Indices closed on a mixed note; Banks and Auto sector stocks are the top gainers

Hero Motocorp, Coal India and Bajaj Auto were the top gainers while BPCL, ITC and Infosys were the top losers amongst Nifty 50 stocks.    

Market update at 3.30 PM:   

Nifty closed 38 points or 0.22 per cent above from previous close after sharp profit booking of morning session and closed around 17,398 level.  

S&P BSE Sensex closed around the day’s high with a rise of 152 points. Nifty Midcap 100 and Nifty Small cap 100 soared 0.44 per cent and 0.74 per cent respectively.   

Nifty weekly PCR (1.14) now came to neutral zone.       

All sectors except FMCG and Metal showed strength compared to previous session and closed in green. Auto, PSU Banks and Realty sector stocks contributed the most.          

Hero Motocorp, Coal India and Bajaj Auto were the top gainers while BPCL, ITC and Infosys were the top losers amongst Nifty 50 stocks.       

On the opening session of the week, markets opened gap up and witnessed sharp profit booking after some oil exporting countries announced cuts in oil production. We may get some more triggers for tomorrow's opening as OPEC meeting is due in the evening.

Market update at 11.25 AM: Indices have been trading on a mixed note amid volatility. NSE Nifty 50 index has slipped 0.20 per cent to trade near 17,300 levels while S&P BSE Sensex has lost 155 points so far. Nifty Midcap and Nifty Smallcap have jumped 0.26 per cent and 0.76 per cent respectively.   

Nifty Auto has soared 1.30 per cent and is the top performer amongst the sectoral indices. Meanwhile, metals and IT remain weak.  

About 1599 stocks are advancing as against 432 stocks that are declining, thus showing positive market breadth.  

ONGC, Hero MotoCorp and Maruti Suzuki are the top gainers from the Nifty 50 stocks while BPCL, Adani Enterprises and JSW Steel are weak today.   

Market update at 9.30 AM: Indices have been trading on a mixed note at the start of the session. NSE Nifty 50 index trades at 17,350 levels while S&P BSE Sensex has lost 40 points. Stock specific action continues on D-street.  

Auto and OMC stocks have seen strong buying interest while IT is seen to be under pressure. India VIX has surged over 3 per cent amidst the volatility.   

Pre-market update:    

US markets witnessed strong one-way up move in the last week. The Dow Jones Industrial Average soared 415 points or 1.26 per cent to close around 33,274 level and Nasdaq surged around 218 points on Friday’s session. Meanwhile, CBOE VIX bounced 2.57 per cent after sharp fall of last week.  

In global commodities market, Gold dropped 0.6 per cent to trade in its previous consolidation zone and silver rose around 0.84 per cent.  

BRENT Crude also breached its last 3 days consolidation zone and rallied around 1.6 per cent. 

On Friday's trading session, Nifty closed around the day’s high with one way up move from the first candle of the trading session. NSE Nifty 50 rallied 279 points or 1.63 per cent to close at 17,359.75 level, while S&P BSE Sensex closed around the day’s high with a rise of more than 950 points. Nifty Midcap 100 and Nifty Small cap 100 soared 0.87 per cent and 1.61 per cent respectively.    

Nifty weekly PCR (1.2) now came to neutral zone and India VIX cooled off more than 5 per cent to close at 12.93. 

On the same trading session, both participants continued to support the market rally in which FIIs bought Rs. 357.86 crore and DIIs bought Rs. 2479.96 in domestic market. 

On the last day of the financial year, Bulls managed to close Nifty above the short-term resistance zone. Still bears can hope for a relief till Nifty is below 17,500 level.  

Important Events of the Current Week,

April 3, (Monday) China and USA - Manufacturing Purchases Managers Index (PMI) Data.

April 4, (Tuesday) USA - Job opening data.

April 5, (Wednesday) USA - Trade balance data.

April 6, (Thursday) India - RBI Policy Announcements.

Indian markets open for 3 days only in this week and at the start of it, Saudi Arabia, Iraq and several of the world's largest oil exporters announced surprise cuts in production more than one million barrels a day. This resulted an overnight gap up of more than 5 per cent in Brent Crude Futures. 

Because of this event SGX Nifty underperforming the global market and suggests Nifty likely to open gap up of 40 points at the start of the week.