Nifty 9,181/Sensex 29,575/ Bank Nifty 21520
29 Advances / 22 Declines/ 0 Unchanged
Indian markets end a lacklustre session with modest cut
Indian equity markets have prolonged the lull for third straight day and finished the session on a dull note, marginally below the neutral line as investors refrained from making big bets ahead of March quarter earnings, which begins later this week. Besides, tensions around the Middle East and the Korean peninsula send jitters across emerging markets with stocks extending losses for a third day and currencies weakening against the dollar. Indian rupee dropped by 32 paise to 64.60 against the dollar due to growing safe haven appeal for the American currency owing to higher chances of a tighter US monetary policy. Investors also remained cautious ahead of key economic numbers - industrial production (IIP) data for February and consumer inflation for March due to be released on Wednesday. The downside risk for the frontline indices was limited by reports that foreign investors have pumped in a staggering $2.45 billion in capital markets in the last four trading sessions. This comes following a record net inflow of Rs 56,944 crore ($8.7 billion) last month, mainly on expectations that BJP's victory in recently held assembly polls would lead to faster reforms. Some support also came with CII Business Confidence Index released during the weekend, which said that India Inc.'s perceptions about the state of the economy slid in the last quarter of 2016-17, yet industry's confidence levels about the future have peaked to their highest level in more than six years. Meanwhile, Liquor stocks such as United Spirits, Radico Khaitan, Associated Alcohols & Breweries, Tilaknagar Industries and Globus Spirits came under selling pressure after Madhya Pradesh Chief Minister Shivraj Singh Chauhan announced that all liquor shops would be closed across the state in a phased manner.
On the global front, Asian equity markets ended most in red on Monday as increased geopolitical risks prompted investors to favour safe-haven bets such as government debt, while the dollar drew support from Federal Reserve policy tightening expectations. The rise in risks of a conflict contrasts with market watchers' outlook for the global economy, which is perhaps the most optimistic it has been in years, with Chinese data this week expected to show the economy performing well. Chinese market declined after the country's chief insurance regulator came under investigation by its anti-corruption agency. However, Japanese shares ended higher as the dollar rose for a third day against the yen after comments from a top Federal Reserve official reinforcing the central bank's commitment to interest rate hikes. Meanwhile, European stocks slipped in early trade, with investors appearing to hold back from making major moves following last week's U.S. airstrikes against Syria in retaliation for a suspected chemical weapons attack that killed civilians.
Back home, after getting a positive start, the local benchmarks showed some strength in morning trades, but the sentiments turned pessimistic in noon trades and indices start drifting lower, tracking weak opening of European markets. Thereafter, the key indices failed to show any kind of favour due to lack of encouraging leads. Finally, the NSE's 50-share broadly followed index - Nifty plunged by around quarter percent to settle below the crucial 9,200 support level, while Bombay Stock Exchange's Sensitive Index - Sensex took a triple digit cut and closed below the psychological 29,600 mark. The market breadth remained optimistic, as there were 1757 shares on the gaining side against 1144 shares on the losing side, while 168 shares remained unchanged.
FII’s Activity 10-April-17
The FIIs as per Thursday’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 6619.87 crore against gross selling of Rs 6409.30 crore. Thus, FIIs stood as net buyers of Rs 210.57 crore in equities.
In the debt segment, the gross purchase was of Rs 5617.88 crore with gross sales of Rs 572.78 crore. Thus, FIIs stood as net buyers of Rs 5045.10 crore in debt.
Now what to expect??
Nifty Levels
Support at 9080 and Resistance at 9330--9380.
Above 9250 will see upside rally till 9290 and then to 9330--9380 mark else we will see sharp downside panic in it.
Bank Nifty Levels
Support at 21400 and resistance at 21700
Trend Looks positive and could touch its resistance level of 21700. Close above 21700 will see further upside rally in it else could touch its support level of 21400 again.
Trade in a range with levels only.
Today's Top Pick
SBIN
Support at 287 and Resistance at 292
Above 292 will see upside rally till 298---305+++ mark.
Looks weak only if close below 287
Result Today
Reliance Defence and Engineering
More will update soon!!
