Sameet Chavan, Chief Technical and Derivatives Analyst, Angel Broking
Supports for Nifty are placed around 14,600 and 14,300 (rising trend line support) while resistances are around the levels mentioned above. We are now trading in the middle of this wide range and a move beyond the levels mentioned above would only lead to a directional move. Until we break above these levels on both sides, it is prudent to trade a specific focus on stocks and avoid taking undue risks as we even have a long weekend ahead of us.
Forex market closed | The Indian forex market will remain closed today due to the annual closure of banks. The rupee ended at 73.11 per dollar on Wednesday compared to Tuesday’s close of 73.38.
Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments
The index is struggling to stay above 14,800, which was yesterday’s high. We need to move past 14,950 for an upward directional move to begin. If we can do that, we should hit 15,300 as the next goal. If we break above 14,500, the markets will drift south and retest the recent lows of 14,200. Until the levels are cleared, the Nifty will be on its side.
Total shares offered in the IPO: 53 lakhs
Delivery volumes in NSE + BSE: 30 lakhs
Interestingly: this delivery happened in the first half of the session. The second half was locked in the lower loop, so no significant sales occurred.
– Deepak Kapur (@ tapak7) March 30, 2021
Oil wins ahead of OPEC + production policy meeting
Crude prices rose on Thursday, recovering some of the losses from the previous session on expectations that a meeting of OPEC and its allies later on Thursday would result in a production restriction in the face of a resurgence of COVID-infections. 19 in some regions. Brent crude for June delivery was up 31 cents, or 0.5 percent, at $ 63.05 a barrel at 0159 GMT after falling 2.2 percent overnight. US oil rose 38 cents, or 0.6 percent, to $ 59.54 a barrel, after falling 2.3 percent on Wednesday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia and Kazakhstan, a group called OPEC +, will meet later on Thursday to consider options that include a renewal of production and a gradual increase in production. “The most likely outcome of the … meeting is that there will be no significant changes in production,” Eurasia Group said in a report on the meeting. More here
Morning Market Quote from Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
“The pulls and pressures from major triggers are unduly affecting the market in the very short term. The last day of FY 21 saw massive purchases by DIIs (Rs 2021 cr) in an attempt to shore up their NAVs. year-end mutual fund schemes. But this was thwarted by strong FII sales (Rs 1686 cr) triggered by MSCI’s rebalancing. Now that year-end considerations are over, the markets are likely to consolidate and respond to news related to the economic impact of the second wave of Covid -19 and other fundamental factors. While the second wave is cause for concern, its economic impact now appears to be negligible. In April, the market is likely to see Influenced by Q4 results, leading telcos and some consumer goods firms are likely to post very good results. The market will discount is results in advance. ”
Opening bell: Sensex opens more than 300 more points, Nifty above 14,750; Banks, information technology and auto stocks on the rise
The Indian market opened higher on Thursday after a rally in global market pairs. Asian stocks rose after big tech rallied on Wall Street and when President Joe Biden announced a multi-trillion dollar infrastructure investment plan. At 9:18 a.m., the Sensex was up 344 points to 49,854 while the Nifty was up 101 points to 14,792. Gains were led primarily by banks, auto stocks and IT. The broader markets were also higher with the mid-cap and small-cap indices rising 0.8 percent and 1.3 percent, respectively. In the Nifty50 index, HCL Tech, Tata Steel, Bajaj Auto, Adani Ports and Tata Motors were the main winners, while Nestlé, Divi’s Labs and ONGC were the only ones to trade in the red.
Gold prices rise with the weakest dollar, but headed for the worst quarter in more than 4 years
Gold gained more than 1% on Wednesday, helped by the dollar’s retreat, but soaring US bond yields still put the metal on the path of its biggest quarterly decline in more than four years. Spot gold rose 1.5% to $ 1,710.45 an ounce after hitting its lowest level since March 8 at $ 1,677.61. US gold futures rose 1.5% to $ 1,711.60. Gold has fallen more than 9% in the quarter and is on track for its worst quarterly performance since late December 2016. The dollar fell from a nearly five-month high. More here
Archegos fallout wipes over $ 9 billion from Credit Suisse’s market value, Nomura
On Wednesday, investors recounted the fallout from the dramatic collapse of Archegos Capital, with Nomura and Credit Suisse shares losing a total of $ 9 billion as hedge fund industry scrutiny loomed. The fall of Archegos, a family office run by former Tiger Asia manager Bill Hwang, has shaken a handful of stocks that have been linked to the fund’s massive margin call, while weighing on the stocks of banks that did business. with the fund based in New York. Investors said it could also increase scrutiny of family offices and make money managers more cautious of stocks that have seen large and inexplicable moves, as many of the stocks linked to Archegos’ margin call did.
Lodha Developers May Hit the Capital Markets on April 7 with an IPO of Rs 2,500 Crore
Lodha Developers, the major real estate companies, is likely to hit the capital market on April 7 with an initial public offering (IPO) of Rs 2,500 crore as it seeks to raise funds to reduce debt and future growth. Mumbai-based Lodha Developers Ltd, renamed Macrotech Developers, last month submitted the draft red herring prospectus (DRHP) to the Securities Exchange Board of India (Sebi). According to banking sources, the company obtained approval from SEBI to launch its IPO. The public issue is likely to hit the capital market on April 7, they added. A company spokesperson declined to comment. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. More here
FPIs inject Rs 2.75 crore lakh into Indian stocks in fiscal year 21, the highest in two decades
Overseas Portfolio Investors (FPIs) have injected more than 2.75 lakh crore rupees ($ 37 billion) into the Indian stock market during the 2020-2021 fiscal year. This is the largest investment made by foreign investors in Indian stocks in the last two decades. According to data available from National Securities Depository Ltd (NSDL), such huge FPI inflows into Indian stocks were in 2012-13 at Rs 1.40 lakh crore, followed by Rs 1.11 lakh crore in 2014-15 and almost the same amount in 2009-10 and 2010-11. In US dollars, the country received more than $ 20 billion of FII inflows in fiscal years 2009-10, 2010-11, and 2012-13. Meanwhile, National Institutional Investors (DIIs) have remained net sellers during the 2021 fiscal year. DIIs have sold around Rs 1.38 lakh crore in Indian stocks in this fiscal year. More here
First, here is a quick update on what happened in the markets on Wednesday.
Indian stocks ended the final session of financial year 2020-21 (FY21) with a lower percentage dragged down by banking, financial and IT stocks, as rising US Treasury yields renewed. concerns about the outflow of foreign funds. The Sensex closed 627 points lower at 49,509 while the Nifty fell 154 points to settle at 14,691. However, for fiscal year 21, Sensex and Nifty were up 68 percent and 71 percent, respectively, marking the best annual returns in 11 years. During the day, the broader markets outperformed the benchmarks with the mid-cap and small-cap indices rising about 0.3 percent each. This is also similar for the FY21 period, with both the mid-cap and small-cap indices increasing more than 100 percent each, outpacing the benchmark indices. More here
Welcome to the CNBC-TV18 Market Live blog
Good morning readers! This is Pranati Deva from the market desk of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We will also get instant reactions and guests from our stellar list of television guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!
