The S&P BSE Sensex on the other hand closed with gains of 30 points or 0.09 percent at 33,626 on Friday while the Nifty50 closed 6.45 points higher at 10,331.
The Nifty might have closed flat on Friday but registered gains of 2.15 percent for the week ended April 6th. The index rallied from 10,113.70 from 28 March recorded last week to 10,331 on 6th April which translates into an upside of 217 points or 2.15 percent.
The index closed above its psychological support level of 10,300 and most of its crucial short and long term moving averages such as 200-days exponential moving average (DEMA), 200-DMA, 13-DEMA, and 50-DEMA which is a positive sign for the bulls.
The S&P BSE Sensex on the other hand closed with gains of 30 points or 0.09 percent at 33,626 on Friday while the Nifty50 closed 6.45 points higher at 10,331.
Sectorally, healthcare, PSU, oil & gas, banks and realty stocks led the gain while telecom, capital goods, metals and IT stocks saw some decline.
The S&P BSE Smallcap index closed 0.6 percent higher while the S&P BSE Midcap index ended 0.65 percent up, outperforming benchmark indices by a wide margin.
The market breadth remains in favour of advances as advance-decline ratio stood at 3:2. HDFC Bank and ICICI Bank helped Nifty close in the green while Infosys and L&T drag.
Almost 80 percent of the Nifty Bank gains are contributed by HDFC Bank and ICICI Bank. All sectoral indices post healthy gains for the week.
“Markets opened the day higher on the back of better than expected global cues. Both FIIs and DIIs are buying at current juncture and the interim correction seems to have ended,” Nikhil Kamath, Co-Founder, Zerodha.
“Sectorally, banking and pharma rallied in trade on Friday with Lupin and Aurobindo Pharma notching up gains of over three percent for the session,” he said.
Kamath further added that markets though still overvalued seem to be giving an entry opportunity to build long-term portfolios, we would advocate adding long positions at this juncture.
Markets This week:
Sensex and Nifty closed with gains of over 2% each. The Nifty midcap index rose 4% while the Nifty smallcap index ended with gains of 5%. The Nifty Auto index (up 6%), Nifty Pharma (up 5%), PSU Banks (up 5%), and Nifty Realty index (up 3%).
Top Nifty gainers for the week include names like Tata Motors (up 11%), followed by Lupin (up 10%), Bajaj Finance (up 10%), Indiabulls Housing Finance (up 9%), and Adani Ports (up 7%).
Top Nifty losers include names like Bharti Airtel (down 4%), followed by Tech Mahindra (down 3%), Coal India (down 3%), and Axis Bank (down 2%).
Stocks in news:
Sobha has registered new sales volume of 3.63 million square feet, total valued at around Rs 2,861 crore at an average price realisation of around Rs 7,892 per square feet at the close of financial year 2017-18 (Sobha Share of sales value at around Rs 2,422 crore, at an average price realisation of Rs 6,680 per square feet. The stock closed 7% higher at Rs547.
Shares of Ballarpur Industries surged 12 percent intraday as the company is going to sell entire assets of its Malaysian unit, Sabah Forest Industries Sdn Bhd. The stock closed 5.9% at Rs14.72.
Reliance Communications said as directed by the Supreme Court, the company moved the NCLAT today for vacation of the stay in relation to sale of its tower and fiber assets. The stock closed 4.2% higher at Rs24.35.
Amtek Auto share price is locked at 5 percent upper circuit at Rs 22.25 after the Committee of Creditors (CoC) approved resolution plan submitted by Liberty House, the part of Sanjeev Gupta’s global industrial group GFG Alliance.
Jubilant Foodworks, the master franchise for Domino’s Pizza in India, Nepal, Sri Lanka and Bangladesh, and also for Dunkin’ Donuts in India, hit fresh record high of Rs 2,437.50. It closed 4% higher at Rs2429.70.
TTK Prestige informed exchanges that the workmen at Roorkee unit in Uttarakhan have gone on strike which is considered illegal as the conciliation proceedings are still going on. The stock closed 1.8% higher at Rs6493.
Shares of Lupin closed 3 percent higher as company received the EIR from USFDA. The company has received the establishment investigation report (EIR) from USFDA for the successful inspection of its Pithampur, Unit 1.
Share price of Kridhan Infra closed 2.2% higher as the company won order worth Rs 1,340 million in Singapore. The company’s subsidiary KH Foges Pte has been awarded a new piling contract, in Singapore, worth Rs 1,340 million (SGD 27 million).
Share price of Binani Industries ended 3.79% higher as the company filed an application to terminate CIRP of its subsidiary. The company filed an application for termination of the company insolvency and resolution proceedings (CIRP) of its subsidiary Binani Cement.
Global Update & Other News:
Disruptions led to loss of more than 127 hours of the Budget session in the Lok Sabha with just about 0.58 percent of starred questions answered during 29 sittings before the House adjourned sine die today.
Protests by members from various parties on diverse issues marred proceedings almost every day during the two-phase Budget session. The second leg of the session, that started on March 5, had 22 sittings that were mostly disrupted.
With an aim to safeguard investors’ interest, leading stock exchanges — BSE and NSE — have advised their members to take extra caution while trading in as many as 194 illiquid stocks.
Illiquid stocks are the ones which cannot be sold easily because they see limited trading. These stocks pose higher risks to investors because it is difficult to find buyers for them as compared to frequently traded shares.
European markets were lower, as an escalating trade standoff between the world’s biggest economies US and China rattled investors. France’s CAC and Germany’s DAX were down half a percent each while Britain’s FTSE was down 0.14 percent at the time of writing this article.
Asian stocks closed mixed, as the overnight rally on Wall Street failed to translate after President Donald Trump ordered US trade officials to consider tariffs on USD 100 billion more of imports from China. Japan’s Nikkei closed down 0.4 percent and Hong Kong’s Hang Seng gained 1.11 percent.
Oil prices fell amid trade war fears. Brent crude for June delivery was down 0.38 percent, at USD 68.07 per barrel while US West Texas Intermediate crude for May delivery was down 0.42 percent, at USD 63.28 a barrel.
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