BSE Sensex and Nifty ended the very first day of the new fiscal on a positive note, increasing more than one per cent. On the day of the expiry of the weekly F&O contracts, the 30-share Sensex soared 521 points to 50,030, when the broader Nifty 50 index settled at 14,867, up 177 points. Markets will stay shut on Friday, on the account of Good Friday. Market breadth remained firmly in the favour of the bulls as 2,137 stocks sophisticated when 752 declined. A total of 154 scrips remained unchanged. Broader markets outperformed the equity benchmarks, with the S&P BSE Midcap index increasing 1.66 per cent or 335 points to settle at 20,516.40. The S&P BSE Smallcap index surged 2.05 per cent or 422.36 points to finish trade at 21,071.69.
Also study: Nifty might hit 15,500 in Apr-Jun quarter, charts show sturdy help watch these levels in FY22
Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities
Indian markets pulled back swiftly this week even although it was a brief trading week. The Nifty-50 added 2.5% this week when the Nifty Mid Cap one hundred Index and the BSE Small Cap Index each gained 3.8% each and every. Metal stocks have been the largest gainers this week with BSE Metal Index climbing by 8.5%. Apart from metals there has been a clear shift towards higher high-quality stocks as it is visible in the gains of Nifty-50 stock basket. Select FMCG IT and pharma stocks also saw gains of more than 4% this week. Amongst the metal stocks JSW Steel is up ~15% this week followed by Tata Steel (up ~13%) and Hindalco (up 7%). The rally this week has been broad based with practically 49 stocks from Nifty-50 are displaying positive gains. US markets have remained flattish this week due to the fact of additional rise in bond yields. The Nifty-50 has when once again bounced above the 50 DMA which is a great sign. There is a golden crossover in the Nifty Mid Cap one hundred Index wherein the 50 WMA has gone above the 200 WMA which signals extended term bullish trend. Going forward the RBI policy and earnings season could be the next trigger for the marketplace. The start off of FY22 has been really great and April month could probably see more action with the start off of the earnings season.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Once once again the Index has nudged closer to the vital level of 14950. Due to a trading vacation tomorrow, we would want to evaluate this next week: If we can cross 14950, we need to be in a position to resume the uptrend and head towards 15300. If we resist and take a U turn once again, we will be sideways and if we break 14500, we will revisit the current lows of 14200-14250. Hence, we are at a vital juncture from exactly where a trading chance on the upside or downside might emerge.
S Ranganathan, Head of Research at LKP Securities
Markets had been buoyant today on the back of the American jobs program and the massive federal invest ignited metal stocks today. Afternoon trade saw sturdy investor interest in Banks, Metals & Tyres as GST record collections of a 27% yoy development for March perked up sentiments in spite of a extended weekend as India rolled out a bigger vaccine plan today.
Vinod Nair, Head of Research at Geojit Financial Services
Markets across the globe had been boosted by Biden’s $2.3tn spending program. The rally in the domestic marketplace was led by positive cues from worldwide peers, sturdy getting in metal stocks and recovery in banking sector. Metal stocks outshined other sectorial indices on reports of doable price tag hike. PSU banks had been also in concentrate today as the government announced capital infusion of Rs.14500Cr in 4 PSBs.
Ajit Mishra, VP – Research, Religare Broking Ltd
Markets began the new monetary year on a robust note led by optimism in the worldwide markets. The announcement by US President Joe Biden to invest USD 2.3 trillion in infrastructure boosted sentiments. Initially the benchmark opened gap up but gains fizzled out progressively as the day progressed. However in the second half healthier getting amongst the sectors such as metals, banks, auto supported markets to steadily inch greater. Markets are probably to take cues from worldwide peers as stimulus package announcement in the US final evening led to renewed getting interest in the worldwide markets. In the close to term, positive bias is anticipated to continue nevertheless, increasing COVID situations in India would stay a crucial concern. As Q4 earnings season is approaching, Investors concentrate will shift to earnings announcements and management commentary.