Nifty 9,119/Sensex 29,365 / Bank Nifty 21,551
15 Advances / 36 Declines/ 0 Unchanged
*Indian benchmarks settle with moderate gains; Sensex ends above 29400 mark
Indian equity markets concluded the week on a sluggish note as the benchmarks showcased an unenthusiastic performance on Friday and settled with moderate cuts of around two tens of a percent. Sentiments remained subdued with the minutes of the RBI's April 6 policy meeting suggest that the next move of the central bank will likely be a hike in key policy rates. All members expressed concern about stickiness in core inflation and believed that the disinflationary effect of demonetization will be transient. The minutes of the MPC meeting was made public yesterday. Further, investors continued to keep an eye on developments in France following news that a policeman was shot dead in Paris in a suspected terrorist attack just days before the presidential election. The polls show a nail-bitingly close race between four candidates, setting the stage for heightened volatility. Investors ultimately expect victory from the centrist Emmanuel Macron but are fretting over the likelihood of a strong showing by either far-Right candidate Marine Le Pen or far-Left candidate Jean-Luc Mélenchon. Both Marine Le Pen and Jean-Luc Melenchon, say they want to tear up agreements that bind together the 28 European Union nations. A victory of either could drive a 5 to 10% selloff of European equities. Other contenders seen as more supportive of EU membership include Francois Fillon, a conservative former prime minister, and Emmanuel Macron, a former banker and economy minister. On the domestic front, inventor sentiments got undermined after deputy governor of RBI, SS Mundra said that the Indian government and the Reserve Bank of India had not yet reached an agreement on a new plan to clean up the record troubled debt accumulated at the country's lenders. Meanwhile, sugar stocks edged higher after the Uttar Pradesh government asked sugar mills to clear cane dues of farmers within next 14 days, while assuring their delegation that it will give all facilities to establish new mills in the state.
On the global front, Asian stocks ended the week on a positive note, amid renewed hopes of tax reform in the US after Treasury Secretary Steven Mnuchin indicated that the Trump administration plans to unveil a major tax reform plan very soon. The Japanese yen weakened and crude prices rose after four days of losses, further supporting sentiment heading toward the Sunday presidential election in France. The outcome is too close to call, although polls show centrist candidate Emmanuel Macron with a narrow lead. Further, Chinese shares ended slightly higher but posted their worst weekly loss this year on concerns over cooling growth and tightening regulatory scrutiny. Meanwhile, shares on Wall Street looked set to open marginally higher, with the main indexes having closed between 0.75% and 0.9% higher on rising expectations for first-quarter corporate profits.
Back home, the local benchmarks got off to a rollicking opening, tracking positive trend seen in other Asian markets after Wall Street rallied with Nasdaq hitting record high on strong US corporate earnings. Thereafter, the indices traded around the psychological 29,500 (Sensex) and 9,150 (Nifty) levels through the morning trades. But the optimism soon started showing signs of easing in late hours of trade and profit booking in few sectors and drifting European markets weighed down the local bourses by the end of session. Eventually, the NSE's 50-share broadly followed index - Nifty plunged by around quarter percent to settle above the crucial 9,100 support level, while Bombay Stock Exchange's Sensitive Index - Sensex took fifty-seven points cut and closed below the psychological 29,400 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 1449 shares on the gaining side against 1422 shares on the losing side, while 143 shares remained unchanged.
FII’s Activity 21-April-17
The FIIs as per Friday’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 3964.98 crore against gross selling of Rs 4074.22 crore. Thus, FIIs stood as net sellers of Rs 109.24 crore in equities.
In the debt segment, the gross purchase was of Rs 436.87 crore with gross sales of Rs 310.43 crore. Thus, FIIs stood as net buyers of Rs 126.44 crore in debt.
Now what to expect??
Nifty Levels
Support at 9080 and Resistance at 9150
Below 9080 will see downside correction till 9020---8950 mark else we will see sharp upside rally in it.
Above 9150 will take to 9190---9220 mark
Trade in a range with levels only.
Bank Nifty Levels
Support at 21350 and resistance at 21700
Trend Looks weak and could touch its support level of 21350. Close below 21350 will see more downside correction in it else could touch its resistance level of 21700 again.
Trade in a range with levels only.
Today's Top Pick
Will provide only on our Application during market hours.
Results Today
Indiabulls Housing Finance Limited
UltraTech Cement Limited
Reliance Industries Limited
Hexaware Technologies Limited
More will update soon!!
