Erasing half of the gains made on Thursday, headline indices BSE Sensex and NSE’s Nifty settled lower on Monday amid weak global cues and concerns of lockdown extension in India. S&P BSE Sensex finished trade 470 points or 1.51 per cent lower at 30,690, while the broader Nifty 50 index settled at 8,994, down 118 points or 1.30 per cent. “During the afternoon session markets attempted some recovery but failed to sustain the gains and further weakened as closing approached. The markets remained volatile ahead of release of CPI data later in the day. RBI data release showed that bank credit growth decelerated to an over five-decade low of 6.14% in the fiscal ended March 31, 2020, amid a faltering economy, lower demand and risk aversion among banks,” Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers, said.
Bajaj Finance slipped 10%: As many as 23 stocks out of 30 Sensex stocks ended in lower today with Bajaj Finance as the top loser. down 10.27 per cent, followed by M&M, Titan, Hero MotoCorp and ICICI Bank. LT was the top Sensex gainer with a grwoth of 6.57 per cent. Bharti Airtel, IndusInd Bank, UltraCement and NTPC were among the other gainers on the Sensex.
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Nifty Pharma index rallies for 5th day: Barring Nifty Metal and Nifty Pharma, all the sectoral indices settled in a negative territory. Nifty Realty index cracked nearly 5 per cent dragged by The Phoenix Mills, DLF and Prestige. Conersely, Nifty Pharma jumped 2.77 per cent led by gains in Piramal Enterprises, Cadila Healthcare and Divi’s lab.
Domestic markets to remain shut on April 14: Domestic, commodity and currency market will remain closed on April 14 on account of Dr Ambedkar Jayanti. On Nifty50 index, 20 stocks ended in green while 30 in red with Bajaj Finance, ZEEL, Bajaj Finserv, M&M and Titan as top losers.
What to expect on Wednesday: Markets will be reacting to the PM Narendra Modi’s speech which is scheduled for tomorrow. “The Prime Minister’s speech, which is scheduled tomorrow at 10 am, would also be actively tracked for the roadmap to fight the coronavirus and measures to kick start the economic activities. Besides, we shall be seeing the participants reacting to the CPI number in early trade on Wednesday i.e. April 15. Needless to say, volatility will remain high in the coming sessions too and traders have no option but to align their positions accordingly,” Ajit Mishra, VP – Research, Religare Broking, said.
Rupee settled flat: The Indian rupee ended flat at 76.27 against the US dollar on Monday. “Indian rupee witnessed a marginal uptick after testing a record low of 76.55 last week. The coronavirus pandemic is keeping investors on the edge and that is likely to steer the domestic currency on an unhindered path towards 77.50 mark in coming days,” Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Limited, said.
Technical observation: “After witnessing a sharp upmove on last Thursday, Nifty slipped into weakness on Monday and closed the day lower by around 1.3%. A small negative candle was formed on Monday, that has placed just beside the positive candle of Thursday. Technically, this pattern signals minor profit booking from near the key overhead resistance of 9100-9200 levels. Presently, the upper area of 9100-9200 has been acting as a key overhead resistance and Nifty is showing minor downward correction from near the hurdle,” Nagaraj Shetti – Technical Analyst, HDFC Securities said.