Nifty closed at 17600 levels; Real estate stocks emerged as star performers

NBFC stocks rallied after the dovish commentary of RBI governor. Sectors like Realty and Auto also showed decent strength.   

Market update at 3.30 PM:     

Nifty closed around the day's high by rallying 42 points or 0.24 per cent to close around 17,600 level on the weekly expiry day.  

S&P BSE Sensex also closed around the day’s high with rise more than 143 points. Nifty Midcap 100 rallied 0.64 per cent after 2 days’ consolidation and Nifty Small cap 100 rallied 0.78 per cent.   

NBFC stocks rallied after the dovish commentary of RBI governor. Sectors like Realty and Auto also showed decent strength.            

Bajaj Finance, Tata Motors, Bajaj FinServ and Sun pharma are the top gainers while HCL Tech, ONGC, Shree Cement and ICICI Bank were the top losers amongst Nifty 50 stocks.       

Because of Weekly expiry and important event of RBI policy, Nifty remained volatile for the day and closed higher ahead of the long weekend. Now markets are closed on Friday on the account of Good Friday. Next week, Nifty has to discount Friday’s move of global markets and other event related triggers if any. 

Market update at 11.10 AM: Indices trade at day’s high, aided by strong rally in realty and banking stocks. The 50-share NSE Nifty index has jumped 0.35 per cent to trade above 17,600 levels while S&P BSE Sensex has soared over 200 points. Nifty Midcap and Nifty Smallcap have climbed 0.46 per cent and 0.65 per cent respectively. 

Nifty Realty (2.07 per cent) and Nifty PSU Bank (1.41 per cent) are the top performers amongst the sectoral indices. Meanwhile, FMCG and IT indices are slightly weak. 

Strong buying interest has been seen across the banks and NBFCs post the RBI’s announcement of unchanged repo rate. Bajaj Finance, IndusInd Bank and SBI are the top gainers from the Nifty 50 stocks. Meanwhile, ONGC, HCL Technologies and Nestle have witnessed profit booking. 

About 1435 stocks are advancing as against 574 stocks that are declining, thus showing positive market breadth.

Market update at 10.05 AM: In its latest MPC meet, the central bank has unanimously decided to keep repo rate unchanged at 6.50 per cent.  

NSE Nifty 50 has jumped quarter per cent to trade near 17,600 levels while Nifty Bank has surged over 250 points post the announcement. Sensex has risen 150 points so far. Stock specific action continues in the broader market.  

Nifty PSU Bank is up 1.50 per cent and is top gainer amongst the sectoral indices.  

Market update at 9.30 AM: Indices have opened on a mixed note ahead of RBI meet outcome. The central bank is widely expected to increase interest rates by 25 basis points. NSE Nifty 50 index has slipped 0.20 per cent to trade near 17,500 level while S&P BSE Sensex has lost 100 points so far. Stock specific action continues in the broader market.   

PSU Banks and media trade higher while IT underperforms. India VIX has risen nearly a per cent.   

Pre-market update:    

The Dow Jones Industrial Average bounced 80 points or 0.24 per cent to close around 33,482 level and Nasdaq 100 Index dropped again around 132 points or 1.01 per cent in Wednesday’s session. Meanwhile, CBOE VIX closed higher around 1.4 per cent to close around 85.9.  

In global commodities market, Gold and Silver traded in a small range after the strong rally. 

Brent crude futures fell 49 cents, or 0.6 percent, to $84.45 a barrel.  

On the same trading session, FIIs bought Rs 806.82 crore and on the other hand DIIs sold Rs 947.21 crore in equity segment. In Derivative segment as compared to previous session, clients reduced their participation while DIIs unwinded some longs with adding some shorts in index futures. 

PROs increased their participation as compared to last session. 

Surprisingly, FIIs added longs from last few sessions and covered some existing shorts in last trading session. With this action FIIs index long positions now came to 16.97 per cent.  

Now SGX Nifty indicates Nifty likely to open gap down around 30 points. 

It’s a first weekly expiry this financial year and RBI Monetary policy is to be announced at 10 am which can set the trend for the day.