Nifty 9,237/Sensex 29,788/ Bank Nifty 21,736
31 Advances / 20 Declines/ 0 Unchanged
Indian markets display spirited performance; Sensex rallies around 200 pts
A session after displaying a pitiful performance, Indian equity indices have managed to pull through a brilliant performance by gaining over half percent on Tuesday, thanks to the hefty buying by funds and retail investors ahead of March quarter earnings, which begin later this week. Sentiments got boost after Union Finance Minister Arun Jaitley said that some new measures for NPAs are being contemplated and the government is making all conscious efforts to tackle bad loans. Besides, optimistic buying in blue-chip stocks ahead of industrial production (IIP) data for February and retail inflation for March tomorrow also kept markets on course. Some support also came with the report that India's oil consumption fell for the third straight month in March as the demand growth in diesel, petrol and other products came to a crawl. The oil demand fell by 0.65% in March to 17,358 thousand metric tonnes (TMT). However, gains remained capped with the report that India's inflation is seen climbing to within touching distance of the central bank's 4% medium-term target in March, driven by higher food costs. According to the report, having sunk to its lowest level for at least five years in January, consumer price inflation is expected to have risen to 3.98% last month from February's 3.65%. Furthermore, leading exporters' body EEPC India has raised a red flag against the debilitating impact of sharp rise in rupee against dollar in the last three months on exports, which may slip off from the recovery path, if the situation persists further. Since the first week of January, rupee has gained by close to six per cent, eroding significantly the exporters' margins and more importantly the competitive edge against India's trade rivals in the international markets. Meanwhile, shares of private electricity generation companies, Adani Power and Tata Power Company, came under sharp selling pressure on reports that the Supreme Court has disallowed compensatory tariff to both the companies.
On the global front, Asian markets ended mostly lower on Tuesday as the political tinderbox in the Middle East and the Korean Peninsula added to uncertainty over the looming French vote, pushing edgy investors into safer assets such as the yen and Treasuries. The latest polls from France are providing another twist in the race for the presidency, with far-left candidate Jean-Luc Melenchon now making ground against the rest of the pack ahead of the first round of voting on April 23. Further, Oil prices were also active, owing both to the geopolitical concerns and reports of a disrupted pipeline near Libya's Sharara oil production facility. Meanwhile, European markets were also subdued and looked to be heading for a second day in the red.
Back home, the benchmark got off to a soft start as the indices showed signs of consolidation in early trade, tracking weak trade in other Asian markets. However, the frontline indices slowly but steadily started gathering steam and surged by around half a percent by late morning trades. Thereafter, the indices kept oscillating in a narrow range through the day's trade. Finally, the NSE's 50-share broadly followed index - Nifty garnered over half a percent to settle above the crucial 9,200 levels, while Bombay Stock Exchange's Sensitive Index - Sensex smashed a double century and closed just above the psychological 29,780 mark. Moreover, the broader markets too went home with notable gains in the session. The market breadth remained optimistic, as there were 1724 shares on the gaining side against 1153 shares on the losing side, while 144 shares remained unchanged.
FII’s Activity 11-April-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 3773.59 crore against gross selling of Rs 4409.38 crore. Thus, FIIs stood as net sellers of Rs 635.79 crore in equities.
In the debt segment, the gross purchase was of Rs 1473.48 crore with gross sales of Rs 786.55 crore. Thus, FIIs stood as net buyers of Rs 686.93 crore in debt.
Now what to expect next??
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 21450 and resistance at 21920
Trend Looks positive and could touch its resistance level of 21920. Close above 21920 will see further upside rally in it else could touch its support level of 21450 again.
Trade in a range with levels only.
More will update soon!!
