Nifty 9,306/Sensex 29,943 / Bank Nifty 22,054
38 Advances / 12 Declines/ 1 Unchanged
Indian benchmarks end at record high; Nifty closes above 9300 for the first time
Euphoric Indian equity indices showcased an impressive performance on Tuesday by conquering the crucial 9,300 (Nifty) and 29,900 (Sensex) levels as they got underpinned by a series of encouraging leads. Monday's optimism got spilled over into the Tuesday's session helping the local indices in extending the winning momentum for second successive session as encouraging global developments buttressed domestic sentiments. Investors continued to build hefty positions across the board as sentiments got a boost after a centrist victory in the first round of the French presidential election. Polls show Emmanuel Macron defeating anti-euro nationalist Marine Le Pen by as much as 30% points in the second round of the French presidential election in two weeks. Sentiments were also bolstered by a string of optimistic quarterly results including from Reliance Industries, which were announced yesterday post market hours. For the March quarter, RIL's consolidated net profit rose 12.3% to Rs 8,046 crore, against Rs 7,167 crore for the same period a year ago. Its turnover in the March quarter rose 45.2% year-on-year to Rs 92,889 crore, largely meeting street expectations for net profit. Further, investors’ sentiments remained buoyant with Finance Minister Arun Jaitley's statement that India will continue to grow at 7-8 per cent rate, an 'absolute normal' for the nation under the current global environment. Jaitley also said as far as the economy is concerned, all the decisions taken by the Modi-Government are consistently in one direction. Moreover, paving the way for July 1 roll out of the GST, the Bihar assembly in a special session unanimously passed the Goods and Services Tax Bill, 2017. Prime Minister Narendra Modi has said the consensus on Goods and Services Tax (GST) reflects the spirit of 'one nation, one aspiration, one determination'. Meanwhile, banking stocks gained traction on the report that mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all-time high of over Rs. 1.26 lakh crore at the end of March 2017. Also, Indian Bank has reported solid performance in January-March quarter as profit soared 3.4 times to Rs 319.7 crore compared with Rs 93.62 crore in year-ago quarter despite higher provisions. Net interest income, operating profit and tax credit boosted profitability.
On the global front, Asian markets ended mostly higher on Tuesday as European political risks faded and oil prices rebounded after six consecutive sessions of losses. A candidate seen as pro-business won the most votes on Sunday, and many investors expect him to win a runoff against the remaining anti-EU candidate, which is set for May 7, 2017. France's outgoing president, Francois Hollande, has urged voters to back centrist Macron in the second round of the election on May 7, warning that far-right leader Marine Le Pen would be a "massive risk" for the economy and jobs. However, investors are cautious as they kept an eye on North Korea, which is marking the 85th anniversary of the Korean People's Army on Tuesday, amid news that the USS Carl Vinson aircraft carrier-led battle group is nearing the Korean peninsula. Meanwhile, Safe-haven assets, including the yen and gold remained under pressure, while the Canadian dollar fell after the US announced new duties averaging 20% on Canadian softwood lumber imports. The Canadian currency tumbled to a four-month low as the US dollar strengthened 0.4 per cent to C$1.3554.
Back home, the local benchmark got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from global markets. Thereafter, the frontline indices slowly and steadily started gathering steam and surged by over half a percent by late morning trades. Second half of the session saw the key gauges capitalize on the momentum further and spurt to session's highest levels in dying moments. Eventually the NSE's 50-share broadly followed index Nifty, convalesced by close to a percent to settle above the crucial 9,300 support level, while Bombay Stock Exchange's Sensitive Index, Sensex accumulated close to three hundred points and closed above the psychological 29,900 mark. On the BSE sectoral space, hefty buying was evident across the board as not even a single sectoral index went home in the negative territory. Investors piled up hefty positions in the beaten down Telecom counter which rocketed by over two percent, while the FMCG index too showed strong gains and jumped by about two percent. While high beta sectors like - Realty, Oil & Gas and Energy too soared in the session.
FII’s Activity 25-April-17
The FIIs as per Tuesday’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 4049.12 crore against gross selling of Rs 4276.01 crore. Thus, FIIs stood as net sellers of Rs 226.89 crore in equities.
In the debt segment, the gross purchase was of Rs 2075.60 crore with gross sales of Rs 292.52 crore. Thus, FIIs stood as net buyers of Rs 1783.08 crore in debt.
Now what to expect??
Nifty Levels
Mind blowing rally we have seen in last two trading session.
Now what to expect???
Support at 9240 and Resistance at 9380---9450.
Above 9330 will see further upside rally till 9380---9450 mark else will it could test it's support level of 9240 again
Close below 9240 will take to 9180---9130 mark. Major support intact at 9080
Today's Top Pick
Mahindra Lifespace Developers
Yesterday we have seen sharp upside move in it and we expect rally to remain continue.
Support at 415 and Resistance at 435
Above 435 it can touch 455—470+++ mark in days to come.
Looks weak only if closes below 415
Results Today
KPIT Technologies Limited
Axis Bank Limited
More will update soon!!
