Editors Take: Anil Singhvi says SGX Nifty justifies its opening today - Market Guru DECODES
In a special edition of Editors Take, Zee Business Managing Editor and renowned market guru Anil Singhvi mentioned that the strengthening in SGX Nifty today is due to a surge in Reliance Industries shares, as the company announced the annual general meeting date that is scheduled on June 24, 2021.
In a special edition of Editor’s Take, Zee Business Managing Editor and renowned market guru Anil Singhvi mentioned that the strengthening in SGX Nifty today is due to a surge in Reliance Industries' shares, as the company announced the annual general meeting date that is scheduled on June 24, 2021.
Reliance Industries over a year has reduced its debt and improved the balance-sheet of the whole company, it moreover has also generated cash by selling stakes in its telecom arm Jio.
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Singhvi, in this regard, said, this improvement in Reliance gives confidence to the market and being an index heavyweight, the slightest movement in share price aids the overall market. He expects the stock to post a good performance today and says generally the share price fluctuates most before AGM.
Singhvi also believes, the opening of SGX Nifty is justified today, which has aided the domestic markets to open positive. A profit booking should be done if a market is opened with a big gap of around 100-125 points, this opportunity was available at 2:30 pm yesterday, he added.
SGX Nifty is undoubtedly strong and spectacular in its bull run as the index opened by over 80 points today above 15700 levels, the market guru said.
Besides Reliance's AGM announcement, the other two triggers, which is boosting the market to touch new highs almost every day now, are decline in corona cases and it being strong on technical fronts, the market guru said, while explaining the reasons for the markets’ bull run in the recent past.
Two hours into the trade, Reliance is trading 0.7 per cent higher to Rs 2217 per share as compared to 2201.30 per share previous close. It touched Rs 2250 per share as its day’s high-level today.
Reliance Industries in its filing to the exchanges said, the AGM will be held at 2:00 pm on June 24, which will be live-streamed through JioMeet for all the company’s shareholders and also likely to be streamed virtually for the general public on YouTube.
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