Indian benchmark indices extend losses as India’s service PMI stood at a three-month low of 47.5 points in March compared to 48.8 points in February - indicating a contraction. In February, the index had inched up
from 47.7 points in the previous month. However, underlying sentiment remains positive after RBI granted in-principle approval to IDFC and
unlisted microfinance lender Bandhan Financial Services to roll out new banks.
Globally, Asian markets were trading mostly higher after China announced a slew of pro-growth measures including railway spending and tax relief to support the economy. Shares of other banking aspirants are losing ground.
Earlier, tracking firm trend from global peers, the domestic bourses belled the day on positive note, but soon pared its gain and slipped in negative terrain. The market seems to be consolidating its position after recent bull-run as investors and speculators partially booked profit. After RBI policy, the next trigger for markets will be the elections which begin next week and the Q4 earnings data. Sensex will continue to be supported by robust inflows from foreign investors on optimism ahead of the elections.
Front line stocks like Aurobindo Pharma, Bajaj Holdings, Eicher Motors, Godrej Inds, J&K Bank, JSW Steel, Pidilite Inds, Reliance Inds, Shree Cements and SAIL made new 52 week high today. Nifty touching new high of 6776.75 and Sensex touching new high of 22620.65 which as per GANN theory of technical analysis are the major resistance area for the markets (22600 & 6775). We may see some correction here and consolidate before further rally in the market. However, second line stocks will be in focus where the
value matters for investors.
Sensex was at 22403 down 149 points while Nifty was at 6714 down 38 points at this afternoon.
from 47.7 points in the previous month. However, underlying sentiment remains positive after RBI granted in-principle approval to IDFC and
unlisted microfinance lender Bandhan Financial Services to roll out new banks.
Globally, Asian markets were trading mostly higher after China announced a slew of pro-growth measures including railway spending and tax relief to support the economy. Shares of other banking aspirants are losing ground.
Earlier, tracking firm trend from global peers, the domestic bourses belled the day on positive note, but soon pared its gain and slipped in negative terrain. The market seems to be consolidating its position after recent bull-run as investors and speculators partially booked profit. After RBI policy, the next trigger for markets will be the elections which begin next week and the Q4 earnings data. Sensex will continue to be supported by robust inflows from foreign investors on optimism ahead of the elections.
Front line stocks like Aurobindo Pharma, Bajaj Holdings, Eicher Motors, Godrej Inds, J&K Bank, JSW Steel, Pidilite Inds, Reliance Inds, Shree Cements and SAIL made new 52 week high today. Nifty touching new high of 6776.75 and Sensex touching new high of 22620.65 which as per GANN theory of technical analysis are the major resistance area for the markets (22600 & 6775). We may see some correction here and consolidate before further rally in the market. However, second line stocks will be in focus where the
value matters for investors.
Sensex was at 22403 down 149 points while Nifty was at 6714 down 38 points at this afternoon.
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