Sensex Surges, Nifty above 8,600

Sensex Surges 231 Points, Nifty above 8,600 on Fund Inflows 

Market benchmark sensex rallied over 231 points to 27,945.40 and its counterpart NSE Nifty regained the 8,600-mark in early session today on a fresh spell of buying in select blue-chips by investors amid sustained foreign fund inflows. Besides, a firming trend in rest of Asia after the Bank of England announced a interest rate cut and fresh stimulus package to counter the fallout from Britain's vote to quit the European Union also lifted sentiment here, brokers said.  

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The 30-share index was trading up 231.03 points, or 0.83%, at 27,945.40, with all sectoral indices led by metal, banking, auto, PSU and power staying in the green, rising by up to 1.25%. The gauge had gained 16.86 points in the previous volatile session. The NSE Nifty-50 index was trading higher by 78.15 points, or 0.91%, at 8,629.25. Investors sentiment also got a boost after the long-pending indirect tax reform Goods and Services Tax (GST) Constitutional Amendment bill was passed by Rajya Sabha on Wednesday.  

Meanwhile, Moody's investors Service yesterday said the GST implementation will be positive for the country's economic growth without any significant impact on inflation.Hong Kong's Hang Seng climbed 1.31 per cent while Japan's Nikkei was up 0.28 per cent in early trade today. China's main Shanghai Composite, however, shed 0.20 per cent. The US Dow Jones Industrial Average ended 0.02 per cent lower in yesterday's trade.

Nifty 50 August Futures

Nifty 50 August Futures (8,686) 

The August month Nifty Index futures started the session on a marginally positive note at 8,708, up slightly from its previous close at 8,701. After recording an intraday high at 8,744.7, the contract began to decline, experiencing selling pressure. The contract has breached a key immediate support at 8,700 and registered an intraday low at 8,668.  

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Currently, the contract trades at around 8,686 levels, which is still at a 40 points premium to the Nifty 50 Index, which is trading at 8,646. Traders with a short-term perspective should tread with caution as long as the contract trades above 8,670. An emphatic fall below this level can strengthen the bearish momentum and pull the contract down to 8,650 and then to 8,630 levels. In that case traders can initiate fresh short positions while maintaining a stop-loss at 8,680 levels.  

On the other hand, a strong rally beyond 8,700 will reinforce the uptrend and push the contract higher to 8,725 and then to 8,745 levels.