Nifty 9,407/Sensex 30,248 / Bank Nifty 22,830
33 Advances / 18 Declines/ 0 Unchanged
* Indian benchmarks stage a remarkable rally; Nifty ends over 9,400 mark*
Euphoric Indian equities showcased an impressive performance on Wednesday by conquering the crucial 9,400 (Nifty) and 30,200 (Sensex) levels, as shares of consumer goods and agriculture-dependent companies rallied after the country's weather office forecast a higher monsoon rainfall than previously expected. India looks likely to receive above average monsoon rainfall as concern over the El Nino weather condition has eased in the past few weeks, the chief of the India Meteorological Department (IMD) said on Tuesday, raising prospects of higher farm and economic growth. El Nino, a warming of ocean surface temperatures in the eastern and central Pacific that typically occurs every few years and was linked to crop damage, fires and flash floods, faded in 2016. Sentiments also got a leg up after data showed that foreign funds, which were net sellers on the Indian bourses for the past few sessions, made fresh purchases in yesterday's trade. Foreign institutional investors bought shares worth Rs 333 crore in Tuesday's session. Some support also came with the report that Prime Minister Narendra Modi has reviewed progress of key infrastructure sectors including petroleum and natural gas, power, renewable energy and housing. The Prime Minister called for greater emphasis on ethanol blending, and evolution of mechanisms so that farmers can benefit the most from this process. Investors also took some encouragement with the private report that Indian business leaders are the most confident among the world's 10 largest economies. The confidence of Indian leaders rose 3.2 points to 66 in the first quarter of 2017, reversing the decline seen in the fourth quarter of 2016, when confidence dipped in the immediate aftermath of the government's decision to invalidate old high-value currency notes.
On the global front, Asian equity markets ended mixed on Wednesday as investors digested corporate earnings and US President Donald Trump's abrupt dismissal of FBI Director James Comey. Tensions surrounding North Korea also kept underlying sentiment cautious. Japanese market ended higher, shrugging off concerns surrounding regional security and political developments in the US. The yen weakened against the dollar, helping lift exporters' shares. On the other hand, South Korean stocks led losers as investors took profits after liberal leader Moon Jae-in was elected president, while Chinese shares closed lower after factory gate prices ion the world's second-biggest economy cooled more than expected in April. Meanwhile, most of the European counterparts traded with a negative bias and France's CAC shed around quarter percent, being the biggest laggard in the space.
Back home, the benchmark got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the frontline indices slowly but steadily started gathering steam and surged by over half a percent by late morning trades. The bourses further capitalized on the momentum and spurted in afternoon trades on the back of broad based bottom fishing in undervalued stocks. Eventually, the NSE's 50-share broadly followed index Nifty, got buttressed by close to a percent to settle above the crucial 9,400 support level, while Bombay Stock Exchange's Sensitive Index-Sensex accumulated over three hundred points and closed above the psychological 30,200 mark. The broader markets largely mirrored their larger peers as the BSE's midcap index went home with 0.87% gains, while the small cap index could only manage 0.75%. The market breadth remained optimistic, as there were 1627 shares on the gaining side against 1220 shares on the losing side, while 174 shares remained unchanged.
FII’s Activity 10-May-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 3364.40 crore against gross selling of Rs 3945.75 crore. Thus, FIIs stood as net sellers of Rs 581.35 crore in equities.
In the debt segment, the gross purchase was of Rs 1203.77 crore with gross sales of Rs 163.73 crore. Thus, FIIs stood as net buyers of Rs 1040.04 crore in debt.
Now what to expect??
Nifty Levels
Support at 9280 and Resistance at 9450.
Above 9450 rally remain continue till 9520---9580+++ mark else will it could test its support level of 9280 again.
Bank Nifty Levels
Support at 22550 and resistance at 22930
Trend Looks positive and could touch its resistance level of 22930. Close above 22930 will see further upside rally in it else could touch its support level of 22500 again.
Today's Top Pick
Coromandel International
Support at 390 and Resistance at 411
Above 411 will see upside rally till 430---440+++ mark.
Looks weak only if close below 390
Results Today
Arvind Limited
HCL Technologies Limited
Havells India Limited
Granules India Limited
Glenmark Pharmaceuticals Limited
Asian Paints Limited
More will update soon!!
