On Wednesday morning, Shanghai Composite, Hang Seng, and Nikkei 225 were down in the red, while TOPIX, KOSPI, and KOSDAQ gained.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices ended in the positive territory yesterday, after having danced between gains and losses for most of the day. S&P BSE Sensex now sits at 49,201 while the Nifty 50 is settled at 14,683. On Wednesday morning, SGX Nifty was up 40 points hinting at a gap-up start for equity markets, however, global cues were mixed. Equity indices on Wall Street ended with a negative bias on Tuesday and Asian peers traded mixed.
All you need to know before the opening bell –
Global watch: NASDAQ ended 0.05% lower while S&P 500 slipped 0.10% and Dow Jones was down 0.29% on Tuesday. On Wednesday morning, Shanghai Composite, Hang Seng, and Nikkei 225 were down in the red, while TOPIX, KOSPI, and KOSDAQ gained.
FII and DII flow: Foreign Institutional Investors (FII) were net sellers of domestic securities on Tuesday while Domestic Institutional Investors once again were net buyers.
Support and Resistance levels: Currently, Nifty finds resistance at 14,880 and only a move above 14,900 would open a sharp upside for markets, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that support for Nifty is placed at 14,600.
Monetary Policy Committee: RBI’s MPC met for the first time this fiscal year on April 5 and will conclude its meeting today. Rates are expected to remain unchanged and policy stance might stay accommodative as RBI looks to facilitate the economic recovery.
IPO listing: Barbeque Nation will make its listing on the stock exchanges today. The Rs 452 crore IPO was fully subscribed by all category of investors with retail investors bidding for the issue 13.13 times their quota.
Highlights
"We grow even more concerned that rising Covid-19 cases pose a risk to our still shallow recovery. Covid-19 cases have jumped 6x+ to 103,558 a day from 16,838 a day a month ago. While 5% of the total population has received the first dose, 0.8% have received both doses of the Covid-19 vaccine. It remains to be seen if the cases subside with the Maharashtra-type local lockdowns," said analysts at BofA Global Research.
"The RBI is expected to uphold the status quo. The emphasis may also be on how much liquidity is needed to achieve equilibrium between optimal and monetary transmission. As such we do not expect a significant impact in the market," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research. He added that traders should refrain from building a fresh buying position until we witness a correction to the 14,450 level or a breakout above 14,900.
"On an Hourly Chart, the index has been trading in ‘Ascending Triangle Pattern' which indicates an accentuated buying activity. Moreover, the index has confirmed "BULLISH HARAMI" Candlestick pattern on an hourly chart as well as momentum indicator Stochastic (6) has shown a positive crossover, which indicates strength in the counter. At present, the Nifty index has a strong support at 14500 levels while an upside resistance comes at 14900 levels, breakout above 14900 possibility of 15000-15100 is quite high," said Sumeet Bagadia Executive Director Choice Broking.
The world’s largest vaccine maker, Serum Institute of India (SII), has sought Rs 3,000 crore grant from the government to ramp up capacity of the Covishield Covid-19 vaccine beyond 100 million doses a month that it will reach by the end of May. Serum’s output is around 65-70 million doses a month right now.
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SGX Nifty, down from its highs, but still sits in the positive territory. Nifty Futures trading with gains hints at a gap-up start for indices.
Reserve Bank of India (RBI) will present its first bi-monthly policy for 2021-22 on April 7, 2021. The announcements by RBI on Wednesday will set the direction for monetary policy for the new financial year. With the policy amid the second Covid-19 wave and fresh restrictions, buildup of inflationary pressures, and rising bond yields, the RBI’s announcement would be closely watched to see as to how it would support economic growth, control inflation and manage the governments sizeable borrowing amid rising yields along with the higher demand for credit from the private sector, analysts said on Monday. “We expect RBI to continue with the accommodative policy stance,” economists at CARE Ratings said.
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