Investors continued to examine the impact of new Western sanctions on Russia and the Fed’s plans to decrease its balance sheet as Indian equities indexes closed down on Monday, reflecting negative global indications.
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Investors awaited the start of the corporate earnings season, with Tata Consultancy Services (TCS) due to report its financial results for the March quarter after market hours today. Benchmarks started the day in the red and stayed there for the rest of the day as investors awaited the start of the corporate earnings season.
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Traders were alarmed when Reserve Bank data revealed that India’s forex reserves fell by $11.173 billion to $606.475 billion in the largest weekly drop ever, as the currency came under pressure owing to geopolitical developments.
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The Nifty50 has formed a small negative candle on the daily chart following a gap-down opening, reflecting sideways movement at the support level of 17,600, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
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The 50-scrip index is placed at its 10-day exponential moving average (EMA) around 17,650, a move below which could drag it to around 17,450, the 20-day level, he said.
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Sensex fell 482.61 points or 0.81% to 58,964.57 and Nifty was down by 109.40 points or 0.62% to 17,674.95 in the previous session. Sensex touched a high and low of 59,355.76 and 58,894.40, respectively. There were 7 stocks advancing against 23 stocks declining on the index. Nifty traded in a range of 17,779.05 and 17,650.95. There were 21 stocks advancing against 29 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE Midcap index rising 0.41%, while the Small cap index was up by 0.38%. The top gaining sectoral indices on the BSE were Power up by 5.18%, Utilities up by 5.09%, Oil & Gas up by 2.38%, Energy up by 1.73% and Realty up by 1.07%, while IT down by 1.46%, TECK down by 1.37%, Capital Goods down by 1.09%, Telecom down by 0.60%, Finance down by 0.49% were the losing indices on BSE.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, rose 3.29% to 18.27 on Monday.
SGX Nifty
The trends on SGX Nifty indicate a flat opening for the index in India with a 4-points loss. The Nifty futures were trading at 17,602.20 on the Singaporean Exchange around 06:55 hours IST.
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Support and Resistance levels
The key support level for the Nifty is placed at 17,624, followed by 17,573. If the index moves up, the key resistance levels to watch out for are 17,752 and 17,830, according to pivot charts.
The S&P 500 fell 75.75 points, or 1.7%, to 4,412.53.
The Dow Jones Industrial Average fell 413.04 points, or 1.2%, to 34,308.08.
The Nasdaq fell 299.04 points, or 2.2%, to 13,411.96.
The Russell 2000 index of smaller companies fell 14.24 points, or 0.7%, to 1,980.32.
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Asian Markets
Asian markets finished broadly lower yesterday with shares in Hong Kong leading the region. The Hang Seng was down 3.03% while China’s Shanghai Composite was off 2.61% and Japan’s Nikkei 225 was lower by 0.61%.
European Markets
European markets finished mixed on Monday. The CAC 40 gained 0.12%, while the FTSE 100 led the DAX lower. They fell 0.67% and 0.64% respectively.
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Major News Headlines
TCS Q4 results: Net profit surges 7% to Rs 9,926 crore, revenue grows 16%
Tata Consultancy Services (TCS), India’s largest IT services company, on April 11 posted a consolidated net profit of Rs 9,926 crore for the fourth quarter ending March 31, 2022, registering a 7% growth from Rs 9,246 crore a year ago. In the December quarter, its profit after tax (PAT) stood at Rs 9,769 crore. TCS consolidated revenue from operations surged 16% to Rs 50,591 crore in the fourth quarter (Q4FY22), aided by all-around growth across business verticals, stable deal wins and an increase in transformation spends by corporates. The company had posted consolidated revenue of Rs 43,705 crore in the same period last year. Its revenues during the October-December period came in at Rs 48,885 crore.
India’s fuel demand rises 4.3% in March, petrol hits all-time high
India’s fuel demand rose to a three-year high in March and petrol sales touched an all-time high as the market accumulated supplies anticipating price spikes. Despite this, the outlook for the post-pandemic economic recovery of the country remains positive. The country’s fuel demand surged 4.2% in March as petrol and diesel consumption rose above pre-pandemic levels, showed official data released on Monday. Total fuel consumption in March stood at Rs 19.41 million tonnes, its highest level since March 2019, according to data from the petroleum ministry’s Petroleum Planning and Analysis Cell. As the economy continued to recover from the deep impact of the third wave of the Covid-19 pandemic, demand for transport fuel surged in March.
