Dear
Trader…
Defying weak global cues, Indian equity
indices closed higher for the fifth consecutive day on Wednesday, led by gains
in banking, financial, auto and IT stocks.
The 30-share BSE benchmark Sensex rose 170
points or 0.28% to settle at 60,300. The broader NSE Nifty added 44 points or
0.25% to end at 17,813.
In the Sensex pack, Power Grid Corp and
IndusInd Bank were the top gainers, rising over 1.5% each. L&T, Nestle, HCL
Tech, HUL, and Tata Motors also closed higher. On the flip side, Bajaj FInserv,
Releice, NTPC, Kotak Bank and Bajaj Finance ended with cuts.
Shares of Gujarat state PSUs closed up to
20% higher after the Gujarat Government announced a new policy for minimum
levels of dividend distribution and bonus shares for its PSUs, including listed
companies.
Mahindra CIE Automotive closed 7% higher, while
AU Small Finance Bank ended 2.6% lower after Q4 results.
Sectorally, Nifty FMCG advanced 0.71% and
Nifty Auto surged 0.53%. Nifty Bank and Nifty IT also closed higher. In the
broader market, Nifty Midcap100 rose 0.15% and Smallcap100 gained 0.46%.
Global Markets –
Asian stocks were
mixed on Wednesday following plunge on Wall Street fuelled by concerns for the
banking sector and broader fears of recession. Markets of Hong Kong, Jakarta,
Mumbai and Bangkok were up, while Shanghai and Taipei were more or less flat.
Tokyo, Sydney, Wellington, Seoul, Manila, Singapore and Kuala Lumpur were all
down.
European shares
dropped on Wednesday, tracking overnight losses on Wall Street, as recession
fears resurfaced in the United States after downbeat data offset initial
euphoria from solid earnings by tech giants Microsoft and Alphabet. The
pan-European STOXX 600 index fell 0.4%, dragged lower by technology shares with
a 1.3% slump.
Rupee Strengthens – The Indian rupee rose 21 paise to $81.74 (provisional) against
the US dollar on Wednesday. The dollar index, which tracks the movement of the
greenback against a basket of six major world currencies, fell 0.44% to 101.41
level.
Crude Oil Rises – Oil rose on Wednesday after plunging more than 2% in
the previous session as reports of falling U.S. crude oil and fuel inventories
refocused investors on robust demand in the world’s top oil consumer.Brent
crude climbed by 14 cents, or 0.17%, to $80.73 a barrel.US West Texas
Intermediate crude gained 34 cents, or 0.44%, to $77.42 a barrel.
Nifty
futures opened at 17754.90 points against the previous close of 17782.30 and
opened at a low of 17722.00 points. Nifty Future closed with an average
movement of 108.00 points and a rise of around 32.60 points and 17814.90
points…!!
On
the NSE, the midcap 100 index will rise 0.15% and small cap 100 index is
closing up 0.46%.
At
the start of intra-day trading, JUNE gold opened at Rs.60210 fell from a high
of Rs.60275 points to a low of Rs.59970 with a decline of 91 points, a trend of
around Rs.60170 and MAY Silver opened at Rs.74340, fell from a high of Rs.74685
points to a low of Rs.74003 with a rise of 107 points, a trend of around Rs.74370.
Meanwhile, The
domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming
earnings dragged US equities to a weak close yesterday. However, the market
gradually recovered after an uptick in US futures, with the earnings of tech
companies providing support.
Adding to investors concerns about a possible
recession, the US consumer confidence data for April hit a nine-month low ahead
of the upcoming Fed policy meeting.
Tomorrow being the expiry of April month
derivative contracts we can expect some volatility.
Technically,
the important key resistances are placed in Nifty future are at 17823 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 17880 – 17939 levels. Immediate support is placed at 17676 –
17606 levels.
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