Dear
Trader…
Amid rising odds of a US Federal Reserve rate hike in May,
Indian equity indices closed flat on Monday as gains from Tata Motors, TCS and
Infosys were offset by losses in ICICI Bank and Reliance. However, strong
quarterly business updates from auto and realty companies added some positivity.
The 30 share BSE benchmark Sensex rose 13 points or 0.02% to
settle at 59,846. The broader NSE Nifty surged 25 points or 0.14% to end at
17,677. From the Sensex pack, Tata Motors was the top gainer, rising over 5%
after a strong year-on-year jump in its global wholesales in Q4FY23. Wipro,
Power Grid, L&T, M&M and Tech Mahindra also closed with gains.
On the other hand, Bajaj Finance, IndusInd Bank, HUL, Asian
Paints, ICICI Bank and Axis Bank closed with cuts.Godrej Properties closed over
9% higher after the company recorded bookings worth Rs 4,051 crore for the
quarter ended March. Shares of Adani Total Gas also ended with a 5% upper
circuit after the company reduced the prices of compressed natural gas (CNG)
and piped natural gas (PNG).On the sectoral front, Nifty Realty advanced 4.29%
and Nifty Auto rose 1.18%. Nifty Bank. and Nifty Financial Services also closed
lower. In the broader market, Nifty Midcap50 gained 0.37% and Smallcap50 surged
0.65%.
Global Markets –
Shares were mostly higher in Asia on Monday after a report
Friday showed resilience in the US jobs market. European markets were closed
for Easter holidays.
In Asian trading, Tokyo’s Nikkei 225 index added 0.4% to
27,634. In Seoul, the Kospi surged 0.9% to 2,512. The Shanghai Composite index
gave up early gains, losing 0.4% to 3,315. Shares rose in Taiwan but fell in
Southeast Asia. Markets were closed in Hong Kong and Sydney.
Oil steadied on Monday, after rising for three straight
weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers
balanced concern about weakening global growth that may dampen fuel demand.
Brent crude rose 18 cents, or 0.2%, to $85.30 a
barrel, while US West Texas Intermediate crude gained 11 cents to $80.81.
The rupee weakened against the dollar on Monday, along with
most other Asian emerging market currencies after recent US data bolstered bets
of another Federal Reserve rate hike. The rupee finished at 81.98 per dollar compared
with 81.8850 in the previous session.
Nifty futures opened at 17644.20 points against the
previous close of 17671.00 and opened at a low of 17653.60 points. Nifty Future
closed with an average movement of 101.00 points and a rise of around 37.30 points
and 17677.00 points…!!
On the NSE, the midcap 100 index will down 0.38% and small
cap 100 index is closing down 0.28%.
At the start of intra-day trading, JUNE gold opened
at Rs.60402, fell from a high of Rs.60417 points to a low of Rs.59958 with a decline
of 178 points, a trend of around Rs.60373 and JUNE Silver opened at Rs.74057,
fell from a high of Rs.74975 points to a low of Rs.74057 with a rise of 381 points,
a trend of around Rs.74909.
Meanwhile, I am
positive quarterly business updates from auto and real estate firms caused
strong movements in their respective sectors, but the overall mood was slightly
dampened by solid US job data, which raised fears of further rate hikes by the
Fed. The release of inflation data in India and the US, along with the FOMC
minutes, have now become crucial in determining the market trend.
Technically, the important key resistances are placed
in Nifty future are at 17677 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 17606 – 17474 levels.
Immediate support is placed at 17808 – 17880 levels.
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