Indian equity benchmarks extended their winning run to a second consecutive day on Monday, surging over 2% in the session and closing above the crucial 18,050 (Nifty) and 60,600 (Sensex) levels. The key benchmarks began the day on a positive note, bolstered by heavy purchasing in the banking and financial sectors following the announcement of the merger between HDFC and HDFC Bank.

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The Nifty50 has confirmed the breakout of a bullish engulfing pattern and moved above its prior swing highs, according to Sachin Gupta, AVP-Research at Choice Broking.

“The index has sustained above its 50-day exponential moving average and showed a positive crossover in MACD and Stochastic (momentum indicators), suggesting a bullish move in the near term,” he said.

Indian Indices

Sensex rose 1335.05 points or 2.25% to 60,611.74 and Nifty was up by 382.95 points or 2.17% to 18,053.40 in the previous session. Sensex touched a high and low of 60,845.10 and 59,760.22, respectively. There were 28 stocks advancing against 2 stocks declining on the index. Nifty traded in a range of 18,114.65 and 17,791.40. There were 46 stocks advancing against 4 stocks declining on the index.

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Broader Indices

The broader indices ended in green with the BSE Midcap index rising 1.27%, while the Small cap index was up by 1.68%. The top gaining sectoral indices on the BSE were Finance up by 4.25%, Bankex up by 3.45%, Power up by 3.00%, Utilities up by 2.93% and Metal up by 2.04%, while there were no losing sectoral indices on the BSE.

Support and Resistance levels

The key support level for the Nifty is placed at 17,858, followed by 17,663. If the index moves up, the key resistance levels to watch out for are 18,182 and 18,310, according to pivot charts.

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SGX Nifty

The trends on SGX Nifty indicate a flat opening for the index in India with a 3-points loss. The Nifty futures were trading at 18,195.00 on the Singaporean Exchange around 06:45 hours IST.

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 0.91% and Japan’s Nikkei 225 is up 0.25%.

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US Markets

The S&P 500 rose 36.78 points, or 0.8%, to 4,582.64.

The Dow Jones Industrial Average rose 103.61 points, or 0.3%, to 34,921.88.

The Nasdaq rose 271.05 points, or 1.9%, to 14,532.55.

The Russell 2000 index of smaller companies rose 4.33 points, or 0.2%, to 2,095.44.

European Markets

European markets finished higher yesterday with shares in France leading the region. The CAC 40 was up 0.70% while Germany’s DAX was up 0.50% and London’s FTSE 100 was up 0.28%.

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HDFC Ltd to merge with HDFC Bank

HDFC announced a merger with HDFC Bank today, with a share merger ratio of 42 shares of HDFC Bank to 25 shares of HDFC. HDFC Bank will be able to expand its home loan portfolio and expand its existing customer base as a result of the proposed deal. Following the proposed merger, HDFC will hold a 41% stake in the merged entity. The merger is subject to clearance from the RBI and other regulatory bodies. HDFC has overall assets of Rs 6.23 lakh crore as of today, whereas HDFC Bank has assets worth Rs 19.38 lakh crore. As per an exchange filing, the proposed transaction will help leverage and create meaningful value for various stakeholders. It is also expected to benefit from increased scale, comprehensive product offering, balance sheet resiliency and the ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies.

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SBI cards block deal: Carlyle to sell entire stake in firm for Rs 2,558 crore

Carlyle Group, a private equity company, will sell its entire stake in SBI Cards & Payments Services Ltd in a block deal for up to Rs 2,558 crore, reported Moneycontrol. CA Rover Holdings, a Carlyle subsidiary that had 29.20 million shares or a 3.09% holding in SBI Cards as of the December 2021 quarter, would sell its entire stake in the company through the block deal. According to Bloomberg, the shares are being offered between Rs 851.50 and Rs 876.75 a share, reflecting a nearly 3% discount on the current market price. Citigroup is acting as the deal’s sole book-running manager.

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CCI orders probe of Zomato, Swiggy conduct for alleged unfair business practices

India’s antitrust body Competition Commission of India (CCI) on April 4 has ordered a probe into the conduct of online food delivery platforms Zomato and Swiggy. CCI said the conduct of food aggregators Swiggy and Zomato, which are facing allegations such as delayed payments cycle, imposition of one-sided clauses and exorbitant commission, requires an investigation. The trade regulator has asked the deputy general to conduct a detailed inquiry into the accusations and submit a report within 60 days. “There exists a prima facie case concerning the conduct of Zomato and Swiggy, which requires an investigation by the Director-General to determine whether their conduct resulted in contravention of the provisions in Section 3(1) of the Competition Act read with Section 3(4). The DG is, thus, directed to carry out a detailed investigation and submit a report within 60 days,” the CCI said.

