Today Market Round Up

Equity benchmarks climbed, along with their global peers despite a COVID-19 pandemic-induced emergency state in the country. Investors look for clues on the economic recovery in a big earnings week and a US Federal Reserve policy meeting. Sensex added little over 1% to close at 48387, its biggest advance in nearly two weeks. Nifty also gained a similar magnitude and gained 1% to close at 14485 led by financials and metal stocks.

There was caution in the market as India recorded 352,991 fresh COVID-19 infections with 2,812 deaths, taking the total caseload tally over 17 million. However, impressive quarterly results announced by ICICI Bank and global market rally boosted market sentiment.

The US, Asia and European gained on account of strong economic data announced by the US and China. The US Fed 2-day policy meeting will commence from tomorrow and the outcome of any change interest rate on Wednesday. Moreover, there was short covering in the market ahead of the April series F&O expiry this week. Among the major sectors, Bank Index surged nearly 2%, Metal Index surged 2%, Nifty small Cap and mid Cap Index gained 1% each, Nifty Auto and Tech Index gained nearly half percent each while Nifty Pharma Index slipped 1%. India Vix gained 3% to close at 23.5. Among the Banking stocks, ICICI Bank climbed up 4% to close at Rs391.

Axis Bank surged 4% to close at Rs700. PSU Bank major SBI gained over 2% to close at Rs344. Kotak Bank, IndusInd Bank, Canara Bank, RBL Bank gained 1-3%. Strong global demand and increased metal price boosted metal stocks. Steel Authority (SAIL) OF India climbed up 7% to close at a 6-year high of Rs100. JSW Steel gained 3% to close at Rs655. Jindal Steel, NMDC, Tata Steel gained 1-3%. Pharma stocks witnessed profit booking. Pharma stocks like Cadila declined marginally to close at Rs570 while it has touched intra-day high of Rs605. Company received emergency use approval from the Drugs Controller General of India (DGCI) on Friday for the use of “Virafin ”, Pegylated Interferon alpha-2b (PegIFN) in treating moderate COVID-19 infection in adults. Lupin Labs, Aurobindo Pharma and Cipla declined 1-3% on account of profit booking. Cement stocks witnessed fresh buying. ACC gained 2% to close at Rs1845 and UltraTech Cement surged over 3% to close at Rs6276. Reliance Industries 2% to close at Rs1938. Reliance Industries and its partner BP started gas production from the second field in KG-D6 block off the east coast of India.

Technical Outlook:

Nifty index opened gap up but remained consolidative and moved in a range of around 130 points throughout the day. Even though it could not hold at higher zones but it respected to its support zones and settled the day with gains of around 140 points. Technically, it formed a Bullish candle on daily scale and has been forming higher highs – higher lows from the last two sessions. Now, it has to continue to hold above 14400 zones to witness an up move towards 14600 and 14700 zones while on the downside, support exists at 14300 and 14150 zones.

The views and investment tips expressed by experts on kunjcapital.com are their own and not those of the website or its management. Kunjcapital.com advises users to check with certified experts before making any investment decisions. *Services related to Advisory on Kunjcapital.com are not running by kunjcapital.com and they are proposed services, Sebi Registration Awaited.