Nifty has to stay above 8,300 and Bank Nifty above 18,400 for the upmove to continue
We had mentioned in Monday’s closing report that CNX Nifty may be headed higher. The index opened higher and a range bound session for short while the index moved in the green and stayed from 10.25 am to 11.50 am. Then the index moved into red and was pulled lower further, managed staying above Monday’s low.
S&P BSE Sensex opened at 27,561 and moved in the range of 27,338 and 27,604 and closed at 27,440 (down 50 points or 0.18%) while Nifty which opened at 8,338 moved between 8,281 and 8,356 and closed at 8,325 (down 7 points or 0.09%). Bank Nifty opened at 18,500 and moved to a low of 18,397 from a high of 18,563 and closed at 18,471 (down 30 points or 0.16%). NSE again recorded a low volume of 69.25 crore shares. India VIX rose 0.33% to close at 17.3650.
The total revenue earnings of Indian Railways rose by 12.16% during 2014-15 to Rs157,880.50 crore. It also managed to improve efficiency by recording 91.8 operating ratio during 2014-15. The ratio reflects spending over its expenditure. It has improved from 93.6 during 2013-14.
The government has initiated a large number of reforms in its first year of governance to encourage investments and the country has the potential to grow at 9%-10%, Finance Minister Arun Jaitley claimed. Meanwhile, tax arrears towards central excise rose to Rs59,309 crore in 2013-14, from Rs45,463 crore a year ago, government auditor CAG said today.
Arun Jaitley sought closer engagement of the Asian Development Bank for development of smart cities, industrial corridors and railways in the country on Monday. Jaitley urged the ADB to aim at an annual business of $20 billion by 2020.
Jubilant Life Sciences rose 19.56% to close at 183.35 on the BSE. There were reports that around 86 lakh shares changed hands in two block deals in the price range of Rs150-154. It was the top gainer in the ‘A’ group on the BSE.
PMC Fincorp fell 8.04% to close at Rs15.45. It was the top loser in the ‘A’ group on the BSE.
Sesa Sterlite rose 6.64% to close at Rs226.40 on the BSE. It was the top gainer in the Sensex 30 pack. HDFC fell 1.88% to close at 1,179.70 on the BSE. It was the top loser in the Sensex 30 stocks.
On Monday US indices closed in the green after data showed that factory orders rose 2.1% in March, in line with market expectations.
The Asian indices which were trading today showed mixed closing. KLSE Composite (0.50%) was the top gainer while Shanghai Composite (4.06%) was the top loser.
There were media reports of crackdown on margin financing which added to already existing worries about the slowing of Chinese economy and the prospect of new initial public offerings sucking liquidity out of the market.
China's FDI grew 3.7 per cent to $128.5 billion in 2014, the ministry said in an online statement. This compared with earlier government figures that showed FDI grew 1.7 per cent to $119.6 billion last year.
European indices were mostly trading in the red as were the US Futures. Investors remained cautious amid ongoing Greek debt negotiations. Greece's debt crisis was back in the spotlight as the anti-austerity government continued bailout talks with its eurozone lenders. The Greece government is facing a 750 million euro ($832 million) debt repayment to the International Monetary Fund next week, but there are fears it will run out of cash unless it reaches a deal with creditors to unlock the next tranche of bailout money.