Indian equity indexes closed more than a half-percentage point down on Tuesday, snapping a two-day winning streak amid cautious advances in most global markets. The emphasis of investors has shifted back to the Russia-Ukraine conflict and increasing oil prices.

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The Nifty50 has formed a reasonable negative candle on the daily chart following the previous day’s long bull candle, suggesting profit booking at the highs, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. 

“Tuesday’s weakness so far has not damaged the recent uptrend status of the market. The Nifty is showing consolidation or minor weakness at crucial resistance around 18,200,” he said. 

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Indian Indices

Sensex fell 435.24 points or 0.72% to 60,176.50 and Nifty was down by 96.00 points or 0.53% to 17,957.40 in the previous session. Sensex touched high and lows of 60,786.07 and 60,067.18, respectively. There were 13 stocks advancing against 17 stocks declining on the index. Nifty traded in a range of 18,095.45 and 17,921.55. There were 25 stocks advancing against 24 stocks declining, while 1 stock remained unchanged on the index.

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Broader Indices

The broader indices ended in green with the BSE Midcap index rising 1.28%, while the Small cap index was up by 1.37%. The top gaining sectoral indices on the BSE were Power up by 3.38%, Utilities up by 3.34%, Consumer Durables up by 2.51%, Industrials up by 1.71%, FMCG up by 1.26%, while Bankex down by 1.33%, Finance down by 1.25%, Realty down by 0.16% and TECK down by 0.15% were the top losing indices on BSE.

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India VIX Index

The NSE’s India or Nifty VIX, a gauge of the market’s expectation of volatility over the near term, rose 3.24% to 18.49 on Tuesday.

Support and Resistance levels

The key support level for the Nifty is placed at 17,887, followed by 17,818. If the index moves up, the key resistance levels to watch out for are 18,061 and 18,165, according to pivot charts.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 27-points loss. The Nifty futures were trading at 17,894.00 on the Singaporean Exchange around 06:38 hours IST.

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Asian Markets

Asian markets finished broadly higher yesterday with shares in Hong Kong leading the region. The Hang Seng was up 2.10% while China’s Shanghai Composite was up 0.94% and Japan’s Nikkei 225 was up 0.19%.

US Markets

The S&P 500 fell 57.52 points, or 1.3%, to 4,525.12.

The Dow Jones Industrial Average fell 280.70 points, or 0.8%, to 34,641.18.

The Nasdaq fell 328.39 points, or 2.3%, to 14,204.17.

The Russell 2000 index of smaller companies fell 49.40 points, or 2.4%, to 2,046.04.

European Markets

European markets finished mixed on Tuesday. The FTSE 100 gained 0.72%, while the CAC 40 led the DAX lower. They fell 1.28% and 0.65% respectively.

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Bond yield surge threat only focus for traders from RBI meeting

Investors in India are expecting the central bank to step in to manage bond-market liquidity at this week’s policy review as the market confronts record debt supply, reported Bloomberg. The Reserve Bank of India (RBI) faces the challenge of managing bond yields as the government begins borrowing an unprecedented 14.31 trillion rupees ($190 billion) in April. In the meantime, rising oil prices threaten to accelerate inflation, putting pressure on policymakers to raise interest rates. According to a Bloomberg report, benchmark 10-year bond yields have surged around 50 basis points (bps) this year, with India relatively safe from global rate rise due to a lack of supply in March and dovish RBI policy. Yields rose sharply higher to 6.90% on Monday.

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Banks’ credit growth estimated at 8.9-10.2% in FY2023: ICRA report

ICRA expects the outlook for banks to be ‘stable’ in FY23, based on continued improvement in earnings driven by better credit growth of 8.9-10.2% in FY23 (8.3% for FY22 and 5.55% in FY21) and a decline in credit provisions. The asset quality of the Indian banking system is expected to improve further with its gross non-performing assets (NPAs) likely to decline to 5.6-5.7% by March 2023 from 6.2-6.3% in March 2022, according to ICRA. It is estimated that the NPAs will decline to 1.7-1.8% by the end of this fiscal year (FY23), as opposed to 2% by March 2022. Anil Gupta, vice president, of ICRA, said that the credit and other provisions are estimated to fall to 1.3-1.4% of advances in FY23 as compared to an estimated 1.7-1.8% in FY22.

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Coal India adds new curbs amid fresh coal crisis 

India is experiencing a coal supply crunch for the second year in a row. Coal India is limiting deliveries to industrial consumers to prioritize power plants, as fuel stocks are already below target levels and the traditional summer demand peak is approaching. According to a Bloomberg report, the government-owned miner restricted daily supplies to non-power sector users to 275,000 tons, which is about 17% lower than recent average daily volumes. Due to the limited availability of railway carriages, the producer has also asked production hubs to transport most fuel to industrial customers by trucks, instead of by trains, which could cause delivery delays. Aluminium producers, typically among India’s biggest electricity users, paid a 450% premium for domestic coal in March, according to the Aluminium Association of India.

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NTPC signs pact with Gujarat Gas to blend green hydrogen in PNG network

State-owned power major NTPC Limited has signed an agreement with Gujarat Gas Ltd (GGL) for an initiative to blend green hydrogen with the piped natural gas (PNG) supplied by the latter at NTPC’s Kawas power plant in the Surat district of Gujarat. Green Hydrogen will be produced using electricity from the existing 1 MW floating solar project of NTPC Kawas. According to a company statement, this will be blended with PNG in a predetermined proportion and will be used for cooking applications in NTPC Kawas Township. A first-of-its-kind project in the country, the project aims to decarbonize the cooking sector and ensure self-sufficiency for the energy needs of the nation. “With the continued focus on a clean environment, NTPC has taken up an initiative of blending of green hydrogen in Piped Natural Gas (PNG) network of GGL (Gujarat Gas Ltd) at NTPC Kawas,” the statement added.

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Bulk Deal data

CA ROVER HOLDINGS sold 261,73,488 shares of SBI Cards & Pay Ser Ltd at Rs 851.73 per share on NSE.

SANTOSH INDUSTRIES LTD sold 20,00,000 shares in Genus P&B Limited at Rs 20.25 per share on the NSE.

IDBI TRUSTEESHIP SERVICES LTD sold 34,08,772 shares in GTL Limited at Rs 11.05 per share on the NSE.

NEW BERRY CAPITALS PRIVATE LIMITED bought 1,31,200 shares in KN Agri Resources Limited at Rs 176.29 per share on the NSE.

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LAKSHMI GUTTIKONDA VARA bought 7,53,000 shares in Megasoft Limited at Rs 53.76 per share on the NSE.

SIXTEENTH STREET ASIAN GEMS FUND bought 2,20,000 shares in Rama Steel Tubes Limited at Rs 350.00 per share on the NSE.

KATTEGOUDAR RAJASHEKHARAGOUDA sold 1,38,100 shares of Shree Ram Proteins Ltd at Rs 131.05 per share on NSE.

KREDENCE MULTI TRADING LIMITED sold 28,09,193 shares in Uttam Galva Steels Limited at Rs 4.80 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) purchased shares worth a net Rs 374.89 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 105.42 crore in the Indian equity market on April 5, as per provisional data available on the NSE.

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No security or stock has been put under the F&O ban for April 6. 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.