NEW DELHI: A record single-day jump in Covid-19 cases in the country clipped Dalal Street s wings on Monday, as bears dragged benchmark indices violently. Volatility indicator India VIX shot up amid selling across sectors.
Better-than-expected jobs data and economic recovery in the US are big positives, say analysts. However, back home, the fast-rising Covid-19 cases are a cause of concern.
Restriction of economic activity in many parts of the country might impact economic recovery, said an analyst.
“Macro numbers like record GST collections and auto sales numbers for March indicate a strong economic rebound. Q4 results will be very good and this can impart resilience to markets. How the Covid cases pan out, going forward, is a crucial factor, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Nifty futures on the Singapore Exchange traded 74 points, or half a per cent, lower at 14,918 in signs that Dalal Street was heading for a weak start on Monday
Tech View: Nifty eyes 14,900 level
At close, the index stood above its 20-day and 50-day simple moving averages and nullified the Bearish Belt Hold pattern formed in the previous session. Analysts advised traders not to read much into the moving averages in a sideways market, but believe a breach of the 14,900 level could bring the bulls back into the game.
Some Asian markets show strength
Stocks in other Asian markets climbed this morning as investors weighed the sustainability of the latest selloff in bonds. A regional gauge edged higher. Japan’s Nikkei rose 0.8% but Korea s Kospi looked weak. Markets are closed in China, Hong Kong and Australia for the Easter break.
Nifty call: Buy the contract with stop-loss at 14,760
Akhil Nallamuthu
BL Research Bureau |
Updated on
April 01, 2021
The equity market acro
ss Asia seems to be positive as the major stock indices are trading in the green today. The Nikkei 225 index gained 0.7 per cent and the Hang Seng index is up by 1.2 per cent so far. Early riser, the ASX 200 ended the day with a gain of 0.6 per cent. Following this, the Indian benchmark indices opened with a considerable gap-up. However, the indices could not extend the gain where the Nifty 50 is trading higher by 0.4 per cent and the Sensex is trading higher by 0.3 per cent compared to yesterday’s closing.
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The $2 trillion infrastructure spending plan unveiled by the US President Joe Biden pushed US stocks to record highs on Wednesday and triggered strong buying in Asian markets on Thursday. These developments are likely to give domestic stocks a firm start too.
Here s breaking down the pre-market actions.
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 118.50 points, or 0.80 per cent, higher at 14,864.50 in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty has support at 14,620
If the index trades below 14,670 level on Thursday, it would make an attempt to bridge the bullish gap present in the 14,617-14,572 zone, which was formed on March 30. Usually, such gaps act as support points on the downside and, hence, some buying should be expected if the index approaches the said zone, said analysts.
Investors richer by Rs 2.9 lakh crore as bulls return to D-Street ahead of long weekend
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The S&P BSE Sensex index jumped as much as 1.18% to touch 50,092.48 during the session.
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NEW DELHI: Metals shone and financial stocks were under spotlight lifting equity benchmarks higher on Thursday ahead of a long weekend. A huge infrastructure spending plan in the US, and superb GST numbers and capital infusion by the government back home boosted the morale of Dalal Street investors.
Strong buying interest was witnessed in bank, metal and tyre stocks in afternoon trade, as record GST collections in March perked up the market sentiment. The rollout of Covid-19 vaccines for those above 45 years of age also lifted the mood in the market, said analysts.