Nifty will weaken only on a close below 8,750
Last week, we had mentioned that the upmove on the NSE’s CNX Nifty is still strong. The move on the 50-stock index till 11.30am on Monday was without any specific direction. However, then it gathered momentum and started moving higher. Mid-way, again the benchmark started moving lower but it managed regaining strength and closed with gains for the seventh consecutive trading session.
The S&P BSE Sensex opened at 28,955 while Nifty opened at 8,802. Sensex moved from the low of 28,844 to high of 29,073 and closed at 29,044 (up 165 points or 0.57%) while Nifty moved from the 8,762 to 8,842 before closing at 8,834 (up 54 points or 0.61%). Bank Nifty which opened at 18,842, moved from the 18,708 to 18,891 and closed at 18,798 (down 3 points or 0.01%). NSE recorded a volume of 81.15 crore shares. India VIX rose 1.63% to close at 14.4875.
The index of industrial production (IIP) increased 5% in February 2015 compared with the revised growth of 2.8% in January 2015, Indian government data released after market hours on Friday.
Market was awaiting the data on consumer price index for March 2015. The stock market remains closed Tuesday for Dr Babasaheb Ambedkar Jayanti.
Prime Minister Narendra Modi, on Saturday made a strong pitch for India's permanent membership at the United Nations Security Council (UNSC), and expressed confidence that the world would soon recognize and accept the country's capabilities. The Prime Minister, in his remarks at the Community Reception at the Carrousel de Louvre in Paris, said he was confident, based on his experience of 10 months of his Government, that the hopes and expectations of all Indians would be fulfilled.
Pledging a stable and transparent tax regime, PM Modi also wooed global investors, saying development is "not a mere political agenda" but an "article of faith" and sought international support to achieve the objectives crucial for growth.
Government has shortlisted about a dozen state-run units including IOC, National Fertilizers, MMTC, Hindustan Copper and ITDC for stake sale to achieve the current fiscal's disinvestment target of Rs41,000 crore.
Coming back to Indian stock market, Bayer Cropscience (18.73%) was the top gainer in ‘A’ group on the BSE. It hits 52-week high today. Bharat Electronics (4.94%) was the top loser in the group.
Bharti Airtel (3.18%) was the top gainer in the Sensex 30 pack while M&M (2.58%) was the top loser in the pack.
On Friday, US indices closed in the green. Except for Asian indices Jakarta Composite (0.80%), KLSE Composite (0.40%) and Nikkei 225 (0.01%) all the other indices closed in the green. Hang Seng (2.73%) was the top gainer.
China's exports slid 15% from a year earlier in March while imports dropped 12.7%, according to data released today.
Japanese core machinery orders fell 0.4% in February on a seasonally adjusted basis from the previous month. The fall followed a 1.7% decline in January.
Economic growth of developing markets in the East Asia-Pacific region is likely to improve this year in most countries but slow as a whole due to a drag exerted by China, the World Bank reportedly said. Growth in the developing markets of the East Asia-Pacific region, including China, Indonesia and the Philippines, will slow to 6.7% this year from 6.9% in 2014, reports indicated.
European indices were showing mixed trading while US Futures were trading lower.