Taking Stock | Market Ends Flat Amid High Volatility; Metal Stocks Outperform
BSE Midcap index ended flat, while Smallcap index rose 1.5 percent.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,673.02 | -277.93 | -0.33% |
| Nifty 50 | 25,910.05 | -103.40 | -0.40% |
| Nifty Bank | 58,899.25 | -63.45 | -0.11% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Bharti Airtel | 2,149.20 | 37.00 | +1.75% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,739.50 | -133.50 | -2.27% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 58899.30 | -63.40 | -0.11% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35975.20 | -400.00 | -1.10% |
Index opened a day with a strong gap down but managed to recover all day loses in the second half and closed a day at 14,634 with minimal loss & formed a bullish candle on daily chart.
The overall structure still looks cautious until trading below 14,800 zones. On the higher side, index has stiff hurdle at 14,720-14,800 zone, profit booking is suggested around said levels. Fresh breakout will be only above 14,800 zone and good supports are placed at 14,550-14,500 zone.
The domestic market bounced back from its early losses to trade flat owing to global cues and strong buying seen in FMCG and metal stocks. Financial stocks were the top laggards due to weak results of mid-sized banks & NBFCs while buying interest was seen in small-cap stocks.
India’s Manufacturing PMI data in April was flat at 55.5 with a mild change from March’s data of 55.4% mainly due to pick up in international demand for Indian goods.
A fantastic recovery led by metals with a host of stocks in the broader markets from sugar to rice to tea and coffee kept the screen lively in a highly volatile trading session. Investors were seen accumulating several largecaps as well as high-quality midcaps across sectors.
The support of 14,400 was well respected. We took a sharp U-turn from that level to revisit the resistance of 14,700. If we can get past this level and stay above it, we still have reasons to target 15,100. If we break 14,400, we could slip further to 14,100.
Indian rupee erased intraday losses and ended nearthe day's high at 73.93 per dollar, amid volatile trade saw in the domestic equity market.
It opened 18 paise lower at 74.25 per dollar against previous close of 74.07 and traded in the range of 73.91-74.33.
Benchmark indices recovered from the early losses and ended on flat note in the highly volatile market on May 3.
At close, the Sensex was down 63.84 points or 0.13% at 48718.52, and the Nifty was up 3.10 points or 0.02% at 14634.20. About 1803 shares have advanced, 1184 shares declined, and 162 shares are unchanged.
Titan Company, Reliance Industries, IndusInd Bank, Axis Bank and BPCL were among the top losers on the Nifty. Gainers included SBI Life Insurance, Bharti Airtel, Adani Ports, Tata Steel and HUL.
Among sectors, Metal index rose over 2 percent and FMCG index jumped 1 percent, while selling was seen in the banking and energy names.
The market manages to hold above the Nifty 50 Index support zone of 14500. The expected levels of the market are likely to be in the range of 14500 and 14800, and it’s going to be crucial for the short-term market scenario to sustain above the 14500 Nifty50 Index level.
Therefore, the short-term traders to use the rally to exit while attempting to buy a dip approach. The momentum indicators like RSI, MACD show indecisiveness supporting a range-bound activity.
As flows from Power Grid IPO and other flows increase, the supply of dollar increases the cost of carrying the short term premiums and cash premiums surged higher. The one-month premium surged to as high as 8.55%.
The Nationalized banks are not receiving the premium and the entire market is a payer in the market. As such dollar rupee was sold of to 73.95 levels from a high of 74.32. If the US data in this week shows some resurgence then we could see USDINR move to 74.30 again.
Indian rupee erased intraday losses and trading near the day'shighat 73.97per dollar, amid selling seen in the domestic equity market.It opened 18 paise lower at 74.25 per dollar against previous close of 74.07.
"India’s manufacturing PMI data released today showed the index remained in expansion zone i.e., above 50 for the month of April. The reading came at 55.5 compared to 55.4 in March. The numbers gained traction from external demand as domestic demand was hit due to the pandemic and manufacturers loaded up on inventories expecting a robust year ahead," said JM Financial.
KPI Global Infrastructure in its BSE filing said it had bagged an order for executing solar power project of 12.50 MW capacity under 'Captive Power Producer (CPP)'category from Anupam Rasayan India, Surat.
Mahindra & Mahindra in its BSE filing today said due to the evolving COVID situation in the country, the company has scaled up its efforts to ensure health and safety of its employees, associates and supporting ecosystem.
Accordingly, the company said it has decided to prepone the scheduled maintenance of four working days, in each of its Automotive Division Manufacturing Plants, to the month of May 2021, in a staggered manner. "This was originally scheduled for June 2021. The company continues to work closely with its Dealers and Suppliers to minimize the impact of disruption in operations due to localized lockdown restrictions in various parts of the country," it said.
