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The market re coupled all its previous day's losses and gained more than one-and-half percent on April 28, as all the sectors participated in the rally. Benchmarks Nifty 50 closed above 17,200 and the Sensex rose by nearly 700 points. The recovery in the market was led by FMCG, oil & gas and bank stocks. Under performing benchmarks, Nifty midcap and small cap ended with 0.7 and 0.5% gains respectively in the broader market as India Volatility Index (VIX) dropped below 20-mark. Index heavyweight Reliance Industries gave significant support to the market as the stock hit a fresh record high of Rs 2,851 and became the most valued listed entity in India . FPIs are in a selling mode while domestic investors are positive and will focus on defensives like Consumption and domestic growth sectors like Infra & capital goods. Volatility is expected to continue in the short-term due to weakening global trade and we suggest investors to have rationale expectations focusing on domestic growth sectors like CAPEX, banking and defensives .India's largest car maker Maruti Suzuki India is likely to report bumper March quarter 2022 results on Friday, April 29.The revenue growth of 10-11 per cent year-on-year is anticipated , driven by price hikes taken over the last few quarters, including two rounds of price hikes taken this year to offset input cost rise.
Support- 17000; 16800; 16500
Resistance- 17500; 17800; 18000
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