet another action-packed day tomorrow due to a combination of positive domestic forces, encouraging overseas cues, and futures trade indicators.
Today’s Closing Snapshot
The BSE Sensex rose by 676 points (0.83%) to 81,273.75 on August 18, while the NSE Nifty 50 rose 245.65 points (1%) to just below the 24,900 level at 24,876.95. Today’s rally was broad-based, led by automobile majors like Maruti Suzuki and Hero MotoCorp, both benefitting from the government’s anticipated GST reforms. Prime Minister Modi’s announcement of a rationalised GST structure, consolidating slabs and targeting lower rates for most goods, set the tone for investor optimism. Also, S&P Global’s upgrade of India’s sovereign rating and easing global energy concerns steered positive sentiment. Small-cap and midcap stocks also played enthusiastically, as positive breadth reinforced the rally.
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GIFT Nifty Signals
GIFT Nifty futures provides a strong cue for tomorrow’s trade, trading around 25,006, 43 points or 0.17% higher than yesterday’s session. This points to a probable gap-up opening for the domestic markets, with Nifty futures already incorporating bullish undertones based on today’s policy updates and overseas cues. Technically, resistance is anticipated at 24,950–25,000 levels, with immediate support lying at 24,450. Provided the index stays above this, analysts anticipate the upbeat sentiment to continue, with a successful break of resistance having the potential to push markets upward.
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US Markets & Global Influence
Overseas market sentiment continues to be positive. Diplomatic developments between the US and Russia alleviated fears of oil supply disruption, which had threatened to increase the cost of energy. US markets overnight remain flat, both Dow Jones and NASDAQ. Investors will remain on the lookout for Wall Street’s next moves, particularly with the US earnings season coming to an end and macro data releases such as US retail sales, housing, and industrial output expected.
What to Watch Tomorrow
Sectors that are likely to move are autos, cement, FMCG, and financials. In FMCG stocks, Dabur, HUL, and Nestle may witness action after sharp rallies in the day. Midcap stocks also need to be watched as all-round buying may persist. Releases of economic data- most importantly, HSBC India Manufacturing and Services PMIs will be monitored to assess growth momentum.
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In short, the ground is well laid for Indian markets to continue their positive momentum tomorrow, on the back of domestic policy optimism, upbeat GIFT Nifty cues, and supportive global scenarios. Traders need to watch for resistance at levels of 25,000 and sectoral benchmarks leading the rally.
