Stock Market Holiday Today: The stock markets will remain closed tomorrow on account of Mahavir Jayanti. Indian equity benchmarks would remain closed on Tuesday and also on Friday in this holiday-shortened week. Further, the indices would be closed on April 14 next week to mark the birth anniversary of Dr BR Ambedkar.
The equity derivative segment, equity segment, the SLB (Security Lending and Borrowing) segment, the currency derivatives segment and the interest rate derivatives segment would also remain closed on these three mentioned days, as per the BSE website. Today, the Multi Commodity Exchange (MCX) would remain closed today during the morning session but it would open for the evening session at 5 pm.
On April 3, the S&P BSE Sensex ended 114.92 points or 0.19 per cent higher at 59,106.44, while Nifty was up 38.20 points or 0.22 per cent at 17,398.
“Domestic equities remained lacklustre ahead of the RBI policy meeting outcome. Nifty opened higher but immediately gave up its initial gains to trade flat for most part of the session. It however, recovered in the last hour to finally close 38 points higher at 17398 levels,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“Sectorially it was mixed bag with major buying seen in Auto and PSU Bank. Auto sector saw a renewed interest after auto majors announced better than expected monthly numbers. Power sector too remain in focus after Tata Power and Adani announced tariff rise for Mumbai region.”
“Upstream oil companies were also in limelight after crude oil prices rose to one-month high post OPEC’s surprise production cut. RBI’s policy announcement would be the key event to watch out this week where in investors would gauge for indication with regards to rate hike pause. This along with shortened trading week would keep the market range-bound,” he added.
Mid and smallcap shares finished higher, with the Nifty Midcap 100 up 0.44 per cent and Nifty Smallcap 100 rising 0.74 per cent. Fear index India VIX fell 2.70 per cent to 12.59.
10 out of the 15 sectoral indices on NSE settled in the green. Nifty Auto, Nifty PSU Bank, Nifty Financial Services and Nifty Consumer Durables outperformed the index by rising 1.49 per cent, 1.06 per cent, 0.81 per cent and 0.69 per cent, respectively. On the flip side, Nifty Oil & Gas, Nifty Metal, Nifty IT and Nifty FMCG indices settled in the red.
In the broader markets, SML Isuzu hit an upper circuit of 20 per cent as the company reported strong sales numbers in FY23. TTK Healthcare, Andhra Petrochemicals and Blackrose also hit their upper price bands of 20 per cent, each. 3I Infotech and Atul Auto jumped up to 19 per cent, each.
Among the losers, KPIT Technologies plunged 12.49 per cent after JP Morgan initiated coverage on the stock with an ‘underweight’ rating and a target price of Rs 540 per share. Capri Global Capital settled 7 per cent lower, while Mahanagar Gas tumbled over 6.44 per cent as domestic gas prices remained unchanged amid a pending Cabinet decision.
“Prices have now reached a key juncture of resistance placed in the zone of Rs 17,450-17600, which is the confluence point of a bearish gap, key averages, and a retracement level. Looking at the momentum, we expect these hurdles to be surpassed quite soon. At this moment, it is ideal to focus on a stock-specific approach; because many new themes are likely to get unfolded. For index trades, one should prefer dips as an opportunity. Today’s low around 17,300 should be considered as immediate support, whereas strong support base shifts towards the bullish gap left around 17,200-17,150. Traders are also advised to keep a close eye on important global and domestic cues that are lined up in this truncated trading week,” Rajesh Bhosale, Technical Analyst at Angel One.
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