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Equity benchmarks turned volatile after strong opening on Wednesday. The 30-share BSE Sensex opened more than 100 points higher but could not sustain entire gains. 

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Today Market News:-

• The index rose 53.10 points to 25869.46 and the 50-share NSE Nifty advanced 7.15 points to 7921.85.
• HDFC gained 2.4 percent after the company's board approved 10 percent stake sale in its insurance arm HDFC Life Insurance through public offer.
• TCS fell 1.6 percent after missed analysts' expectations on Q4 margin front, though profit beat forecast.
• Globally, Asian markets remained mixed with Shanghai falling 2.5 percent and Hang Seng down 1 percent while Nikkei rose 0.3 percent.
• Neelkanth Mishra of Credit Suisse says commodity prices have rebounded from 25-year lows hit in January 2016 and prices are up for most large commodities.
• The S&P 500 and Dow Jones closed at their highest levels of the year so far. The S&P 500 closed above the psychologically key 2,100 level for the first time since December 1, 2015.
• The Reserve Bank is expected to go for another 50 bps rate cut in the current financial year as there is room for further easing in monetary conditions, a Morgan Stanley report says.

Intraday Market Live News By CapitalHeight

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Market Opening News:-

The Nifty hit 7800 briefly. The 50-share index is up 87.95 points or 1.1 percent at 7796.90. The Sensex is up 311.03 points or 1.2 percent at 25456.62, and the Nifty up 87.95 points or 1.1 percent at 7796.90. About 1067 shares have advanced, 155 shares declined, and 27 shares are unchanged.

          Market has opened on strong note building hopes of a good monsoon predicted by the weather department. The Sensex is up 301.24 points or 1.2 percent at 25446.83, and the Nifty up 82.80 points or 1 percent at 7791.75. About 701 shares have advanced, 81 shares declined, and 22 shares are unchanged.

           ICI Bank, Wipro, Hindalco, ONGC and SBI are top gainers.

The Indian rupee gained in the early trade. It has opened higher by 8 paise at 66.35 per dollar versus 66.43 Tuesday.

           The dollar rebounded from a more than seven-month low against a basket of currencies led by gains versus the safe-haven yen. Gains in oil also drove a rally in commodity-linked currencies such as the Australian and Canadian dollars.

          Asia markets traded higher, after a rise in oil prices powered gains in US equities overnight. The US market also ended higher following a surge in energy stocks. The Dow Jones closed up in triple digits.

Intraday Stock Market Live News; Nifty fell 9.70 points to 7545.50

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Globally, gold climbed as much as 1.07 percent to USD 1,251.70 an ounce in Singapore today.
           Gold prices rose 0.53 percent to Rs 29,284 per 10 grams in futures trade today as speculators raised their bets, taking positive cues from global markets.Market analysts said rise in gold prices at futures trade was largely in step with a firm trend overseas as global economic-growth concerns boosted the metal's appeal as a haven asset.

                       Sun Pharmaceutical Industries shares gained 2 percent intraday on approval from the US health regulator for anti-inflammatory drug. One of wholly owned subsidiaries of the company, on April 9, received approval from US Food & Drug Administration (USFDA) for new drug application (NDA) related to BromSite (bromfenac ophthalmic solution) 0.075 percent. The drug is used for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery. BromSite, developed by InSite Vision, is the first non-steroidal anti-inflammatory drug (NSAID) approved by the USFDA to prevent pain and treat inflammation in the eye for patients undergoing cataract surgery.

             The soon-to-be launched snow park at Adlabs Imagica is a move towards achieving cash break-even for the company, says Kapil Bagla, CEO of Adlabs Entertainment . Bagla hopes the theme park to break even in FY17. Spread across an area of 30,000 sq ft, the expected footfalls for the snow park is around 3000-4000 per day, which will increase the annual capacity to 15 lakh. The theme park is located just off the Mumbai-Pune Expressway. Bagla expects revenue from the snow park to be around Rs 15-18 crore, and says it would contribute about 25 percent to the total Adlabs business.

 

Intraday Market Update; Sensex falling 108.77 points to 25290.88

The market continued to see selling pressure with the Sensex falling 108.77 points to 25290.88 and the Nifty declining 36.70 points to 7722.10 ahead of first monetary policy of the RBI in financial year 2016-17. The broader markets too were down with the BSE Midcap and Smallcap indices slipping 0.2 percent each.  For More Info visit at  www.capitalheight.com/about.php   or please call at +91 9993066624, 0731 - 6615050.

Market Outlook:-
The market breadth was weak as about 916 shares declined against 732 advancing shares on Bombay Stock Exchange.
        Adani Ports topped selling list on Sensex, down nearly 3 percent followed by ITC, Tata Motors, Bharti Airtel and GAIL with more than 1 percent loss while HUL gained 1 percent.
        Maruti Suzuki India has officially announced that it intends to double its existing sales network by 2020. Currently, the dealer network of India's largest carmaker comprises of 1,820 traditional dealerships spread across 1,470 cities. The company is planning to add another 200 dealerships in the current fiscal which will increase the total number to over 2,000. The carmaker expects that increasing sales network will help them in attaining their goal of selling 20 lakh units by 2020.

Afternoon Equity Market Overview By CapitalHeight

Equity benchmarks continued to consolidate in noon trade ahead of RBI monetary policy that is scheduled to be on Tuesday. The Sensex gained 16.80 points at 25286.44 and the Nifty rose 12.35 points to 7725.40.
         Oil prices fell as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high. Front month US West Texas Intermediate (WTI) crude futures were trading at USD 36.30 per barrel, down 1.3 percent or 49 cents from their last settlement. International Brent futures were down 4 percent or 1.63 cents at USD 38.70 a barrel.
          Hindalco Industries topped buying list on Sensex, up 4 percent followed by Infosys, Tata Motors, M&M, Dr Reddy's Labs, Wipro, Bajaj Auto and Tata Steel with more than 1 percent upside. ITC, Lupin and ONGC were down more than 1 percent.

          With inflation under check and government sticking to its fiscal consolidation path, market expectations are that RBI may cut interest rate by up to 0.50 percent in its first bi-monthly monetary policy review for 2016-17 on Tuesday in order to propel growth. The government has also pared the small savings interest rate by up to 1.3 percent providing cushion to the Reserve Bank for cutting the policy rate.        Finance Minister Arun Jaitley too had last week expressed desire that the RBI should cut rate, stating "I want what everybody wants. At this stage if rate cuts do take place it's certainly going to be helpful because you need a more efficient economy and you need a more competitive cost of capital". Bankers said high interest rate could make Indian economy sluggish given that inflation is around 5 percent.

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