Nifty has to close above 8,300 for the first sign of a durable short-term bounce. Bank Nifty has to stay above 18,100
We had mentioned in Monday’s closing report that NSE’s CNX Nifty is still under pressure. On Tuesday, for most of the session, the 50-stock index moved in the red. However, at 2.30pm, the benchmark gained momentum moving up sharply, got sold off towards the end and closed in the green.
The S&P BSE Sensex opened at 27,216 and moved in the range of 27,073 and 27,482 and closed at 27,396 (up 219 points or 0.81%). Nifty, which opened at 8,216 moved between 8,185 and 8,308 and closed at 8,286 (up 72 points or 0.87%). Bank Nifty moved in the green for the entire session. It opened at 17,767, which was also the day’s low to the high of 18,320 and closed at 18,246 (up 479 points or 2.69%). NSE recorded a volume of 77.81 crore shares. India VIX fell 7.07% to close at 17.4100.
Nifty is attempting to put in a short-term bottom. A close above 8,300 will be the first sign that Nifty will rally. Bank Nifty has to stay above 18,100 for the bounce to continue.
In a move that will cut by Rs36,000 crore the future capital expenditure of Reliance Power, a part of the Anil Ambani-led group, announced on Tuesday that it has terminated the power purchase agreement of its 3,960-MW ultra-mega project at Tilaiya in Jharkhand.
As the country is heatedly debating issues of net neutrality and the role of over-the-top (OTT) players, major telecom operators like Reliance Jio, Reliance Communications, Bharti Airtel and others have favoured a regulatory regime for OTT services.
Indian securities market regulator, SEBI, is expected to take at least around six months to decide on the listing of stock exchanges but after the merger of Forward Markets Commission (FMC) with it, its chief UK Sinha said Tuesday.
With many small and large mineral-based industries facing a shortage of iron ore, the Odisha cabinet on Tuesday approved the supply of 70% of the ore mined in the state to local industries.
Sun Pharma was in the news over the report that it is willing to spend as much as $7 billion on further acquisitions. The stock ended flat at Rs924.35.
The World Bank on Tuesday said that India's economy may expand by 7.5% during the current financial year. The government reportedly yesterday agreed to the Congress-led opposition's demand in Parliament to defer a discussion on the GST constitutional amendment bill till after the passage of the finance bill in the Lok Sabha.
Finance Minister Arun Jaitley has said in an article written in a foreign newspaper that he is considering setting up a high-level committee to resolve legacy tax cases. He said that the government has pledged to end the previous Indian government's record of "tax terrorism". Jaitley has been on a damage control exercise after Foreign Institutional Investors were threatened with Rs40,000 crore of demand.
In an effort to help banks facing asset quality woes and to revive investments in the critical infra sector, the government today discussed 85 large projects entailing Rs3.51 lakh crore in outstanding bank credit.
Gold surged by Rs305 to over 7-week high of Rs27,355 per 10 grams while silver also spurted by Rs1,000 to Rs 37,500 per kg.
According to official sources, corporates owed over Rs4.85 lakh crore approximately to the exchequer as outstanding tax demands, under direct and indirect taxes, towards the end of fiscal 2014-15. However, this figure means little because tax demands are often arbitrary.
Coming back to the Indian stock markets, Welspun Corp (19.98%) was the top gainer in ‘A’ group on the BSE. Although the top line of March 2015 quarter increased over March 2014 quarter, its bottom line fell. However, its consolidated result showed growth both in the top line as well as bottom line. On the declaration of its result, it surged. Its board of directors have recommended a dividend at the rate of 10% on the face value of Rs 5 each fully paid-up.
PMC Fincorp (8.56%) was the top loser in ‘A’ group on the BSE. ICICI Bank (8.02%) was the top gainer in Sensex 30 pack while ITC (1.92%) was the top loser in the pack.
On Monday, US indices closed in the red. Asian indices showed mixed performance. Nikkei 22 (0.38%) was the top gainer while Shanghai Composite (1.13%) was the top loser.
European indices were trading in the red.
US Futures too were trading lower.
In France, consumer confidence rose for the third consecutive month in April to reach the highest level in over five years. Consumer confidence rose one point to 94 in April from March, the highest level since January 2010, national statistics agency Insee said.