The NIFTY opened 326 points lower at 9533 and then proceeded to fall from this low –level all the way down towards 9250, before making a very minor recovery to close at 9293, down 566 points, almost 5.74%.
The BANK NIFTY saw the worst of the brunt of this decline, falling 1790 points, almost 8.32%.
On last Wednesday, the NIFTY had broken out of a trading range between 8900 and 9400. we had suggested taking a long position at 9350 in an anticipation of a breakout. Since the markets had moved up to 9550 on the same day, we also asked traders to close their position the next day or which means Thursday, when a gap up was expected. Thursday morning opened much higher at 9700. The trade was closed at our target around 9900 for significant gains of 550 points.
The short-term trend
The short-term trend, after today’s decline, is clearly down. But, because of the enormous gap down, we have to wait at least till tomorrow, to be sure that the trend remains down.
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Marico reported a massive 50.6 percent year-on-year fall in consolidated profit to Rs 199 crore, impacted by a coronavirus-led shutdown of operations in the last week of March. Profit in the corresponding period last year was at Rs 403 crore. There was an exceptional loss of Rs 10 crore during the quarter.
India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, according to people with the knowledge of the matter. A total area of 461,589 hectares has been identified across the country for the purpose,.That includes 115,131 hectares of existing industrial land in states such as Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh, they said. Luxembourg is spread across 243,000 hectares, according to the World Bank.
After the government announced graded relaxations in the lockdown, domestic rating agency Icra on Monday estimated that the country’s GDP might contract by as much as 20% in the June quarter and is expected to overcome some lost ground in the remainder of the year but still close 2020-21 down by up to 2%.
Indian refiners have stored about 32 million tonnes of oil in tanks, pipelines and on ships, taking advantage of low oil prices to help the nation cut its import bill, oil minister Dharmendra Pradhan said on Monday. India, the world’s third biggest oil importer, buys over 80% of its oil needs from overseas markets. The nation has annual refining capacity of about 250 million tonnes.
Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint.
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