‘We need 1% increase of rates’ says Uday Kotak on RBI policy
Reserve Bank of India (RBI) raised the country’s retail inflation rate projection and kept the repo rates unchanged, Uday Kotak, the CEO of Kotak Mahindra Bank has expressed concerns and questioned the decisions. Kotak said that RBI will have to increase the key rate by 1% if it aims to achieve a zero per cent real rate. He tweeted, “Sharp increase in inflation estimate to 5.7% from 4.5% assuming 100$ oil. Exit q4 fy23 estimate 5.1%. Present Repo rate at 4%. If India has to move to 0% real rate that is inflation – interest rate = 0, we need 1% increase of rates. 4 rate hikes of a quarter each?” In its first monetary policy announcement for fiscal 2022-23, the RBI has raised its inflation forecast to 5.7% against the previous estimate of 4.5%. Currently, the repo rate stands at 4% and the reverse repo rate has been maintained at 3.35%.
TRAI suggests over 35% cut in Prime 5G spectrum base price
Telecom Regulatory Authority of India (TRAI) has recommended reducing the base price of 5G airwaves, suggesting a 40% reduction in the price of the 700 MHz band and a 36% reduction in the spectrum frequency of 3300-3670 MHz bands. The regulator said it would attract competitive bidding by major telecom operators like Airtel, Jio and Vodafone Idea. Releasing its much-awaited recommendations, TRAI said that all available spectrum in the existing bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz and the new spectrum bands of 600 MHz, 3300-3670 MHz and 24.25-28.5 GHz, will be put to auction. TRAI in its statement said, “To provide flexibility to the telecom service providers, block size of 10 MHz for 3300-3670 MHz band and 50 MHz for 24.25-28.5 GHz band recommended. Spectrum to be assigned in a contiguous manner”.
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DIGVIJAY SHIVSHANGBHAI CHAVDA sold 1,00,000 shares in AMD Industries Limited at Rs 63.93 per share on the NSE.
KAPASHI COMMERCIAL LTD sold 4,12,340 shares in Asian Granito India Limited at Rs 93.21 per share on the NSE.
MANSUKH SECURITIES & FINANCE LTD bought 60,000 shares of Dev Info Technology Ltd at Rs 142.00 per share on NSE.
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GEETA CHETAN SHAH sold 10,00,000 shares in GTL Limited at Rs 13.93 per share on the NSE.
KOUSHIK SEKHAR sold 5,37,508 shares in Khaitan Chem & Fert Ltd at Rs 143.85 per share on the NSE.
SANJEEV KUMAR TAPARIA sold 1,90,000 shares of Mangalam Drugs And Organics at Rs 140.50 per share on NSE.
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BNK SECURITIES PVT LTD. bought 1,45,200 shares in Nupur Recyclers Limited at Rs 216.57 per share on the NSE.
RAJNIL SALES PRIVATE LIMITED sold 1,20,541 shares in Prakash Pipes Limited at Rs 185.61 per share on the NSE.
ASHOK KUMAR GUPTA sold 15,00,000 shares of Suvidhaa Infoserve Ltd at Rs 9.65 per share on NSE.
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NOPEA CAPITAL SERVICES PRIVATE LIMITED sold 1,29,600 shares in Uravi T And Wedg Lamp Ltd at Rs 113.00 per share on the NSE.
KREDENCE MULTI TRADING LIMITED sold 44,15,470 shares in Uttam Galva Steels Limited at Rs 4.75 per share on the NSE.
ARYA FIN-TRADE SERVICES (INDIA) PVT. LTD bought 55,000 shares of Vaishali Pharma Limited at Rs 87.34 per share on NSE.
RAJASTHAN GLOBAL SECURITIES PVT LTD sold 19,23,749 shares of Veranda Learning Sol Limited at Rs 125.00 per share on NSE.
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Foreign institutional investors (FIIs) sold shares worth a net Rs 1,145.24 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 486.51 crore in the Indian equity market on April 11, as per provisional data available on the NSE.
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Delta Corp and RBL Bank are under the F&O ban for April 12. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
