Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open on a flat note with a positive bias on Wednesday, as suggested by trends on SGX Nifty.
According to an analyst, the short term trend of Nifty 50 index remains range bound. Image: Reuters
Domestic equity market benchmarks BSE Sensex and Nifty 50 were likely to open on a flat note with a positive bias on Wednesday, as suggested by trends on SGX Nifty. Nifty futures were trading 19 points or 0.13 per cent up at 14,764 on Singaporean Exchange. Today, all eyes will be on RBI MPC outcome scheduled at 10 AM. According to an analyst, the short term trend of Nifty remains range bound. “As per the present set up, one may expect Nifty to retest the crucial overhead resistance around 14880 levels in the short term, before showing another round of weakness from the highs,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He also added that a sustainable move above 14900 could open a sharp upside for the market.
Banking stocks: Banking stocks will remain in focus today as Reserve Bank of India (RBI) will announce the decision of MPC today. Amid rising coronavirus cases across the country, central bank is unlikely to change the interest rates.
Barbeque-Nation Hospitality: The Rs 453-crore IPO, which was subscribed nearly 6 times, will make its stock market debut on Wednesday, April 7, 2021. This would be the first IPO listing in the new financial year 2021-22. The issue was sold in the range of Rs 498-500 per share.
RIL, Airtel:Mukesh Ambani-led RIL’s telecom subsidiary Reliance Jio has signed a definitive agreement with Bharti Airtel for the acquisition of right to use spectrum in the 800MHz band in three circles through spectrum trading.
Inox Leisure: The company said that the board of directors approved to raise funds up to Rs 300 crore through the issue of securities either by way of a public issue or by way of rights issue or by way of a private placement.
Tata Steel: Tata Steel India achieved highest ever quarterly crude steel production of 4.75 mn tons with a 3 per cent sequential growth in 4QFY21. Full year FY21 production was lower by 7 per cent on-year primarily due to the disruption caused by COVID-19 pandemic in 1HFY21.
Auto, realty stocks: The rate-sensitive stocks such as banking, auto and realty will remain on investors’ radar today as RBI will announce its 3-day MPC decision today.