Indian equity benchmarks closed higher on April 8, saluting the Reserve Bank of India’s decision to keep interest rates stable in the first monetary policy review for the financial year 2022-23. Thus, the market broke the trend of falling for three consecutive days. The Sensex was trading up 412.23 points or 0.70 per cent at 59,447.18 and the Nifty was up 144.80 points or 0.82 per cent at 17,784.30 at the time of market closing today.
Vinod Nair, Geojit Financial Services said, “The market was trading cautiously during the last two-three days ahead of the RBI meeting and to know its future policy stance. got it.”
Nair said, “Now the focus is on Q4 earnings season. This earnings season will start next week. It will be started by the IT and banking sector. The outlook for the banking sector is strong as credit growth picks up and balance sheet improves. While the forecast for IT is mixed as Q4 looks weak.”
If we look at the stocks, today Grasim Industries, ITC, SBI Life Insurance, JSW Steel and M&M were the top gainers of Nifty. However, Cipla, NTPC, Tech Mahindra, Maruti Suzuki and Sun Pharma saw the biggest gains.
Talking about the sectoral indices, Nifty FMCG and Metals gained 2-2 per cent. Auto and bank indices saw a rise of 0.5 per cent.
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Stocks and sectors
All sectoral indices closed in the green with FMCG, Metal, Power, Oil and Gas indices gaining 1-2 per cent on the BSE.
The broader market outperformed the frontliners with both the BSE Midcap and Smallcap indices rising nearly one per cent.
Today there was a long build-up in Cholamandalam Investment and Finance Company, Syngene International and Grasim Industries. While there was a short build-up in RBL Bank, Trent and Cipla.
Over 150 stocks including SRF, ITC, Shree Renuka Sugars and Adani Green Energy touched their 52-week highs on the BSE.
On the other hand, Syngene International, Cholamandalam Investment and Finance Company and Polycab India saw a rise of more than 200 percent.
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Outlook for April 11
Opinion of Rupak Dey of LKP Securities
Rupak said that Nifty got support around the low level of the previous session. As a result, it closed at a positive level for the day. However, at higher levels, Nifty faced resistance near the lower band of the rising channel.
He further said that this trend in Nifty may continue in the near term. At higher levels, it may face resistance at 18,000. On the other hand, support is visible at 17,650 at the lower level.
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Amol Athawale of Kotak Securities
The market took support near the 10-day simple moving average (SMS) and formed a promising reversal formation. This indicates a continuation of the pullback rally in the near term. We believe that the rangebound texture may continue in the near term.
17,550 will be an important support zone for the bulls. Above this the index can go up to 17,900-18,000. On the other hand, if the index closes below the 10-day SMA or 17,550, it is likely to decline further and slide towards 17,400-17,300.
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