Dear
Trader…
Domestic equity indices NSE Nifty and BSE Sensex closed in
the green on Tuesday, extending gains for the seventh day.Nifty closed at 17,788
up 106 points, while Sensex settled at the 60,157 level, up by 311 points. The
banking stocks index, Bank Nifty gained 1.3% to close at 41,487, with private
lender, Kotak Mahindra Bank leading the gains. The broader markers ended
largely in the positive territory, with Nifty XYZ outperforming Sectorally,
Nifty PSU Bank, Nifty Metal and Nifty Auto soared, rising by up to 1.7% in
trade.
The top gainers on the NSE Nifty 50 index are Kotak Mahindra Bank
up 4.41%, Tata Steel 3%, ITC 2%,HDFC Bank, SBI Life, Adani Enterprises and Sun Pharma.with The
top losers on the index are Grasim, TCS, Asian Paints, HDFC Bank and HDFC, with
Grasim lower by 0.76%.
The Indian rupee erased Monday’s gain following corporate
dollar outflows and dollar demand from the importers. Local traders will eye on
tomorrow’s inflation and IIP data for a directional move.The market consensus
is expecting lower inflation numbers along with slower output growth. Spot
USDINR may consolidate between 81.70 to 82.50 in the near term.
Global Markets –
U.S. stock indexes clawed back from steep losses to a mixed
close on Monday as investors digested Friday’s employment report and prepared for an eventful week of
inflation data and bank earnings, according to Reuters. The Dow Jones
Industrial Average rose 0.3%, the S&P 500 0.10%, and the Nasdaq Composite
dropped 0.03%.
Stocks in Asia-Pacific traded primarily in the green as
Japan’s Nikkei 225 advanced 1.08% and Hong Kong’s Hang Seng index traded up,
higher by 1.36%. South Korea’s Kospi soared 0.87% in its first hour of trade.
China’s Shanghai Composite traded mildly lower by 0.18% while the Shenzhen
Component added 0.1%.
Foreign institutional investors (FII) net bought shares worth
Rs 882.52 crore, while domestic institutional investors (DII) net purchased
equities worth Rs 351.50 crore on 10 April.
Nifty futures opened at 17730.00 points against the
previous close of 17681.50 and opened at a low of 17715.65 points. Nifty Future
closed with an average movement of 94.00 points and a rise of around 106.70 points
and 17788.20 points…!!
On the NSE, the midcap 100 index will down 0.50% and small
cap 100 index is closing down 0.41%.
At the start of intra-day trading, JUNE gold opened
at Rs.60170, fell from a high of Rs.60599 points to a low of Rs.60170 with a rise
of 438 points, a trend of around Rs.60501 and JUNE Silver opened at Rs.74725,
fell from a high of Rs.75103 points to a low of Rs.74622 with a rise of 653 points,
a trend of around Rs.74976.
Meanwhile, The domestic equity
indices showed resilience and remained in positive territory, primarily led by
banking and auto stocks on the expectation of strong quarterly earnings
following robust business updates. The forthcoming CPI inflation data due on
Wednesday is expected to remain below the RBI’s upper tolerance level of 6%. Meanwhile,
in the United States, inflation is projected to decline further from its
current level of 6%. The US inflation figures, along with the FOMC meeting
minutes, are likely to exert a dominant influence on the global market trend.
India’s largest IT company Tata Consultancy Services (TCS) is
expected to report a double-digit jump in net profit for the fiscal fourth
quarter, with estimates going as high as nearly 18% on-year, helped by strong
sales and large deals momentum.
Technically, the important key resistances are placed
in Nifty future are at 17788.20 levels, which could offer for the market on the
higher side. Sustainability above this zone would signal opens the door for a
directional up move with immediate resistances seen at 17838 – 17880 levels.
Immediate support is placed at 17676 – 17606 levels.
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