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The markets are within their resistance patch of 14500-14700. If we are successful in crossing this on a closing basis, we should be headed to 15000. If we are unable to, we will be sideways and then head back to the previous lows of 14200. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The trend among Nifty sectoral indices was mixed, with Nifty Metal index gaining 1.25 per cent while Nifty Bank index fell 0.16 per cent
Mumbai has started showing some respite in the daily cases of COVID-19 and the daily cases seem to be falling down. Markets have started to show some strength with the fall in covid number. As seen recently despite the strength shown in the markets – its facing challenges to overcome the small hurdle of 14,500. Overall the flattish global markets indicate a similar beginning here and stock specific action will be seen in the current results season. Mohit Nigam, Head PMS & Advisory, Hem Securities
Axis Bank, Kotak Mahindra Bank, Asian Paints, Housing Development Finance Corporation (HDFC), Maruti Suzuki were among top index laggards.
The Indian Rupee is expected to trade on a mixed to bearish note with an expected intraday range of 74.50-74.90, tracking recent weakness in the US dollar index and a slight recovery in the domestic equity market. The recent halt in the US bond yield and steady inflation expectation is lowering the real yield and thus tapering & rate hikes bets are negating a stronger dollar view. 3-things will be in focus this week from the US front. First, Joe Biden’s tax hike announcement. Secondly, the US fed interest rate decision, which they are expected to keep unchanged but their tone will be in focus. Thirdly, US Q1 advance GDP; which could make a strong come back with expectation of 6.8%. Amit Pabari, managing director, CR Forex Advisors
Tech Mahindra, Bajaj Finance, Reliance Industries Ltd (RIL), Power Grid Corporation of India, HDFC Bank, TCS were among top BSE Sensex gainers.
Sensex jumped 160 points or 0.33 per cent to 48,546, while the broader Nifty 50 index was ruling at 14,535, up 193.5 points or 0.34 per cent.
COMEX gold trades marginally lower near $1775/oz after a 0.1% gain yesterday. Gold weakened today as the US dollar index tried to recover from the March low set in the previous session as market players positioned for a Fed decision tomorrow. Supporting gold price is rising virus cases, mixed economic data from major economies and a loose monetary policy stance. However, weighing on price is lack of investor buying and general progress on the vaccination front. Gold along with US dollar and bond yields may remain choppy ahead of the Fed decision however general bias remains on the upside amid rising virus cases and hopes of loose monetary policy of major central banks. Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Ltd
In the pre-opening session on Tuesday, BSE Sensex was trading 132 points or 0.27 per cent up at 48,518 level.
Prices of petrol and diesel were unchanged across the country for the 12th consecutive day on Tuesday, April 27, 2021. The fuel prices were last revised on April 15, when petrol fell by 16 paise per litre and diesel by 14 paise in Delhi. The price of petrol in Delhi was unchanged at Rs 90.40 per litre while diesel was available for Rs 80.73.
The future direction of gold pricing is highly dependent upon two major events set to occur at the beginning of this week. The first major event occurring this week is this month’s FOMC meeting, which begins tomorrow, and concludes on Wednesday. The second major event this week will begin on Wednesday and conclude on Thursday when President Joe Biden will hold his first address to Congress. International spot gold and silver prices have started weaker this Tuesday morning in Asian trade tracking the strengthening of the U.S. Treasury yields and a stronger dollar. Markets will remain range bound ahead of the U.S. Federal Reserve meeting this week. Domestic gold and silver prices could start weaker this Tuesday morning tracking overseas prices. Technically, MCX Gold June supports are at 47350 and 47250. Resistances are at 47600 and 47800. Technically, MCX Silver May resistances are at 69500 and 70300. Supports are at 68000 and 67500. Sriram Iyer, Senior Research Analyst at Reliance Securities
Domestic equities look to be modestly good as of now. A persistent rise in COVID-19 cases across the nation and enhanced economic restrictions have dented investors sentiments over last couple of weeks. However, lower than 3.5 lakhs daily caseload at India level and sharp reduction in fresh caseload in Maharashtra yesterday offer some comfort and a further reversal in caseload should augur well for economy and markets. In our view, government will continue to handle this disaster by maintaining a fair balance between lives and livelihoods. Market is expected to remain volatile until we see a clear reversal in COVID-19 cases. Binod Modi, Head Strategy at Reliance Securities
As many as 28 companies BSE-listed companies including Axis Bank, Bajaj Finance, HDFC AMC, Maruti Suzuki, Britannia Industries, Hindustan Zinc, TVS Motor Company, Syngene International, Sanofi India, and VST Industries, will announce their quarterly results on April 27.
Tech companies Google and Amazon have come forward to support India in its time of crisis. Google on Monday announced funding of Rs 135 crore ($18 million) for the country. About Rs 20 crore ($2.6 million) of the total amount led by Google’s philanthropic arm Google.org has been routed via GiveIndia and UNICEF.
In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average fell 0.18 per cent, while the S&P 500 gained 0.18 per cent to end at record high at 4,187.62. The Nasdaq Composite too settled at record high after gaining nearly one per cent.
Asian stock markets were seen trading in red as investors await the Bank of Japan’s interest rate decision. Japan’s Nikkei 225 was down 0.11 per cent while the Topix index shed 0.42 per cent. Shanghai Composite, Shenzhen component and Hong Kong’s Hang Seng index dipped were trading marginally flat.
Global forecasting firm Oxford Economics on Monday revised downwards its India GDP growth forecast for 2021 to 10.2 per cent from 11.8 per cent previously, citing the country’s escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic.