20 hours ago
The Nifty 50 index snapped its two-day losing streak, witnessing a decent bounce-back on Wednesday after the sharp weakness on Tuesday. After opening on a positive note, the market continued its gradual upside momentum for most of the session.
Intraday dips were bought into, and the Nifty closed the day 167 points higher at 23,332.
The market ended with healthy gains ahead of US President Donald Trump's tariff announcement. This resurgence was driven by broad-based buying across sectors.
Midcap and smallcap indices significantly outperformed the benchmark indices. The Nifty Midcap 100 surged 1.61%, while the Nifty Smallcap 100 gained 1.12%.
All sectoral indices closed in the green, led by Nifty Realty, Consumer Durables, and FMCG. The Nifty Realty index jumped 3.6%, likely fueled by growing expectations of an RBI repo rate cut in its upcoming monetary policy meeting on April 7-9.
Frontline indices gained 1% or more, with Nifty heavyweights like HDFC Bank, ICICI Bank, and Infosys rising 1-2%.
Tata Consumer Products was the top Nifty gainer, up 7% on positive brokerage notes. Goldman Sachs upgraded its rating on the stock to 'Buy' from an earlier 'Neutral' rating with a revised target of Rs 1,200 from Rs 1,040 earlier. GS said that Tata Consumer Products is set for robust growth in its Earnings Per Share (EPS) over financial years 2025-2027.
Sell-off continued in Punjab and Sind Bank, Central Bank, Down between 10-12%. The state-run lenders recently concluded their fund raising exercise through the Qualified Institutional Placement route. Another PSU Bank who raised funds through the QIP last week was Indian Overseas Bank, which was down another 4.5% today.
What do the Nifty 50 charts indicate?
The Nifty ended the session at 23,332.35, up 0.72%, after witnessing a two-days of corrective phases. The index is holding above its 9-EMA and 50-EMA, strengthening the outlook in the short to medium term. The recent correction towards 23,160 appears to be a pullback within an uptrend, as Nifty respects this dynamic support level, said Om Mehra of SAMCO Securities.
"The resistance is seen at 23,520, followed by 23,600. The formation of higher highs remains intact, and a buy-on-dips strategy can be adopted for the next session," Mehra added.
Nagaraj Shetti of HDFC Securities said that Wednesday's market action signals possible formation of higher bottom at 23,136 levels. However, tomorrow's event of US President Donald Trump's tariff decision on India could possibly result in extreme opening of Indian markets on Thursday, on either side, Shetti said. Immediate support is at 23,100 and the next overhead resistance to be watched at 23,400 and 23,650 levels, respectively.
"On the lower end, 23,100 might remain a strong support level in the short term, below which weakness could increase. On the other hand, sustaining above 23,100 might provide momentum for a rally toward 23,800," said Rupak De of LKP Securities.
What do the Nifty Bank charts indicate?
The Nifty Bank ended the session at 51,348.05, up 1.02%, signalling a rebound from lower levels within the current consolidation zone.
"The index is currently oscillating in a tight range between 50,700 and 51,900, forming a box pattern after a sharp up-move, suggesting a phase of time-wise correction. In the broader view, Nifty Bank is forming a flag pattern, although confirmation is still awaited. The index is holding above the daily super trend support, which continues to act as a trailing stop level for positional traders. However, a breakout above 51,900 is crucial to resume bullish momentum," Mehra said.
Here are the stocks to watch ahead of Thursday's trading session:
- Bharat Electronics signs contract worth ₹593.22 crore with Indian Air Force to provide maintenance services for Akash Missile System, which was supplied by the company.
- Maruti Suzuki to hike car prices across 7 models from April 8, 2025. It is raising the prices due to rising input costs, operational expenses & regulatory changes
- Shares of Bharat Forge Ltd. will be in focus on Thursday, April 3, after North American Class 8 truck orders fell further to a seven-month low in the month of March.
- Punjab Bank: PNB reported strong growth in Q4, with global business rising 1.6% QoQ and 14% YoY to ₹26.83 lakh crore, driven by a 2.4% QoQ and 14.3% YoY increase in global deposits to ₹15.66 lakh crore, while global advances grew 0.6% QoQ and 13.6% YoY to ₹11.17 lakh crore.
- Reliance Industries: RIL has broken ground on its first Compressed Bio-Gas (CBG) plant in Kanigiri, Prakasam district, Andhra Pradesh, marking a major step in its plan to establish integrated CBG hubs across the state. Andhra Pradesh IT & Electronics Minister and Chairman of the Group of Ministers on Job Creation, Nara Lokesh, laid the foundation stone for the project.
- Central Bank of India: Total business up 10.75% at ₹7.05 lakh crore as against ₹6.37 lakh crore YoY. Total deposits up 7.18% at ₹4.13 lakh crore as against ₹3.85 lakh crore YoY. CASA at 48.91% as against 50.02% YoY.
- Bajaj Healthcare: Dayashankar Patel resigns as Chief Financial Officer (CFO) of the company w.e.f. April 15, 2025.
