Thursday turned out to be a
fabulous day of trade for Indian equity benchmarks with frontline gauges
recapturing their crucial 9,100 (Nifty) and 31,150 (Sensex) levels, tracking a
rise in the global markets on hopes the coronavirus pandemic is nearing a peak
and that governments would roll out more stimulus measures. Key indices
commenced the session with a gap-up opening as traders took encouragement with
a private report stating that a second stimulus package India is poised to
announce in coming days will be worth around Rs 1 lakh crore ($13 billion) and
focus on help for small and medium businesses weathering the coronavirus
outbreak. The mood remained upbeat as the Ministry of Corporate Affairs issued
a slew of measures to facilitate the functioning of companies as they grapple
with the ongoing nationwide lockdown due to the coronavirus pandemic. Key
indices continued their rally mood to reach at fresh intraday high points in
last leg of trade, taking support from Commerce and Industry Minister Piyush
Goyal assured that the ministry will make efforts for release of 'urgent and
important' export orders which are stuck for some reasons. He said the ministry
is working aggressively to revitalize exports, and looking for export
opportunities to expand. Investors paid no heed towards UN report stating that
India's GDP growth for the current fiscal is expected to slow down to 4.8 per
cent, warning that the COVID-19 pandemic is expected to result in significant
adverse economic impacts globally. Investors also awaited the Index of
Industrial Production (IIP) data to be out later in the day. Finally, the BSE
Sensex gained 1265.66 points or 4.23% to 31,159.62, while the CNX Nifty was up
by 363.15 points or 4.15% to 9,111.90.
The US markets were closed on
Friday on account of Good Friday.
Indian rupee erased most of its
initial gains but managed to end marginally higher against dollar on Thursday,
owing to dollar sale by exporters and banks. Traders took some support with the
private report stating that a second stimulus package India is poised to
announce in coming days will be worth around Rs 1 lakh crore ($13 billion) and
focus on help for small and medium businesses weathering the coronavirus
outbreak. Positive trend in local equity markets also supported the domestic
unit. However, gains remain capped as cautiousness remained among traders with
UN report stating that India's GDP growth for the current fiscal is expected to
slow down to 4.8 per cent, warning that the COVID-19 pandemic is expected to
result in significant adverse economic impacts globally. On the global front,
Euro gained against dollar Thursday on hopes the coronavirus pandemic was close
to peaking, with investor attention also focused on a meeting of European Union
finance ministers to discuss an economic rescue package. Finally, the rupee
ended at 76.28, 6 paise stronger from its previous close of 76.34 on Wednesday.
The FIIs as per Thursday's data
were net buyers in equity segment, while they were net sellers in debt segment.
In equity segment, the gross buying was of Rs 9075.92 crore against gross
selling of Rs 6993.90 crore, while in the debt segment, the gross purchase was
of Rs 82.18 crore with gross sales of Rs 2033.46 crore. Besides, in the hybrid
segment, the gross buying was of Rs 13.03 crore against gross selling of Rs
9.48 crore.
The US markets remained closed on
Friday on account of Good Friday. Asian markets are trading in red on Monday as
the Organization of the Petroleum Exporting Countries and its allies reached an
agreement on a record oil production cut. Indian markets before going for a
long weekend holiday ended higher on Friday tracking trend from strong global
cues on hopes of the COVID-19 pandemic approaching its peak. Today, the start
of holiday truncated week is likely to be in red following weakness in Asian
peers. Investors will be eyeing retail inflation or consumer price index (CPI)
data to be out later in the day. Traders will be concerned with rising
coronavirus cases in India. According to the Worldometer, in the country, the
confirmed coronavirus cases jumped to 9,205 and the death toll mounted to 331
so far. There will be some cautiousness as the World Bank said India is likely
to record its worst growth performance since the 1991 liberalisation this
fiscal year as the coronavirus outbreak severely disrupts the economy. Besides,
overseas investors pulled out a net Rs 9,103 crore from the Indian markets in
April so far as the Covid-19 crisis triggered a return to safe haven assets
like gold and dollar-denominated securities. Meanwhile, amid high volatility in
international markets, India has pitched for a stable oil market that provides
reasonable price for producers and affordable rate for consumers. Banking
stocks will be in focus with a private report that the Reserve Bank of India
(RBI) may stipulate stricter timelines to identify the managing director (MD)
and chief executive officer (CEO)-designates in private banks and for them to
settle down in their new roles. Also, RBI data showed that bank credit growth
decelerated to an over five-decade low of 6.14% in the fiscal ended March 31,
2020, amid a faltering economy, lower demand and risk aversion among banks.
There will be some reaction in aviation stocks with ICRA's report that Indian
aviation had a negative growth of 3-5 per cent in the last fiscal-hurting
before the coronavirus pandemic and now hurting because of the disease.
Support and
Resistance: NSE (Nifty) and BSE (Sensex)
Index
|
Previous close
|
Support
|
Resistance
|
NSE Nifty
|
9,111.90
|
8,968.18
|
9,191.98
|
BSE Sensex
|
31,159.62
|
30,644.83
|
31,449.81
|
Nifty Top volumes
Stock
|
Volume
|
Previous close (Rs)
|
Support (Rs)
|
Resistance (Rs)
|
(in Lacs)
|
Tata Motors
|
1,126.81
|
74.60
|
70.38
|
77.53
|
State Bank of India
|
624.17
|
187.75
|
184.23
|
190.63
|
ICICI Bank
|
524.32
|
342.70
|
328.57
|
350.92
|
Axis Bank
|
440.91
|
420.15
|
404.87
|
429.22
|
ITC
|
426.44
|
185.25
|
181.42
|
187.67
|
Larsen & Toubro's construction arm -- L&T construction has bagged orders in India and abroad for its Power Transmission & Distribution Business.
Cipla has received final approval for its ANDA for Albuterol Sulfate Inhalation Aerosol 90mcg (base)/actuation, from the USFDA.
Hero MotoCorp has launched a new innovative initiative called Hero CoLabs - The Design Challenge.
Hindustan Unilever has collaborated with the UNICEF for a mass communication campaign to inform and empower the general public against the COVID-19 pandemic.