Nifty, Bank Nifty Snapped Three-day Rally & Ended Flat

Nifty opened at 22458.80, marginally down from yesterday’s close and made intraday high of 22497.60 and remain in a tight range same as yesterday and close at 22453.30 down 8.70 points.  Banking shares’ heavyweights like ICICI Bank, Axis bank, Kotak were under pressure while PSU banks along with HDFC Bank were in limelight due to which index remain in range. Lately Reliance Industries showed some sort of improvement from lower levels which supported index to recover from intraday low and closed flat.

Outperformance witnessed in mid cap & small-cap stocks. Sector specific Media, Metal, Realty, PSU & Cement shown good buying interest while IT remain on weak side.

Nifty spot is facing resistance at its recent high while it has good support around 22350 levels; as RBI policy is scheduled on 5th April we can expect some sort of hesitation in the market. Q4 earnings will start from this week so investors will remain focus on the quarterly numbers in this month.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Home textiles products manufacturer Raghuvir Exim has filed draft papers with the capital markets regulator SEBI to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), filed on March 31, the IPO is a mix of fresh issue of 1.4 crore shares and an offer-for-sale (OFS) of 45 lakh equity shares by promoter Sunil Agarwal.

• Cement stocks gained on April 2 as reports suggested that cement companies have taken an average price hike in the range Rs 10-15 per bag across the country. Shares of UltraTech Cement, Shree Cements, Ambuja Cements, ACC and Dalmia Bharat closed trading with gains in the range of one to three percent.

• Global oil benchmark Brent rose above $88 a barrel for the first time since October on Tuesday as oil supplies faced fresh threats with more Ukranian attacks on Russian energy facilities and escalating conflict in the Middle East.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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