Nifty ended flat amid volatility Inbox

Nifty opened at 22385.70, marginally down from yesterday’s close and made intraday high of 22521.10 and closed flat at 22434.65 down 18.65 points. Heavy-weights like Reliance Industries, Kotak Mahindra Bank and Larsen & Toubro dragged the indices. While Tata Consultancy Services, Bharti Airtel, Axis Bank, NTPC, and Bajaj Finance helped to gain.

The broader market outperformed the benchmark indices. Nifty Mid Cap gained 0.52% and the Nifty Small Cap index gained 1.16%. The market breadth was strong. Among the sectoral indices, the PSU Bank index (up 1.78%), Nifty IT index (up 0.73%) and the Nifty Media index (up 0.57%) Outperformed the Nifty 50. Meanwhile, the Nifty Realty index (down 2.58%), the Nifty FMCG index (down 0.43%) and the Nifty Auto index (down 0.27%) underperformed the Nifty 50 index.

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.

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• Bank of America Securities (BoFA) sees a favourable risk reward scenario developing for Divi’s Laboratories as the stock trades at a reasonable valuation in comparison to other largecap peers. The stock took beating in the past year, sharply underperforming other pharma stocks on the back of its two-year earnings downgrade cycle and margin decline to below pre-COVID levels.

• Kotak Securities Ltd has issued a note of caution over the demerger of Madura Fashion & Lifestyle from Aditya Birla Fashion and Retail Ltd as following this move, the latter is expected to shoulder most of the existing Rs 2,500 crore debt. We believe the operating EBITDA (pre-Ind AS) of the new Aditya Birla Fashion would be Rs 6-7 billion, indicating a fairly high debt-to-EBITDA ratio for the entity,” the brokerage stated.

• The Indian market ended on a flat note in the highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70.

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

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