Late hour flourish helped the
equity markets to end the last trading day of the week on higher note, with
Sensex and Nifty reclaiming their crucial psychological levels of 38,800 and
11,650, respectively. Markets made a positive start of the day, aided by
Finance Secretary Subhash Chandra Garg's statement the government is close to
meet fiscal deficit target of 3.4% for 2018-19. The government in the interim
Budget in February revised upward the fiscal deficit target to 3.4% from 3.3%
of Gross Domestic Product (GDP) estimated earlier for the financial year ended
March 31. Some optimism also came after the Central Board of Direct Taxes
(CBDT) said that it added 1.07 crore new taxpayers in financial year 2018
(FY18) as compared to 86.16 lakh new ITR filers added during financial year
2017 (FY17), showing the positive impact of demonetization. CBDT stated that
demonetization had a phenomenal positive impact on the widening of tax base and
direct tax collections. Key indices added gains in last leg of the trade,
tracking firm European markets. Trading sentiments got boost as Finance
Minister Arun Jaitley said that India's growth has stabilised between 7-7.5%
and irrespective of global trends, domestic consumption is going to increase.
He also said that if India can maintain its position as the fastest growing
major economy in the world for the next 10 years, it could become a reasonably
middle-income economy, reducing poverty to negligible levels. Adding some
comfort among investors, Commerce and Industry Minister Suresh Prabhu said that
the proposed new industrial policy has been finalised and the new government
very soon will announce that. The market
participants paid no heed towards reports showing that Fitch Ratings kept
India's sovereign rating unchanged at the lowest investment grade of BBB- with
a stable outlook. This is the 13th year in a row that Fitch has rated India at
BBB-. Finally, the BSE Sensex gained 177.51 points or 0.46% to 38,862.23, while
the CNX Nifty was up by 67.95 points or 0.59% to 11,665.95.
The US markets settled higher
with notable gains on Friday as traders remain energized with
better-than-expected job growth in the month of March and progress on the
US-China trade front. The Labor Department said non-farm payroll employment
jumped by 196,000 jobs in March after edging up by a revised 33,000 jobs in
February. Street had expected employment to increase by about 180,000 jobs
compared to the uptick of 20,000 jobs originally reported for the previous
month. The US unemployment rate remained at 3.8%. However, wage growth expanded
3.2%, below an expected gain of 3.4%. Meanwhile, energy stocks gained,
benefiting from a notable increase by the price of crude oil. Housing and
utilities stocks also showed strong moves to the upside in the market, while
some weakness emerged among tobacco stocks. Besides, continued indications of
progress in US-China trade talks after the latest round of high-level
negotiations adding optimism among investors. Chinese Vice Premier Liu He said
the two sides have conducted fruitful consultations in the past two days,
especially on important issues such as the text of economic and trade
agreements. Inventors will be looking ahead to the reports on factory orders, consumer
and producer prices, and import and export prices are likely to attract
attention next week along with the release of the minutes of the latest Federal
Reserve meeting. Dow Jones Industrial Average jumped 40.36 points or 0.15
percent to 26424.99, Nasdaq surged 46.91 points or 0.59 percent to 7938.69 and
S&P 500 was up by 13.35 points or 0.46 percent to 2892.74.
Crude oil futures ended higher on
Friday, supported by the Organization of the Petroleum Exporting Countries
(OPEC)-led supply cuts and amid easing concerns about growth in the world's
largest economy aided by upbeat US jobs data. Rising optimism about US-China
trade talks also supported the oil prices. Besides, Brent crude settled above
the psychologically important $70-a-barrel threshold as traders remained
focused on signs of tightening global supplies. Meanwhile, a private data
showed rise in US crude inventories last week and a report from Baker Hughes
said that the number of US oil rigs rose this week after declining in the
previous six weeks. Benchmark crude oil futures for May surged 98 cents or 1.6
percent to settle at $63.08 a barrel on the New York Mercantile Exchange. June
Brent crude rose 94 cents or 1.4 percent to settle at $70.34 a barrel on
London's Intercontinental Exchange.
Indian rupee ended marginally weaker against the American
currency on Friday, due to fresh dollar demand from banks and importers.
Sentiments remained down-beat with Fitch Ratings kept India's sovereign rating
unchanged at the lowest investment grade of BBB- with a stable outlook. This is
the 13th year in a row that Fitch has rated India at BBB-. However, losses
remained capped as traders found some support with Finance Minister Arun
Jaitley's statement that India's growth has stabilised between 7-7.5 per cent
and irrespective of global trends, domestic consumption is going to increase.
