Indian markets moved higher sharply with both Nifty and Sensex hitting fresh record highs. The Sensex was up over 350 points, hitting a new high of 39,278. Broader benchmark index Nifty also hit a fresh high of 11,787. Banking stocks led the gains with Nifty Bank index rising 1%. ICICI Bank and IndusInd Bank rose over 2% while SBI, Yes Bank and Axis Bank were among the other top gainers. Infosys shares continued to drag after its margin and growth guidance disappointed the Street. Infosys shares were down 0.60% today, after falling nearly 3% on Monday. Earnings, investment flows and elections are likely to be the key drivers for Indian markets this truncated week. Indian markets would remain closed on Wednesday and Friday for Mahavir Jayanti and Good Friday. Voting for the second phase of Lok Sabha elections will take place on April 18.

The global cues remain positive with MSCI’s broadest index of Asia-Pacific shares hovering around a nine-month high after strong export and banking data from China last week eased investors’ concerns about the health of the world’s second-largest economy.

Here are 10 updates from Indian stock markets:

1) The earnings season got off to a good start with market heavyweight TCS reporting yet another quarter of strong results and the management expects continued strong growth in the new fiscal year starting April 1. TCS shares were up 1.4% today, extending their Monday’s 5% gain.

2) Wipro shares were flat today ahead of its earnings announcement later in the day. Among heavyweights, RIL and HDFC Bank are also set to report quarterly numbers later this week.

3) Polycab India made a blockbuster debut today on bourses, with shares listing at 20% premium. Shares of Polycab India Ltd was listed on the stock exchanges at 644.45, up 19.8% from its issue price of 538 per share on Monday. The IPO had got a massive response, with subscription of over 50 times.

4) Elsewhere, SpiceJet shares extended gains to the fourth day as investors bet that the airline will be able to increase capacity amid Jet Airways’s financial woes. SpiceJet shares are up over 60% in the past one month.

5) The Meteorological Department on Monday forecast ‘near normal’ south-west monsoon, with rainfall expected to be 96% of long-period average. The weather department’s forecast is in contrast with that of private weather forecaster Skymet, which has predicted a ‘below normal’ monsoon.

5) Indian markets have rallied over the past few weeks on the back of dovish global central banks and strong buying from foreign investors. Foreign portfolio investors (FPI) have pumped in a net sum of close to 12,000 crore in Indian equities so far this month. It comes on the back of a net sum of 45,981 crore in March.

6) Going forward, earnings and elections are key triggers for sustainability of these levels, said Jagannadham Thunuguntla, senior vice president and head of research for wealth at Centrum Broking.

8) The crude oil price remains a key risk for Indian markets as any substantial movement beyond $70 per barrel is not conducive for the Indian economy, he said. Brent crude prices are hovering near five-month high of around $71 a barrel.

9) Sameet Chavan, chief analyst for technical and derivatives at Angel Broking, maintains an optimistic bias on markets and sees 11,663-11,629 as support levels for Nifty.

10) Expectations are rising that the RBI could deliver yet another rate cut in June to boost the economy. The Index of Industrial Production (IIP) grew at a measly 0.1% in February. Consumer inflation rose at a faster pace than anticipated in March, but remained below the central bank’s target for an eighth straight month, increasing the chances for a key interest rate cut in June. (With Agency Inputs)

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