Nifty 9173/ Sensex 29,647/ Bank Nifty 21620
23 Advances / 28 Declines/ 0 Unchanged
Indian benchmarks end on a flat note; global cues hamper sentiments
It turned out to be a lackadaisical performance from the Indian equity indices on Friday, as they failed to snap the session in the positive territory and ended on flat note as traders avoided taking long positions ahead of the end of the fiscal year 2017. Sentiments remained subdued with the report that the Reserve Bank of India (RBI) is likely to keep key interest rates unchanged on April 6, 2017. The RBI shifted to a neutral stance from accommodative in February and this, in turn, may prompt the central bank to hold rates in the ensuing meet early next month. However, losses remained capped with the report that India's consumer confidence is highest compared to other emerging market peers. According to the Credit Suisse Emerging Consumer Scorecard, India has the highest consumer confidence score among the eight emerging markets surveyed -- Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey. India's buoyant consumer sentiment was supported by consumers' greater confidence in their current and future finances, as well as relatively lower inflation expectations. Some support also came with Economic Affairs Secretary Shaktikanta Das’ statement that the GST will give a boost to the real economy at the expense of the parallel shadow economy and the indirect tax regime would raise gross domestic product (GDP) growth by 1.5-2 percentage points. Das also said that the tax net will be widened under the new regime and this may result in reduction of general tax rate. With GST rollout looking imminent from July 1 after the Lok Sabha's approval, the Centre and states will sit together today to finalise rules and regulations of the new indirect tax regime. The Lok Sabha on Wednesday cleared four supplementary GST legislations -- Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation law.
On the global front, Asian markets ended mostly lower on Friday, as investors turned cautious ahead to next week's highly anticipated meeting between the leaders of US and China. Concern grew in the region after US President Donald Trump said that the meeting with China will be a very difficult one in that we can no longer have massive trade deficits and job losses. Further, Japanese market ended lower, as exporters lost ground despite a weaker yen and mixed domestic data. Japan's core consumer prices rose 0.2% in February year-on-year, marking the fastest growth in nearly two years. However, household spending fell 3.8% in February from a year earlier, missing estimates for a 1.7 percent fall. In South Korea, the Kospi slipped after the country's February factory output fell 3.4 percent from the previous month, the worst in over 8 years. Meanwhile, European stocks declined in early trade after eurozone inflation dropped more than expected, seen as easing pressure on the European Central Bank to scale back its stimulus measures.
Back home, after getting a weak start, the local benchmarks traded in tight range below neutral line with moderate losses for most part of the session as market participants remained on the sidelines lacking conviction amid weak global cues. However, final hour buying ensured that the key indices shut shops near neutral line. Finally, the NSE’s 50-share broadly followed index - Nifty ended flat, while Bombay Stock Exchange’s Sensitive Index - Sensex shed twenty-six points and closed above the psychological 26,600 mark. However, the broader markets showed some resilience and settled on a positive note, outperforming their larger peers by quite a margin. The market breadth remained optimistic, as there were 1625 shares on the gaining side against 1118 shares on the losing side, while 230 shares remained unchanged.
FII’s Activity 31-March-17
The FIIs as per Friday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 12232.93 crore against gross selling of Rs 11790.15 crore. Thus, FIIs stood as net buyers of Rs 442.78 crore in equities.
In the debt segment, the gross purchase was of Rs 1520.03 crore with gross sales of Rs 987.46 crore. Thus, FIIs stood as net buyers of Rs 532.57 crore in debt.
Now what to expect next??
Nifty Levels
Support at 9050 and Resistance at 9218---9248.
Above 9155 will see upside rally till 9218---9248 mark. More and more upside rally will see only close above 9248 else it could test its support level of 9050 again.
Trade in a range with levels only.
Bank Nifty Levels
Support at 21400 and resistance at 21750.
Trend looks positive and could touch its resistance level of 21750. More upside rally will
see only close above 21750 else could touch its support level of 21400 again.
Today's Top Pick
Chambal Fertilisers and Chemicals Limited
Support at 82 and resistance at 92
Trend looks positive and could touch its resistance level of 92 … above 92 it can touch 100---102.
Looks below only if closes below 82 mark
More will update soon!!
