The benchmark equity indices ended with marginal gains on April 29 after giving up most of the opening gains. The Nifty opened higher but fell in the early part of the day to make an intra-day low at 10:50 hours. A feeble recovery followed amid volatility on April F&O expiry day. At close, the Nifty was up 30.40 points or 0.20 percent at 14,894.90.
Deepak Jasani, Head of Retail Research, HDFC Securities, said volumes on the NSE were in line with recent averages. Among sectors, metals was the main gainer while PSU Bank and auto indices fell the most. Indian steelmakers rose after China tweaked its import and export levies on steel, signaling that the world’s largest consumer of the alloy is willing to import more to meet its growing requirements.
Nifty failed to hold above 15,000-level. Negative advance decline ratio suggests some caution among market participants. 15,050 could be a resistance on the up for the Nifty while 14,695 could act as a support. Going by the slow fall seen so far, it seems that Nifty has not yet made a top in this upward movement.
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities said the 4.5 percent surge in the metal index helped the benchmark index -- Nifty/Sensex regained 15,000/50,000 levels. "On Wednesday, the Nifty/Sensex by dismissing the level of 15,000/50,270, the market has shifted the bottom from 13,600/46,160 to 14,100/47,200 levels. This is positive, as it would minimize the downside for the market," Chouhan said.
Sumeet Bagadia, Executive Director, Choice Broking, said Reliance, JSW Steel, Tata Steel and Bajaj twins were the top contributors to index gains which was partially offset by HDFC losses. On sectoral hand, most indices ended on a negative note. In near-term, market participants will keep an eye over US GDP data, US weekly jobs data and corporate results.
It was a volatile session due to the monthly expiry as after a gap-up opening, the benchmark index touched 15000 mark, but a sudden sell-off has been noticed in the early trades, and Nifty slipped more than 200 points from the day high, making a low of 14,814.95 levels. Finally, the index has managed to close at 14,888.80 levels with a gain of 24 points while Bank Nifty has settled at 33,714.50 levels with a marginal loss of 0.02 percent.
Most of the indices like Nifty Auto, IT, FMCG showed some correction while Nifty Metal was the market leader with a gain of 5.2 pecent in a day. Technically, the Index has given a breakout of its upper band of Falling Wedge formation, which signifies a bull run in the counter. Moreover, the index has given closing above 21- Days Moving Averages. At present, the Nifty index has a support at 14,700 levels, while an upside resistance seems at 15,000 levels.
Abhishek A Rastogi, partner at Khaitan & Co said, “While COVID-19 may leave immeasurable carnage, the show must not stop! Gold continues to dip and it appears that sentiments are improving for equity. As India gets timely support from other countries as a gesture of what India did to help others in the past, the market has taken it positively," he said.