Closing Bell: Nifty ends above 17,600, Sensex gains 708 pts with all sectors in the green

The new financial year began with good notes with markets up almost 1.21%. The buying today was mainly on account of reduced Crude oil price and FII returning to Indian markets.

However, rising petrol and diesel prices is increasing worries having direct effect on price of all raw materials. For the next week IT pack will be in focus.

Investors are advised to keep booking partial profits as and when their targets are achieved.

ForNifty 50 17620 will act as very strong support level, if this level is breached intraday than 17550 will act as next strong support, post which 17470 will be next support level.

On the upper side 17770 will be 1st hurdle rate, once this level is breached on upper side than next resistance will be at 17850 levels post which 17900 will act as next strong resistance level.

Investors cheered the strong GST numbers for March while reports about Russia started pulling out some troops from the Ukraine capital also aided the sentiment. Technically, after a 17450 breakout the Nifty has maintained breakout continuation formation which is broadly positive.

In addition, strong bullish candle on weekly charts along with higher bottom formation also support further uptrend from the current levels. However, traders may prefer to take cautious stance near the 17800 resistance level due to the market being in an overbought situation.

The current texture is likely to continue unless the index slips below 17450 or 10-day SMA. Above the same, we could see Nifty touching the level of 17,800 and further upside could lift the index up to 17935.

On the flip side, 10-day SMA or 17450/58400 would be the sacrosanct level for the positional traders and below the same, the index could slip to 17350-17200 levels.

The Nifty managed to cross the key barrier of 17500 on a closing basis on April 01. The weekly chart shows that the index had a sustained rise throughout the week & formed a bullish Outside bar on the weekly chart. Also, on the daily chart the Nifty has formed a bullish outside bar along with an Engulfing bull candle today.

This shows that the bulls are having upper hand. The daily upper Bollinger Band has started expanding on the upside thus creating room for the index in the higher territory. All these observations suggest that the index is set to test the level of 18000 on the upside. On the downside, the near term support zone shifts higher to 17500-17420.

The stock market kicked off FY23 on a positive note. It started the day muted and in-line with global markets but strengthen as the day progressed as the broad market picked up and buying increased in sectors like Banks, Power & Realty.

Cabinet approval for mega power policy, drop in crude and improvement in global futures ignited the rally.

Russia- Ukraine war, movement of crude and RBI monetary policy meetings would be the major factors that will dictate the near trend.

Benchmark Indices today gained over 1.35% with the volatility index dropping over 11%. Buoyant GST collections for March lifted sentiments with the Nifty PSE and the PSU Bank Indices registering smart gains on the first day of the new financial year with several stocks in sectors like Hospitality to Paper being sought after on many states doing away with all Covid related curbs.

Positive Tailwinds buoyed several state-run firms in Gujarat to yearly highs and today's trade saw keen interest in the constituents of the Nifty Energy Index.

Benchmark indices ended higher on first day of the new financial year with Nifty comfortably closing near 17,700.

At close, the Sensex was up 708.18 points or 1.21% at 59,276.69, and the Nifty was up 205.70 points or 1.18% at 17,670.50. About 2564 shares have advanced, 645 shares declined, and 84 shares are unchanged.

NTPC, BPCL, Power Grid Corporation, IndusInd Bank and SBI were among the top Nifty gainers.

Hero MotoCorp, SBI Life Insurance, Sun Pharma, Tech Mahindra and Titan Company were the top losers.

All the sectoral indices ended in the green with auto, bank, oil & gas, realty, power and PSU Bank indices up 1-4 percent.

BSE midcap and smallcap indices added over a percent each.

Bharat Electronics (BEL) rose 2 percent after company achieved a turnover of about Rs 15000 crore (Provisional & Unaudited), during the Financial Year 2021-22, against the previous year's turnover of Rs 13,818 crore, despite challenges posed by the COVID-19 pandemic and global semiconductors shortage.

NCC share price added 11 percent after company received one new order for Rs 323.65 crore (exclusive of G5T) in the month of March, 2022. This order pertains to Buildings Division.

Ujjivan Small Finance Bank share price rose 9 percent as Care Ratings has reaffirmed its CARE A+; Stable rating on the Long Term Bank Facilities of Rs 500 crore of the bank.

Bank of Baroda rose nearly 4 percent after bank completed acquisition of 13,93,26,923 equity shares being the 21% stake of Union Bank of India in IndiaFirst Life Insurance Company Limited after receiving the regulatory approvals.

SpiceJet share price added nearly 5% after company's officials said that salaries of captains to be increased by minimum 10%. However, salaries of first officers to be increased by minimum 15% & 20% for trainers.

Ashok Leyland gained 1.5 percent after company in the month of March 2022 sold 20,123 units against 17,231 units in March 2021, growth of 17 percent.

Tech Mahindra shares ended in the red after Mr. M. Damodaran retired as an Independent Director of the company with effect from March 31, 2022 upon completion of his tenure of the second term.

Ruchi Soya Industries shares fell 2 percent after company fixed the issue price of its FPO. The board at its meeting has approved issue price at Rs 650 per equity share for its follow-on public offer.

Indian equity markets gave positive returns this week. Globally too, equity markets remained broadly resilient led by optimism on progress in Russia-Ukraine negotiations.

On the other hand, commodities saw some correction from the recent highs.

In India, markets saw broad based gains with most sectoral indices giving positive returns.

Crude oil prices corrected this week and that is some positive for import dependent countries including India. Commodity price movements, inflation numbers and Central bank policy decisions are few key factors that will likely weigh on the domestic and global markets.

The Tata Power Company has received approval from the Mumbai bench of Hon’ble National Company Law Tribunal (NCLT) vide its order dated March 31, 2022 for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders.

Tata Power Company was quoting at Rs 245.60, up Rs 6.75, or 2.83 percent on the BSE.

We expect FY23 to witness continued volatility in equity markets, especially in the first half of the year with rising interest rates globally and high inflation, which is expected to persist.

In this scenario, we expect money to move from long-duration debt funds to equity funds in the second half, which should bode well for equities. Our year-end target for Nifty is 20200.

Some sectors where we are positive include Metals, Hospitals, Hospitality, Oil Refining, Capital Goods, etc.

Bharat Electronics (BEL) has achieved a turnover of about Rs 15000 crore (Provisional & Unaudited), during the Financial Year 2021-22, against the previous year's turnover of Rs 13,818 crore, despite challenges posed by the COVID-19 pandemic and global semiconductors shortage.

In the year 2021-22, BEL secured significant orders worth (approximately) Rs 18000 crore and achieved export sales of around USD 32.26 Million during FY 2021-22.

Bharat Electronics was quoting at Rs 215.05, up Rs 4.20, or 1.99 percent on the BSE.