THE NIFTY, NIFTY BANK HAS SEEN A SHARP INTRADAY RALLY AND CLOSED WITH IMPRESSIVE GAINS.

NIFTY:

The NIFTY opened at 22163.60 with a gap up of 40 points. The index continued its early morning bullish momentum and saw a sharp upside rally but found resistance in the afternoon session. Prices have formed a consolidation which eventually broke on the upside. Prices have seen another sharp surge. However, in the last 30 minutes of trading, the index saw a sharp dip which trimmed some gains. The index first recorded its intraday low at 22163.60 at its opening tick, then its intraday high at 22516 towards the end, and finally closed at 22326.90 with a gain of 203.25 points or 0.92% up. All the sectoral indices have moved in line with the NIFTY and closed higher except for MEDIA which ended with a loss. AUTO, METAL, and PHARMA outperformed today and closed with a gain of over 1%.

BANK NIFTY:

The BANK NIFTY opened at 46827.85 with a gap down of just 24 points. The index bounced up sharply from its opening tick and rallied higher. Prices have seen a minor dip in the afternoon session but found support quickly and again moved up. However, towards the end, prices have seen a sharp dip and erased some gains. The index first recorded its intraday low at 46827.85 at its opening tick, then its intraday high at 47440.45 towards the end, and finally closed at 47146.75 with a gain of 295 points. PSU BANKs have significantly outperformed today, saw a sharp upside move, and ended with a gain of 2.62%. PVT BANKs have also moved up today, saw a mild upside move, and closed with a gain of 0.35%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while IDFC FIRST BANK contributed the lowest.

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UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Interest Rate Decision on 05th April, 2024 INR: FX Reserves, USD on 05th April, 2024	USD: JOLTs Job Openings (Feb) on 02nd April, 2024 USD: Crude Oil Inventories on 03rd April, 2024

NEWS UPDATES

• Indian equity indices posted solid gains in the truncated week ended March 28 and went closer to their record amid levels on the final session on the financial year 2024 amid mixed global markets, FIIs turn net buyers and fall in the current account deficit.

• There is a complete lack of buzz in the bond market when it comes to the upcoming monetary policy decision, with consensus for another one of those predictable, status quo policies. But predictable lacks excitement, predictable is boring. Yet, predictability is what policymakers often aim for, and rightly so. Anyway, at least for the time being, the narrative driving bond yields in India is anything but policy rates.

• The National Stock Exchange (NSE) has reduced the lot size for 75 active stocks in the small and medium enterprise (SME) segment while keeping the lot size unchanged for 216 stocks. The exchange conducts a half-yearly review of the lot size of current active securities on its SME platform.

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

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