Nifty 9,103/Sensex 29,336 / Bank Nifty 21,556
26 Advances / 25 Declines/ 0 Unchanged
Indian equity indices unable to gather stem; end on a flat note
Indian stock markets ended the range bound day of trade on a flat note as investors gauged the impact from British Prime Minister Theresa May's surprise decision to hold early elections. There was no major buying in any corner that could lift the markets and traders remained on sidelines ahead of the first-round presidential polls in France this weekend and amid brewing geopolitical tensions. Market participants also remained cautious with the report that IMF trimmed India's annual growth forecast by 0.4 percentage points to 7.2% for 2017, citing the temporary negative consumption shock induced by cash shortages and payment disruptions from the recent demonetization move. Adding the woes, India's largest software services exporter, Tata Consultancy Services (TCS) missed estimates on both the profit and revenue front with negative growth in the BFSI and retail segments. The company's net profit for the Q4 fell 2.5% sequentially to Rs 6,608 crore, while revenues declined 0.3% to Rs 29,642 crore. It's for the second consecutive quarter that it has underperformed Infosys. Further, several banking stocks came under pressure after IndusInd Bank missed estimates on profit front and ahead of Yes Bank earnings later today. IndusInd Bank reported a rise of 21.16% in its net profit at Rs 751.61 crore for the quarter ended March 31, 2017 as compared to Rs 620.35 crore for the same quarter in the previous year. Net Profit was adversely impacted by sharp jump in provisions despite stable asset quality. Provisions and contingencies jumped 101.32% to Rs 430.13 crore in the quarter from Rs 213.66 crore in the same quarter last year. However, sentiments got some support with the repot that India jumped one spot to 8th rank in the 2017 A.T. Kearney Foreign Direct Investment (FDI) Confidence Index. Governance and regulatory issues made up 7 of the top-10 factors that investors consider when deciding on an investment destination according to the report. Some support also came with the report that Foreign institutional investors (FIIs) have pumped in Rs 2618.02 crore in the domestic equity markets in April so far with gross purchases and gross sales of Rs 48894.31 crore and Rs 46276.29 crore, respectively. On a year-to-date basis, they have bought shares worth Rs 42250 crore, as per data available with depository NSDL.
On the global front, Asian markets ended mostly lower on Wednesday as investors fled to safer assets ahead of the French presidential election. France's presidential election is closely watched as the stakes for investors are high, with two anti-EU, anti-euro candidates among the four seen still in contention to make it to a second round two weeks after Sunday's ballot. Further, China's main indexes fell for their fourth straight session on Wednesday, as investor worries deepened that tighter regulations against speculation and shadow banking will hurt the country's credit-fuelled recovery. Shares from Sydney to Seoul also fell, but Japan bounced back from earlier losses as the yen weakened. Meanwhile, European stocks edged higher in early trade, as investors assessed a stack of earnings reports a day after the market suffered its worst session in five months.
Back home, after getting a weak start, local benchmarks traded in tight range, altering between positive and negative territory, throughout the session and ended on flat note. Finally, the NSE's 50-share broadly followed index Nifty, put single digit cut to settle above the crucial 9,100 support level, while Bombay Stock Exchange's Sensitive Index or Sensex gained around seventeen points and ended above the psychological 29,300 mark. However, broader markets managed a touch better than the larger peers as the BSE's midcap and smallcap indices settled with gains of 0.66% and 0.76% respectively.
FII’s Activity 19-April-17
The FIIs as per Wednesday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 3509.28 crore against gross selling of Rs 4321.43 crore. Thus, FIIs stood as net sellers of Rs 812.15 crore in equities.
In the debt segment, the gross purchase was of Rs 833.72 crore with gross sales of Rs 580.48 crore. Thus, FIIs stood as net buyers of Rs 253.24 crore in debt.
Now what to expect??
Nifty Levels
Support at 9080 and Resistance at 9191—9218.
Below 9080 will see downside correction till 9030---8970
mark else we will see sharp upside rally in it.
Bank Nifty Levels
Support at 21400 and resistance at 21800
Trend Looks weak and could touch its support level of 21400. Close below 21400 will see more downside correction in it else could touch its resistance level of 21800 again.
Trade in a range with levels only.
Results Today
Hindustan Zinc Limited
MindTree Limited
More will update soon!!