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Paytm Payments Bank yet to act on RBI’s order, MoS Finance tells Lok Sabha

Paytm Payment Bank is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the Parliament. “The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank,” Karad said in a written reply to a question on April 4. On March 11, the RBI barred SoftBank-backed Paytm Payments Bank Limited (PPBL) from onboarding new customers and directed it to appoint a firm to conduct an audit of its IT system. Paytm Payments Bank will require specific permission from the RBI to restart accepting new customers after a review of the audit. Soon after RBI’s action, Paytm Payments Bank had said in an exchange filing that it was taking immediate steps to comply with the directions. It also stated that existing customers will not be affected and they can continue using PPBL banking and payment services.

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SEBI forms panel to improve governance of market infra institutions

Market regulator Securities Exchange Board of India (SEBI) on April 4 constituted an ad-hoc committee for reviewing and suggesting measures for further strengthening governance norms at the stock exchange and other market infrastructure institutions (MIIs). This comes after the alleged corporate governance lapses at NSE, with several issues coming to the front following a SEBI order that disclosed the existence of a ‘Himalayan Yogi’ who influenced the decisions of the exchange’s former MD and CEO Chitra Ramakrishna. The six-member panel will be headed by G Mahalingam, a former whole-time member of SEBI, according to the statement. Other members of the committee are J N Gupta, MD of Stakeholders Empowerment Services; Aarti Nihalani, Partner, Oliver Wyman; Sandip Bhagat, Partner, S&R Associates and Uttam Bagri, Former Chairman, BSE Brokers Forum. The managing directors and chief executive officers of NSE, BSE, NSDL and CDSL have also been included in the panel, SEBI said.

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Bulk Deal data

KAUSHIK MAHESH WAGHELA bought 48,000 shares in Atal Realtech Limited at Rs 124.00 per share on the NSE.

LOK PRAKASHAN LTD bought 1,21,572 shares in Cords Cable Industries Limited at Rs 60.62 per share on the NSE.

NUPUR ANIL SHAH bought 51,502 shares in Dangee Dums Limited at Rs 309.99 per share on the NSE.

LT FINANCE LIMITED sold 13,56,057 shares in Diamond Power Infra Ltd at Rs 1.55 per share on the NSE.

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MANSI SHARES & STOCK ADVISORS PVT LTD bought 35,00,000 shares in GMR Pow and Urban Infra Limited at Rs 30.40 per share on the NSE.

SANJAY POPATLAL JAIN bought 96,000 shares of Goldstar Power Limited at Rs 24.25 per share on NSE.

ALPHA LEON ENTERPRISES LLP bought 7,05,814 shares of Hind Natl Glass & Ind Ltd at Rs 17.00 per share on NSE.

BOESKY SECURITES PRIVATE LIMITED sold 48,349 shares in IMP Powers Ltd at Rs 13.65 per share on the NSE.

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GOLDMINE STOCKS PRIVATE LIMITED sold 1,26,000 shares in Innovative Tyres & Tubes at Rs 5.20 per share on the NSE.

RAJ SAJAN NARENDRA sold 1,50,000 shares in Maheshwari Logistics Limited at Rs 100.08 per share on the NSE.

PARAG COMMOSALES sold 2,72,844 shares in North East Carry Corp Ltd at Rs 32.51 per share on the NSE.

RAJASTHAN GLOBAL SECURITIES LIMITED sold 57,600 shares in P. E. Analytics Limited at Rs 170.00 per share on the NSE.

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NIRAJ HARSUKHLAL SANGHAVI bought 34,800 shares of SecUR Credentials Limited at Rs 125.72 per share on NSE.

JAYANTILAL HANSRAJ HUF sold 2,00,000 shares of Suumaya Industries Ltd at Rs 106.25 per share on NSE.

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DII and FII data

Foreign institutional investors (FIIs) bought shares worth a net Rs 1,152.21 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 1,675.01 crore in the Indian equity market on April 4, 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 5. 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.