Nifty Ended flat, Remains in a range

Nifty opened at 22486.40, marginally down from Thursday’s close and made intraday high of 22,537.60 and closed flat at 22513.70 down 27.30 points. Banking and realty stocks witnessed buying interest. However, IT and auto stocks faced selling pressure.

Heavy-weights like HDFC Bank, Kotak Mahindra Bank, ITC, ICICI Bank and State Bank of India contributed to the gain in Nifty 50. While Tata Consultancy Services, Infosys, Bajaj Finance, Bharti Airtel, and Larsen & Toubro weighed on the index.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.50% and the S&P BSE Small-Cap index gained 0.50%. The market breadth was strong. On the BSE, 2394 shares rose and 1460 shares fell. A total of 94 shares were unchanged. The NSEs India VIX, a gauge of markets expectation of volatility over the near term, gained 1.04% to 11.34.

Among the sectoral indices, Nifty Realty index (up 1.43%), PSU Bank index (up 0.74%) and the Nifty FMCG index (up 0.54%) outperformed Nifty 50. Meanwhile, the Nifty IT index (down 0.50%), Nifty Infrastructure index (down 0.40%), Nifty Media (down 0.39%) and Nifty Auto index (down 0.24%) underperformed Nifty 50 index.

Nifty spot is facing resistance at its recent high while it has good support around 22350 levels; Q4 earnings will start from this week so investors will remain focus on the quarterly numbers in this month.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• United Breweries Limited revealed on Friday, April 5, that it has been issued a tax demand of Rs 263.72 crore by the Maharashtra State Goods & Service Tax (GST) Department. According to a regulatory disclosure, the GST department issued an order under Section 9(2) of the Central Sales Tax Act, 1956, imposing an additional tax of Rs 119.8 crore along with interest of Rs 115 crore and a penalty of Rs 28.8 crore summing up to Rs 263.7 crore the financial year 2020.

• Cochin Shipyard Limited, on April 6, announced that it has signed the Master Shipyard Repair Agreement (MSRA) with the United States Navy.

• Broader indices continued the last financial year outperformance in the first week of April (FY25) as Indian benchmark indices witnessed volatility amid mixed cues including geopolitical tension, rising crude oil prices, FIIs selling, inline RBI policy outcome and likely delay of rate cut by Fed going ahead

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

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