Closing Bell: Nifty ends above 14,400, Sensex rises 375 pts led by metal, financials

Taking Stock: Sensex Up 375 Points, Nifty Goes Past 14,400; Metals, Banks Gain

ICICI Bank, Wipro, JSW Steel, Tata Steel and HDFC were among the major gainers on the Nifty, while the losers included Titan Company, Shree Cements, Tata Consumer Products, HUL and Nestle.... Read More

After a sluggish opening following weak global cues, the Indian markets witnessed a sharp bounce back in today’s trading session. The Nifty index ended with healthy gains of 0.8% at 14,406 levels. The broader markets too witnessed healthy buying interest wherein both BSE Midcap and Smallcap ended higher by 0.3% and 0.6%. On the sector front, except FMCG & Consumer Durables all the other indices traded in green wherein Banking, Metal and Realty were the top gainers.

We reiterate our cautious stance in the near term due to rising COVID-19 cases. The updates from the state government’s plans to curb the rising cases would be on investors radar. Further, the earnings announcement from companies is also likely to induce stock specific volatility.

Amid increasing covid-19 cases, the domestic market recovered from its early losses backed by positive cues from global markets. The market has been going through a correction phase following increasing covid cases, in spite of the optimism due to vaccination drives. Though earnings outcome is expected to have stock-specific movements in the coming days, broader movement in the market will depend on fall in covid cases.

The markets failed to break today's low of 14130 and zoomed up to close above 14400. Unless we do not break today's low and sustain below it for a couple of hours, the markets will not enter a bear phase. If it is successful in breaking the lows, we should be able to drift down to 13800. The upside is capped at 14550.

Rupee found support once it touched 75.30 in opening trade as the lockdown measures were not extremely strict which would have dragged it down. Rupee after opening weak showed strength toward 75.00 along with support on funds flows into capital markets. The range for rupee can be between 74.50-75.50.

Again index showed a good pull back from its strong support and managed to close a day on a positive note at 14400 zone with gains of nearly one percent forming a bullish candle on the daily chart.

On the higher side index has stiff hurdle at 14450-14500 zone and if managed to sustain above 14500 then we may see the extension in current pullback towards 4700-14900 zone in near term but it failed to hold above 14500 zone then again profit booking can be seen from higher-end towards immediate support zone of 14350-14250 zone.

In a volatile session, markets ended on a positive note on Thursday despite the country recording its highest daily covid spike as investors focused on broad basing of the vaccination program. In today's trade, the steely resolve displayed by steel stocks yet again was the key highlight

Indian rupeeendedlower by7paise at 74.95per dollar, amid buying seen in the domestic equity market.It opened 45 paise lower at 75.33 per dollar against Tuesday close of 74.88 and traded in the range of 74.82-75.33.

Market recovered smartly from the day's low point and ended higher with Nifty above 14400 supported by the metal and financial names

At close, the Sensex was up 374.87 points or 0.79% at 48080.67, and the Nifty was up 109.80 points or 0.77% at 14406.20. About 1737 shares have advanced, 1128 shares declined, and 159 shares are unchanged.

ICICI Bank, Wipro, JSW Steel, Tata Steel and HDFC were among the major gainers on the Nifty, while losers were Titan Company, Shree Cements, Tata Consumer Products, HUL and Nestle.

Among sectors, Nifty metal index added over a percent, while Nifty Bank index rose 2 percent. BSE Midcap and Smallcap indices ended in the green.

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14200. The expected level should range between 14200 and 14500, and it’s going to be crucial for the short-term market scenario to break the zone. Though technical evidence is not supporting any bullish momentum, the market may hover in this range, eying on the possibilities for improvement in the new COVID-19 infection. The government plans the vaccination to be more inclusive starting from May first week onward.

S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11 per cent in the current fiscal, but flagged the "substantial" impact of broader lockdowns on the economy.

In its report on Asia-Pacific Financial Institutions, S&P said the control of COVID-19 remains a key risk for the economy. New infections have spiked in recent weeks and the country is in the middle of a second pandemic wave.

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