Closing Bell: Nifty ends above 14,600, Sensex flat amid high volatility; pharma, IT, auto stocks gain

Taking Stock | Sensex, Nifty End Flat, COVID-19 Continues To Weigh On Sentiment

Analysts believe the market will stabilise and witness gains when coronavirus cases begin to decline.... Read More

Strong positive cues from the global market lent optimism to the Indian market leading to robust recovery though volatility & underperformance were noticed at the end of the day due to concerns over lockdown. US treasury yield saw a sharp drop yesterday on reports of better than expected retail sales and a fall in unemployment. It triggered a rally in the US which was also reflected in European and Asian markets. As soon as India is able to show a drop in infection rate, due to lockdown & vaccination, market performance will improve.

Even this week, there has been a lot of chaos in the forex market. Traders were waiting for RBI to set the upper limit, which is 75.30-75.35, from where the USDINR spot reversed its uptrend. Due to the rising coronavirus cases in India the outlook for rupee still looks to be gloomy. But the weakness in dollar and Fed’s willingness to tolerate more inflation will keep the USDINR spot lower and we expect it to trade in between 74-75.50 next week. Meanwhile, gold witnessed some profit booking due to appreciation in the rupee. Today’s selling doesn’t negate the bullish view on gold. Until the MCX GOLD price trades above 45000, the uptrend will continue towards 47500 and then at 48850.

Despite US markets hitting new highs, indices here remained in a range today as FII figures for the first half of the month were not very encouraging but we did see plenty of action in the broader market with Pharma & Metals witnessing investor appetite. Despite a normal monsoon forecast today by the met department, investors remained circumspect on account of rising coronavirus cases.

Index closed a week at 14600 zone with loss of 1.50% on weekly basis and formed hammer sort of candle pattern on weekly chart. Again index has taken strong resistance from 14700 zone which will be an immediate hurdle for coming week as well followed by 14800 zone, supports are still placed at 14500-14400 zone if managed to hold above said levels we may see positive move in coming sessions.

Indian rupee extended the early gains and ended near the day's high at 74.35 per dollar, amid buying saw in the domestic equity market.It opened higher by 13 paise at 74.79 per dollar against Thursday's close of 74.92 and traded in the range of 74.28-74.79.

: Benchmark indices erased most of the intraday gains and ended on flat note on April 16 amid high volatility.

At close, the Sensex was up 28.35 points or 0.06% at 48,832.03, and the Nifty was up 36.40 points or 0.25% at 14,617.90. About 1617 shares have advanced, 1230 shares declined, and 152 shares are unchanged.

Wipro, Hindalco Industries, Cipla, Asian Paints and UltraTech Cement were among amjor gainers on the Nifty, while losers were JSW Steel, ICICI Bank, Bajaj Finance, Larsen and Toubro and Tata Steel.

Except financials all other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose 1 percent each.

The market witnessed a positive trend in today's activity. The breakout on Thursday, 15th April above the resistance level of the Nifty50 Index level of 14500 is positive from a short-term perspective. Sustaining above 14500 levels, the market to gain momentum, lead to an upside projection till the 14900 levels. The momentum indicators like RSI and MACD support the upside move indicate the continuation of the short-term uptrend is more likely.

Indian rupeeistrading higher by 45 paise at 74.52 per dollar, amid buying seen in the domestic equity market. It opened higher by 13 paise at 74.79 per dollar against Thursday's close of 74.92.

National Aluminium Company (NALCO) has been granted the mining lease of Utkal-E coal block. The lease has been granted by the Department of Steel & Mines, Government of Odisha, for over an area of 523.73 Ha in villages Nandichhod, Gopinathpur Jungle, Kundajhari Jungle, Kosala & Korada under Chendipada Tahasil of Angul District. The initial capacity of Utkal-E coal block is 2 million tonnes per year with a total mineable reserve of approx. 70 million tonnes, company said in the release.

National Aluminium Company was quoting at Rs 59.55, up Rs 1.55, or 2.67 percent on the BSE.

Maruti Suzuki is increasing the price for select models owing to increase in various input costs. The weighted average price increase in Ex Showroom Prices (Delhi) across models is 1.6%. The new prices are effective from today i.e. April 16, 2021.

Maruti Suzuki India was quoting at Rs 6,674.70, up Rs 22.70, or 0.34 percent on the BSE.