Closing Bell: Nifty ends above 14,850 on 1st day of FY22, Sensex jumps 520 points; metals shine

Sensex, Nifty Kick-off FY22 With A 1% Gain; JSW Steel, Hindalco, Tata Steel Rise Most

JSW Steel, Hindalco, Tata Steel, Adani Ports and IndusInd Bank were among top gainers on the Nifty, while losers included HUL, HDFC Life, Nestle, TCS and HDFC Bank.... Read More

Markets started the new financial year on a robust note led by optimism in the global markets. Announcement by US President Joe Biden to invest USD 2.3 trillion in infrastructure boosted sentiments. Initially the benchmark opened gap up but gains fizzled out gradually as the day progressed. However, in the second half healthy buying amongst the sectors such as metals, banks, auto supported markets to steadily inch higher. Consequently, the Nifty ended near day’s high at 14,867 levels, with gains of 1.2%. The broader markets outperformed and ended higher in range of 1.6-2%. Barring FMCG, all the sectoral indices closed in positive.

Markets are likely to take cues from global peers as stimulus package announcement in the US last night led to renewed buying interest in the global markets. In the near term, positive bias is expected to continue however, rising COVID cases in India would remain a key concern. As Q4 earning season is approaching, investors focus will shift to earnings announcements and management commentary.

Once again the Index has nudged closer to the important level of 14950. Due to a trading holiday tomorrow, we would need to evaluate this next week. If we can cross 14950, we should be able to resume the uptrend and head towards 15300.

If we resist and take a U turn again, we will be sideways and if we break 14500, we will revisit the recent lows of 14200-14250. Hence, we are at a crucial juncture from where a trading opportunity on the upside or downside may emerge.

Markets were buoyant today on the back of the American Jobs Plan and the huge federal spend ignited metal stocks today. Afternoon trade saw strong investor interest in Banks, Metals & Tyres as GST record collections of a 27% yoy growth for March perked up sentiments despite a long weekend as India rolled out a larger vaccine program today.

Benchmark indices ended with a percent gain on the first day of the new financial year supported by the metal and financials.

At close, the Sensex was up 520.68 points or 1.05% at 50,029.83, and the Nifty was up 176.70 points or 1.20% at 14,867.40. About 2120 shares have advanced, 727 shares declined, and 143 shares are unchanged.

JSW Steel, Hindalco, Tata Steel, Adani Ports and IndusInd Bank were among major losers on the Nifty, while gainers were HUL, HDFC Life, Nestle, TCS and HDFC Bank.

Except FMCG, all other sectoral indices ended in the green with Nifty metal index rose 5 percent and PSU bank index added 2.6 percent.

The market witnessed a positive trend in today's activity. Recovery from the support level around the Nifty50 Index level of 14,700 is positive from a short-term perspective. Sustaining above 14700 levels, it is expected the market to gain momentum to increase the odds of fresh breakouts above 14900, leading to an upside projection till the 15300 levels.

The momentum indicators like RSI and MACD support the upside move indicating that a fresh breakout's potential is exceptionally high.

Reliance Retail Ventures (RRVL) has in exercise of the right provided thereunder, extended the timeline for long stop date from 31 March 2021 to 30 September 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle, wholly owned subsidiary of RRVL, Future Lifestyle Fashions said in its press release.

Future Lifestyle Fashions touched 52-week low of Rs 46.95 and quoting at Rs 51.30, up Rs 2.40, or 4.91 percent on the BSE.

Mid, Small-caps Outperform Benchmarks In FY21; These 12 Stocks Can Give Up To 56% Return In FY22

By providing attractive valuations, the COVID-19 pandemic seems to have offered an opportunity to investors who have been eyeing the mid and small-cap space to place their bets at significantly low…... Read More

The upcoming policy is against a backdrop of nascent recovery and fears of our country seeing resurgence of the pandemic. The MPC members will yet another time have to do the tight rope walk in such a scenario, being mindful of stretching the elastic too wide.

We are therefore of the view that the case for status quo and extended pause remains. The last thing the central banker would want to do is tweak policy amid uncertainty. The case for maintaining adequate liquidity and gradual normalising over time remains.

Sunteck Realty share price jumped over 4 percent on April 1 after the company said it had secured a seven-acre land parcel in Mumbai's Borivali.

The Mumbai-based property developer will develop a luxury residential project in Borivali. (West). JLL India was the exclusive transaction partner for the joint venture, said Sunteck in its BSE filing, adding it is expected to generate a project topline of around Rs 1,750 crore over the next four-five years.

CARE Ratings Ltd (CARE) has reaffirmed their rating on bank facilities of Barmer Lignite Mining Company Limited (JV of the company), JSW Energy said in the press release.

JSW Energy touched a 52-week high of Rs 92.70 and was quoting at Rs 90.85, up Rs 2.90, or 3.30 percent on the BSE.