Sensex and Nifty ended flat in a volatile session on April 5 after Monetary Policy Committee of Reserve Bank of India (RBI) decided to keep the key rates unchanged, but the midcap index managed to extend gains for a tenth day in a row.
At close, the Sensex was up merely 20.59 points or 0.03 percent at 74,248.22, and the Nifty ended unchanged at 22,513.70.
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Earlier today, markets opened lower and traded rangebound throughout the session but a strong recovery in banking shares supported the indices, helping Nifty Bank index end 0.9 percent higher at close. On Sensex, HDFC Bank was the standout contributor, aside of Kotak Bank, ICICI Bank and SBI. Bajaj Finance was amongst key losers on Sensex, after its fourth quarter business update.
RBI MPC has kept the status quo on the interest rates for the seventh consecutive time and maintained monetary stance at “withdrawal of accommodation”, in the first meeting of FY25.
Also Read - RBI retained GDP growth forecast at 7% for FY25
Kotak Mahindra, SBI Life Insurance, HDFC Bank, Bajaj Finserv and ITC were among the top gainers on the Nifty, while losers were UltraTech Cement, Grasim Industries, Bajaj Auto, Bajaj Finance and L&T.
Aside of banking, FMCG and realty index were up 0.5-1.5 percent, while Information Technology and Media ended down 0.4 percent each.
Among individual stocks, a volume spike of more than 400 percent was seen in Tata Chemicals, Mahanagar Gas and Gujarat Gas.
A long build-up was seen in SBI Cards, Indraprastha Gas, ICICI Lombard General Insurance Company, while a short build-up was seen in Birlasoft, Trent and Dlamia Bharat.
More than 200 stocks touched their 52-week high on the BSE including ABB India, Apar Industries, Canara Bank, Force Motors, Glenmark Pharma, Hindustan Copper, Indraprastha Gas, Indus Towers, Ipca Labs, Jindal Steel, M&M, Mahindra Life, NCC, Oberoi Realty, PB Fintech, Sun Pharma, Sun Pharma Advanced, Union Bank of India, Vedanta, Voltas, among others. Click to view full list
Outlook for April 8
Rupak De, Senior Technical Analyst, LKP Securities
The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern. The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22650. On the lower end, support is evident at 22300; if breached, the index might decline towards the 22000-21900 range.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened on a weak note and consolidated during the day. On the daily charts we can observe that the Nifty consolidated and traded within the range of the previous trading session. The Nifty appears to be consolidating after a sharp run-up which is a healthy sign. We expect the consolidation to breakout on the upside and thus minor degree corrections should be bought into. On the upside we expect levels of 22700 which is the upper end of the rising channel. On the downside crucial support is placed at 22400 – 22350.
As far as Bank Nifty is concerned, it has been outperforming and we expect the outperformance to continue. On the upside the immediate hurdle is placed at 48636 and above that the rally is likely to continue till 49300. The zone of 47700 – 47500 shall act as a crucial support zone from short term perspective. On the downside 48000 is the crucial support from short term perspective.
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