Bulls staged smart comeback on April 24 after selling pressure seen in previous three consecutive sessions. The rally in banking & financials and technology stocks lifted benchmark indices above their psychological levels (39,000 on Sensex and 11,700 on Nifty).
The BSE Sensex rallied 489.80 points or 1.27 percent to close at 39,054.68 while the Nifty50 climbed 150.20 points or 1.30 percent to 11,726.20 and formed strong bullish candle on daily charts.
The sharp rebound ahead of April F&O expiry indicated that uptrend may continue and Nifty could move towards an all-time high of 11,850 levels in the near term, experts said.
According to the Pivot charts, the key support level is placed at 11,623.07, followed by 11,519.93. If the index starts moving upward, key resistance levels to watch out are 11,785.07 and 11,843.93.
The Nifty Bank index closed at 29,860.80, up 381.10 points on April 24. The important Pivot level, which will act as crucial support for the index, is placed at 29,559, followed by 29,257.2. On the upside, key resistance levels are placed at 30,038.7, followed by 30,216.6.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street edges lower, energy stocks fall
The S&P 500 slipped on Wednesday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports.
The Dow Jones Industrial Average fell 59.34 points, or 0.22 percent, to 26,597.05, the S&P 500 lost 6.43 points, or 0.22 percent, to 2,927.25 and the Nasdaq Composite dropped 18.81 points, or 0.23 percent, to 8,102.02.
Asian shares dip; euro weighed by sagging German business morale
Asian shares slipped on Thursday as a surprise deterioration in German business morale rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 percent, while Japan’s Nikkei average edged up 0.3 percent to 22,264.81 points.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27.5 points or 0.23 percent. Nifty futures were trading around 11,709-level on the Singaporean Exchange.
Oil prices fall as soaring US supply offsets tighter Iran sanctions
Oil prices fell on Thursday as record US output and rising crude stockpiles dampened the impact on markets of tighter US sanctions on Iran and producer club OPEC’s continued curbs on supply.
Brent crude futures were at $74.35 per barrel at 0037 GMT, down 22 cents, or 0.3 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $65.60 per barrel, down 29 cents, or 0.4 percent, from their previous settlement.
Rupee falls by 24 paise on strong dollar demand
The rupee on April 24 declined by 24 paise to close at 69.86 against the US currency, weighed down by a strong dollar sentiment and high demand for the greenback from importers. The domestic currency dropped to more than four-month low of 69.97 in the day trade in line with losses in other Asian currencies against the dollar after positive US economic data.
At the Interbank Foreign Exchange (forex), the rupee opened sharply lower at 69.80 and further fell to a four-month low of 69.97, the lowest level since
December 3, 2018, against the dollar. Intra-day, the unit touched a high of 69.75.
RBI steps up liquidity management to make rate cuts count
The Reserve Bank of India’s surprise announcement of new open market purchases of government bonds is a sign the central bank is stepping up efforts to increase the economic impact of its policy decisions, analysts say.
The RBI’s two rate cuts this year, totalling 50 basis points, have not been followed with moves of a similar magnitude by commercial banks, which are reluctant to take risks while sitting on a pile of non-performing loans.
Voda Idea rights issue receives bids for 1109 crore shares: NSE data
Vodafone Idea's rights issue entailing 2,000 crore shares received bids for 1,109 crore shares, according to data available on the NSE on Wednesday. The country's largest telecom operator through the rights issue, which ran between April 10 and April 24, offered 2,000 crore new shares at Rs 12.50 apiece.
As per the data, the rights issue had received bids for 11,09,28,57,339 shares at 2000 hours and showed the status as "active". When contacted, the company remained tight-lipped about the final numbers saying it is bound by applicable compliance norms and guidelines.
Neogen Chemicals IPO subscribed 27% on first day of bidding
Neogen Chemicals Ltd's initial public offering was subscribed 27 per cent on the first day of bidding Wednesday. The Rs 132-crore initial public offering (IPO) received bids for 11,67,595 shares against the total issue size of 43,29,038 shares, according to data from the National Stock Exchange.
The IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29,00,000 equity shares including an anchor portion of 18,46,715 equity shares.
The portion for non-institutional investors was subscribed 10 percent and retail individual investors 50 percent. Price range for the offer has been fixed at Rs 212-215 per share.
22 companies to report Q4 numbers today
As many as 22 companies will declare their results for the quarter ended March which include names like Axis Bank, Cyient, Indiabulls Ventures, Maruti Suzuki, Nestle India, Tata Steel and Rallis India among others.
Six stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For April 25, Adani Power, DLF, IDBI Bank, Idea Cellular, Jet Airways and Reliance Power are present in this list.With inputs from Reuters & other agencies