He also said that if India can maintain its position as the fastest growing
major economy in the world for the next 10 years, it could become a reasonably
middle-income economy, reducing poverty to negligible levels. On the global
front, optimism for a US-China trade deal helped the dollar hit a three-week
high against the yen on Friday, although moves in broader foreign exchange
markets were limited as investors saw a lot of headlines but no conclusions out
of the trade talks. Finally, the rupee ended at 69.23, 6 paise weaker from its
previous close of 69.17 on Thursday.
The FIIs as per Friday's data
were net sellers in equity and debt segments both. In equity segment, the gross
buying was of Rs 5688.89 crore against gross selling of Rs 5893.31 crore, while
in the debt segment, the gross purchase was of Rs 1646.48 crore with gross
sales of Rs 3087.92 crore. Besides in the hybrid segment, the gross buying was
of Rs 17.57 crore against gross selling of Rs 11.59 crore.
The US markets ended higher on
Friday on solid US job data report and optimism over US-China trade talks.
Asian markets are trading mostly in green on Monday on the back of
better-than-expected jobs data in the US and reports of progress in trade
negotiations between Washington and Beijing. Indian markets recovered from two
consecutive sessions of losses and ended higher on Friday supported by upbeat
global cues amid hopes of an end to the battle between US and China. Today, the
markets are likely to make a cautious start of the new week as investors
awaited March-quarter corporate earnings. IT major TCS and Infosys will kick
off the March quarter earnings season on April 12 as well as the first phase of
general elections will take place later this week. Besides, Industrial
Production data for February and CPI Inflation for March will be released on
April 12. However, positive global cues are likely to support market sentiment.
Traders may take some support with Finance Minister Arun Jaitley's statement
that India is expected to become the third largest economy in the world by 2030
with GDP touching $10 trillion, helped by consumption and investment growth.
Currently, the size of the Indian economy is about $2.9 trillion. Talking about
avenues of growth for the next 20 years, the finance minister listed
infrastructure creation, rural expansion and gender parity, among others. Some
support may also come with report that overseas investors have pumped in a net
sum of Rs 8,634 crore into the Indian capital markets in the first five trading
sessions of April, mainly due to positive market sentiment. Meanwhile, Commerce
and Industry Minister Suresh Prabhu has underlined a need to develop a proper
matrix to understand changes in the Indian economy and job creation that is
happening at a rapid pace. There will be some buzz in the automobile industry
stocks with CRISIL's report that electric two-wheeler segment is expected to
face a rough road in the initial phase of the FAME II Scheme with the exclusion
of lead battery-powered such vehicles. There will be some reaction in aviation
industry stocks with Civil Aviation Minister Suresh Prabhu's statement that
aviation turbine fuel (ATF) should be brought under the Goods and Services Tax
(GST) regime as it will ensure a level playing field for the domestic airline
industry. He said input costs should be competitive for any sector and the
ministry has been of the strong view that the fuel should be brought under the
GST regime.
Support and
Resistance: NSE (Nifty) and BSE (Sensex)
Index
|
Previous
close
|
Support
|
Resistance
|
NSE
Nifty
|
11,665.95
|
11,620.42
|
11,700.57
|
BSE
Sensex
|
38,862.23
|
38,722.65
|
38,980.21
|
Nifty Top volumes
Stock
|
Volume
|
Previous
close (Rs)
|
Support (Rs)
|
Resistance
(Rs)
|
(in
Lacs)
|
Tata
Motors
|
320.57
|
205.15
|
201.80
|
209.00
|
Yes
Bank
|
283.20
|
266.85
|
262.73
|
272.48
|
SBI
|
231.17
|
317.05
|
313.47
|
322.17
|
Indiabulls
Housing Finance
|
138.62
|
903.05
|
892.37
|
916.57
|
ICICI
Bank
|
108.54
|
390.55
|
386.60
|
393.50
|
Britannia Industries has raised funds through issuance of Commercial Papers for an aggregate amount of Rs 500 crore dated April 04, 2019, with tenure upto 260 days.
Cipla has received EIR from USFDA for Goa manufacturing facility.
M&M has crossed cumulative sales milestone of three million tractors, having rolled out its first tractor way back in 1963.
TCS has launched the official app for the 2019 Virgin Money London Marathon, with several key new features.