The key domestic benchmarks hit a record high today as the Sensex advanced by more than 130 points led by gains in capital goods and metal stocks as foreign investors upped buying momentum in Indian equities amid hopes of a stable and growth friendly government after the general elections. Investors were optimistic ahead of the Q4 GDP numbers to be released on Friday. While India’s economy may have seen below 5 per cent growth for a fifth straight quarter, economy experts reckon that the worst of the slowdown maybe over with growth expected to pick up in the coming quarters. Markets will be closed on Thursday on the occasion of Mahashivratri. Asian stocks ended lower in subdued trade with many markets being closed due to the Easter holiday. China’s Shanghai Composite slumped amid concerns that new share sales may draw away funds from equities. Japan’s Nikkei 225 ended tad lower as Japan posted the weakest export growth in a year in March 2014 as the trade shortfall quadrupled to 1.45 trillion yen. The Market breadth, indicating the overall health of the market, was strong. On BSE out of out of total shares traded3028, shares advanced were 1803 while 1032 shares declined and 123 were unchanged. Stocks like Clutch Auto,ITDC , Puravanakara projects , Spicejet made new 52 week low and ABB, Ajanta Pharma , Apollo tyre , Bajaj electricals , Bharat forge ,CESC , Divis Labs, Dr Reddy , HCL tech ,Lupin, Polaris continue to make new 52 week high today. Top Nifty Gainers were SESA STERLITE , L&T , Mahindra and Mahindra , TATA STEEL, PNB. Top Nifty Losers were WIPRO , HIND UNILEVER , CAIRN INDIA , POWER GRID , DLF.
Global Markets Updates:
European shares were on trading HIGHER as there was some weak data and the situation in Ukraine however they pulled back as the German business climate came in better than expected. Both Dow and Nasdaq Futures were trading in GREEN today.
Summary
RSI was at 68 MACD positive below signal line; India VIX was at 34~ which all Indicate that market are in uptrend for immediate short term. Today, Nifty closed above its 200 DMA (6101), 50 DMA (6430),20 DMA (6688) ,5 DMA (6756) which all indicate that market may see some upside in the near future.
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