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Today nifty
ended higher for the second consecutive April 4th, driven by bank names
following news of the merger of HDFC and HDFC Bank. To close, the Sensex was up
1,335 points to 60611 & the nifty was up 382 point. at 18,053.
Approximately 2534 stocks are up 796 stocks are down & 118 stocks are flat.
HDFC Bank, HDFC, Adani Ports, HDFC Life and Kotak Mahindra Bank were among the
top nifty winners. Infosys, Titan Company and Tata Consumer Products were the
biggest losers. All industry indices ended in the green with bank, metals, energy
up 2-3%. The Midcap & Smallcap indices were each up 1%. Central banks
around the world have started raising interest rates to curb inflationary
pressures.
However, India has so far maintained a more accommodating policy.
Retail inflation in India rose to an 8-month high of 6.07% in February 2022,
outside the RBI's 4-6% target range. At the last MPC meeting, the RBI largely
attributed high inflation to supply-side pressures and may therefore be
interested in maintaining more accommodative policies at this time. Tightening
monetary policy can help dampen demand, but not increase supply. With the US
announcing a massive release of the country's strategic oil reserves and Russia
offering crude oil to India at a big discount, there is likely to be renewed
optimism on inflation.
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Today nifty closed higher on the first day of
the new fiscal year, with nifty closing near 17,700. Sensex closed 708 points
or 1.21% higher at 59,276 & nifty closed 205 points or 1.18% higher at
17670. NTPC, BPCL, Power Grid Corporation, indusind Bank and SBI were among the
top Nifty gainers, while Hero Motocorp, SBI Life Insurance, Sun Pharma, Tech
Mahindra and Titan Company were the top losers. All industry indices ended in
the green, with auto, banking, oil and gas, real estate, energy and PSU bank
indices up 1-4 percent. In the broader markets, the BSE mid-cap and small-cap
indices each gained over 1 percent. India is a key US trade and strategic
partner, a senior Biden administration official has told US lawmakers, claiming
that despite some sharp differences, the two countries have agreed to work
together on various issues, including market access commitments. US Trade
Representative Katherine Tai, testifying before the Senate Finance Committee
during a hearing on the US trade policy agenda on Thursday, pointed out that
there are major differences between the two countries on a number of issues.
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BUY AUROPHARMA 2 LOTS ABOVE 674 TG 680/686 SL 667
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BUY HAVELLS 2 LOTS ABOVE 1159 TG 1169/1179 SL 1147
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BUY TATA CHEM 2 LOTS ABOVE 988 TG 993/998 SL 982