Ajit Mishra, VP - Research, Religare Broking
In a highly volatile trading session, the Indian indices swung both ways before ending the session in green. The Nifty index managed to end with gains of 0.4 percent at 14,700 levels. The broader markets witnessed healthy buying interest as both the Midcap and Smallcap index ended higher by nearly 1 percent. In the near term, we expect the markets to remain volatile as investors try to gauge the impact of restrictions imposed by the state government to curb the spread of the virus. Moreover, the upcoming RBI monetary policy and earnings announcement from companies would also keep the volatility high
Deepak Jasani, Head of Retail Research, HDFC Securities
After a sharp sell-off in the previous session, Indian benchmark equity indices ended marginally higher on April 6 amid some volatile moves. Nifty has formed an inside day compared to the previous session’s high-low, suggesting no fresh directional clues. The intraday volatility has however become smaller which is a good sign. Greater participation of small and midcaps has resulted in a healthy advance decline ratio. 14,574-14,876 could be the band for the Nifty for the near term.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The Index is trading in a range between 14,450 and 14,900. The markets have been trading in a confused state since the last few trading sessions. If we get past 14,950 we can go ahead achieve 15,300. On the flip side if we break 14,450 we can drop further to 14,200. Until either side is not taken out, we will continue to trade sideways with lacklustre volumes.
Manish Shah, Founder, Niftytriggers.com
It was a flat trading day and the pattern play is in an inside day pattern that has the narrowest range of the last couple of days. Volatility is getting squeezed. We expect that volatility will sooner or later expand as volatility is the top frontline index can be lateral for a long period of time. On Tuesday, Nifty moved within a range of 14,900 on the higher side to 14,500 on the lower side. On the lower time frame, the pattern in play is inverse head & shoulder. A break above 14,900 is needed for the market to move higher.
Market At Close
- Sensex & Nifty Close With Minor Gains Amid Volatility; Nifty Bank Underperforms
- Nifty Gains 46 Points To 14,684 & Sensex 42 Points To 49,201
- Nifty Bank Slips 177 Points To 32,501 While Midcap Index Rises 218 Pts To 24,016
- Midcap Outperformance Keeps Market Breadth in Favour Of Advances
- Adani Ports Surges To Record High With A Gain Of More Than 12%
- Tata Cons, JSW Steel, UPL & Infosys Hit Fresh 52-week Highs
- Adani Grp Continues The Gaining Momentum; Adani Ent Up 7% & Adani Pwr 5%
- SRF, Granules, India Cements, Tata Chem Amongst Top Midcap Gainers
Closing Bell | The Indian equity market ended marginally higher after a volatile trade on Tuesday led by gains in metals, pharma, and FMCG stocks. The Sensex gained 42.07 points, or 0.09 percent to close at 49,201.39, while the Nifty ended 45.70 points, or 0.31 percent higher at 14,683.50. Broader markets outperformed the benchmarks as the Nifty Smallcap100 and Nifty Midcap100 indices ended 1.35 percent and 0.91 percent higher, respectively.
Among sectors, Nifty Metal, Nifty Pharma and Nifty Realty gained over 1 percen each, while selling was seen in banking and media stocks. On the Nifty50, Adani Ports & SEZ, Tata Consumer, Asian Paints, JSW Steel and SBI Life were the top gainers, while PowerGrid Corporation, Grasim Industries, Eicher Motors, Axis Bank and UltraTech Cement were the top losers.
Market Watch: Mehraboon J Irani of Gini Gems Consultants
On Specialty Chemicals
This is a space where the growth is going to spread more and more over the next at least 12-18 months. There are quite a few stocks available for you to go and buy because these companies are going to grow. I would go with Deepak Nitrite, GNFC. I also like names like Supreme Petrochemicals, IG Petrochemicals. There is a choice of plenty over here for investors. I personally believe that these companies are going to report bumper results.
On Adani Ports
Adani Ports, as a story, is a great story. I think this is a company which is going to grow. So if one doesn't bother about a few percentage corrections here and there, there is still money to be made in this particular stock.
Sebi asks institutional investors to follow 'transparent' Stewardship Code
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Positive on ICICI Bank, Federal Bank and SBI: Buoyant Capital’s Jigar Mistry
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Gold's gains kept in check by growing risk appetite
Gold prices rose to their highest in more than a week on Tuesday, supported by an easing dollar and lower US Treasury yields, though firmer appetite for riskier assets kept bullion's advance in check, Reuters reported. Spot gold rose 0.1 percent to $1,729.30 an ounce after hitting its highest since March 25 at $1,738.32. US gold futures gained 0.2 percent to $1,731.50.
Oil rebounds on robust economic data
Oil prices rose on Tuesday as investors looked for bargains following the previous day's plunge on rising output from OPEC+, while strong economic data from the United States and China brightened recovery prospects. Brent crude futures rose 78 cents, or 1.26 percent, to $62.93 a barrel, after falling 4.2 percent on Monday. US West Texas Intermediate (WTI) crude futures rose 81 cents, or 1.38 percent, to $59.46, after sliding 4.6 percent on Monday.