Nifty 9,136/Sensex 29,422 / Bank Nifty 21,491
35 Advances / 16 Declines/ 0 Unchanged
Indian benchmarks settle with moderate gains; Sensex ends above 29400 mark
Indian equity markets witnessed a fairly stable day of trade on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly results from software services exporters Infosys and TCS. Sentiments got some support with the report that a normal monsoon this year should continue to revive rural demand and allow the RBI to cut rates by 25 bps in August. According to the report, rural demand is already reviving and the autumn kharif farm income has jumped by 26 percent last year. However, overall gains remained muted ahead of the first round of the French presidential election over the weekend. Opinion polls suggest that the election will be a close call. Investors also remained nerves with Chief Economic Adviser Arvind Subramanian's statement that India's high economic growth rate last fiscal may not reflect the actual impact of demonetization particularly on the informal sector and it may take a few months to assess its real fallout.
Meanwhile, shares of aviation companies like InterGlobe Aviation, SpiceJet and Jet Airways gained tractions after data showed that air traffic during March quarter was almost 18.6% higher than the corresponding period last year. Sugar stocks surged after the government decided to extend stock limits on sugar traders by another six months till October 2017 to check sweetener prices that are ruling at Rs 42-44 per kg. The move will enable state governments to impose stock limits and licensing requirements in respect of sugar. Furthermore, private sector banks witnessed selling pressure after lower than expected result posted by two leading private banks namely Yes Bank and IndusInd Bank, while good buying was observed in PSU banks after new NPA policy received in-principle nod as Prime Minister's Office, Finance Ministry and RBI have reached a consensus.
On the global front, Asian markets ended mostly higher on Thursday after crude oil prices rebounded from an overnight sell-off and Japan reported stronger-than-expected exports in March. Reports showed that Japan's exports rose at a faster-than-expected 12 percent pace in March, while imports jumped nearly 16 percent from a year earlier. Besides, easing tensions over North Korea too helped brighten the mood after weeks of jitters over the US response to Pyongyang's missile tests and nuclear weapons program. However, Chinese shares ended marginally higher as investors lapped up stocks that would benefit from the newly-launched Xiongan economic zone. Meanwhile, European stocks were trading mixed in early trade, amid a heavy slate of corporate earnings and cautious investor sentiment ahead of this weekend's presidential elections in France.
Back home, after getting a positive start, the local benchmarks traded in tight range for most part of the session and ended the session with moderate gains. Good buying was observed in Realty, Consumer Durables and IT counters, while selling pressure was seen in Banking, Energy and Oil & Gas counters. Finally, the NSE's 50-share broadly followed index - Nifty garnered over quarter percent to settle above the crucial 9,100 levels, while Bombay Stock Exchange's Sensitive Index - Sensex accumulated eighty-five points and closed above the psychological 29,400 mark. Moreover, the broader markets too went home with notable gains in the session. The market breadth remained optimistic, as there were 1829 shares on the gaining side against 1040 shares on the losing side, while 166 shares remained unchanged.
FII’s Activity 20-April-17
The FIIs as per Thursday’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 3838.67 crore against gross selling of Rs 4403.49 crore. Thus, FIIs stood as net sellers of Rs 564.82 crore in equities.
In the debt segment, the gross purchase was of Rs 1745.48 crore with gross sales of Rs 1146.57 crore. Thus, FIIs stood as net buyers of Rs 598.91 crore in debt.
Now what to expect??
Nifty Levels
Support at 9080 and Resistance at 9191—9218.
Above 9150 will see upside rally till 9191--9218 mark else will see sharp downside rally in it.
Fresh selling can initiate only close below 9080 mark.
Bank Nifty Levels
Support at 21400 and resistance at 21800
Trend looks positive and could touch its resistance level of 21800. Close above 21800 will see more upside rally in it else could touch its support level of 21400 again.
Trade in a range with levels only.
Today's Top Pick
Fortis Healthcare
Support at 195 and Resistance at 209.
Above 209 will see upside rally till 219---226+++ mark.
Looks weak only if close below 195
Results Today
ACC Limited
HDFC Bank Limited
More will update soon!!
