Dear
Trader…
Indian equities opened flattish and slipped into the red,
with Nifty future declining 183 points (0.77%) to close at 23,521. The downturn
came as investors engaged in profit-booking, awaiting clarity on impending U.S.
reciprocal tariffs to be announced on 2nd April. Focus is now on the US-India
trade meet which began today and involves negotiations on a Bilateral Trade
Agreement between the two nations. There would be continued nervousness around
the meeting outcome till its conclusion on Saturday.
On the sectoral front, Oil & Gas, Realty and Banking
indices plunged between 1-2%, followed by Pharma and Healthcare indices which
fell by 1% each on tariff-related concerns. Investor sentiments were further
dampened by a sharp decline in US consumer confidence in March, which fell to a
4-year low of 92.9 from 100.1 in the prior month amid ongoing concerns about a
tariff-induced slowdown.
On the positive side, FII buying sustained for the fourth
consecutive session on Tuesday with inflows of Rs5370 crore, which provided
some relief to the market. We expect the market to remain range-bound with
stock/sector specific action on the back of developments around the US India
trade meet during the week.
Nifty futures opened at 23735 points against the previous
close of 23705 and opened at a low of 23494 points. Nifty Future closed with an
average movement of 266 points and a decline of around 183 points and 23521 points…!!
On the NSE, the midcap 100 index will decline 0.62% and smallcap
100 index is closing decline 1.07%. Speaking of various sectoral indices, the
NSE saw gains in only Auto and Bank stocks, while all other sectoral indices
closed lower.
At the start
of intra-day trading, April gold opened at Rs.87539, fell from a high of Rs.87898
points to a low of Rs.87458 with a rise of 221 points, a trend of around Rs.87779
and May Silver opened at Rs.99273, fell from a high of Rs.100030 points to a
low of Rs.99065 with a rise of 808 points, a trend of around Rs.99961.
Meanwhile, The
FIIs as per Wednesday’s data were net buyers in equity segment, while they were
net sellers in debt segment, according to data released by the NSDL. In equity
segment, the gross buying was of Rs 19056.84 crore against gross selling of Rs
13358.10 crore. Thus, FIIs stood as net buyers of Rs 5698.74 crore in equities.
In the debt
segment, the gross purchase was of Rs 3992.25 crore with gross sales of Rs
4632.19 crore. Thus, FIIs stood as net sellers of Rs 639.94 crore in debt. Of
the total debt, FIIs stood as net sellers in Debt-General Limit segment at Rs
480.29 crore, they stood at net buyers in Debt-VRR segment at Rs 326.13 crore,
while net sellers in Debt-FAR segment at Rs 485.78 crore.
In the
hybrid segment, the gross buying was of Rs 132.05 crore against gross selling
of Rs 53.97 crore. Thus, FIIs stood as net buyers of Rs 78.08 crore in hybrid
segment.
Technically, the important key resistances are placed in Nifty future are at 23575 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 23636 – 23676 levels. Immediate support is placed at 23373 – 23303 levels.
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