Going by the current technical setup, Nifty is in a very narrow range of consolidation. For it to rise further, it would be crucial for Nifty to move past the 17,950 mark.
The quantum is in line with the overall gross market borrowing of Rs 12.05 lakh crore projected in the Union Budget for 2021-22 (Apr-Mar).
"All resolutions as set out in the Notice of 52nd AGM of the company have been duly approved & passed by the shareholders with requisite majority," a BSE filing said on Monday.
The Nifty Auto index soared 3 per cent and outpaced the gains of even the trendsetting realty index, a feat that would have been improbable last week. The gains were led by big boys Maruti Suzuki India, Mahindra & Mahindra, and Tata Motors.
The Dow Jones Industrial Average fell 58.73 points, or 0.17 per cent, at the open to 34,739.27.
Analysts said the 17,800-17,750 levels would offer immediate support to the index while the 17,950-18,000 range may act as resistance in the short term.
Reliance Industries is considering investing about $300 million in Glance InMobi backed by Google. Reliance’s investment could involve strategic cooperation along with the financial element.
Shares of East India Hotels, Chalet Hotels and Indian Hotels were among the biggest gainers of the day. They rose 5-13 per cent on improving business conditions. As the vaccination has picked pace, more and more people are travelling, resulting in more room bookings.
In the international market, gold was trading with gains at $1,755 per ounce and silver was flat at $22.60 per ounce.
Natural gas spot prices have more than doubled since early April this year, and going by the bullish stance of traders and analysts in the derivative markets, the rally seems to be far from over.
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