Market Opens :
Indian indices opened higher on Friday with Nifty trading above 11,600 level.
At 09:17 hrs IST, the Sensex is up 112.68 points at 38797.40, while Nifty is up 36.90 points at 11634.90. About 544 shares have advanced, 199 shares declined, and 43 shares are unchanged.
Yes Bank, Cipla, Titan, IndusInd Bank, M&M, Hero Moto, Vedanta, Zee Entertainment, Sun Pharma, IOC, are among major gainers, losers are Adani Ports, Britannia, Cola India, Bharti Airtel.
All the sectoral indices are trading in green led by metal, IT, auto and bank.
Rupee Opens :
The Indian rupee opened higher by 9 paise at 69.07 per dollar on Friday against previous close 69.16.
Yesterday the rupee plunged 76 paise to close at 69.17 after RBI in its polict meeting cut the repo rate by 25 bps and kept the monetary policy stance neutral.
Rupee was weighed down against the US dollar in the last hour of the sessions after the RBI in its policy statement cut rates by 25bps. The central bank held its stance to neutral in a widely expected move to boost the economy.
Four out of six MPC members voted for a 25bps cut, while two called for the rates to remain unchanged. While the central bank projected retail inflation at 3.8% by January-March 2020 - within its target of 4% - it also warned of the upside risks to price pressures if food and fuel prices rose abruptly, or if fiscal deficits overshot targets.
Today, USD-INR pair is expected to quote in the range of 68.80 and 69.50-69.80.
Global Markets :
SGX Nifty:
Trends on SGX Nifty indicate a positive opening for the broader indices in India, a gain of 12.50 points or 0.11 percent. Nifty futures were trading around 11,697.50-level on the Singaporean Exchange.
Asia trade mixed :
Asian share markets consolidated weekly gains on Friday as Sino-US talks dragged on with no concrete conclusions, while caution ahead of US payrolls and a holiday in China and Hong Kong dampened volatility.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed and near its highest since the end of August. Japan’s Nikkei added 0.1 percent, to be 2.6 percent firmer for the week.
Wall Street ends higher:
The benchmark S&P 500 stock index edged higher, nearing a six-month high on Thursday, with losses in technology stocks countered by gains in Boeing Co and Facebook Inc as investors waited for more clarity on the US-China trade talks.
The Dow Jones Industrial Average rose 166.5 points, or 0.64 percent, to 26,384.63, the S&P 500 gained 5.99 points, or 0.21 percent, to 2,879.39 and the Nasdaq Composite dropped 3.77 points, or 0.05 percent, to 7,891.78.
US weekly jobless claims fall to lowest level since 1969
The number of Americans filing applications for unemployment benefits fell to a more than 49-year low last week, pointing to sustained labor market strength despite slowing economic growth.
Other data on Thursday showed US-based companies announced fewer layoffs in March, but job cuts for the first quarter were the highest since 2015. The economy is losing momentum as the stimulus from a $1.5 trillion tax cut package fades.
Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 202,000 for the week ended March 30, the lowest level since early December 1969, the Labor Department said. Data for the prior week was revised to show 1,000 more applications received than previously reported.
Anticipation mounts for Trump-Xi summit as US-China talks near end
The White House on Thursday stoked anticipation President Donald Trump could announce a summit with his Chinese counterpart Xi Jinping to finalize a trade agreement resolving their nine month-trade war. Both US and Chinese officials have projected cautious optimism for months but momentum has slowed as the two sides tussle over whether and when Washington should remove the punishing tariffs it imposed last year on Chinese goods.
Chinese trade envoy Liu He is due to meet with Trump later in the day at the conclusion of the latest round of talks, while US officials have said the negotiations are near an end one way or the other. Trump tweeted earlier that the talks, as well as efforts to ratify a new agreement on North American trade, were "moving along very nicely," renewing the positive mood that officials have projected since January.
Oil prices fall, Brent drops away from $70
Oil prices fell on Friday, with Brent slipping away from the USD 70 mark after briefly rising above that level in the previous session, as traders fretted about progress in US-China talks to end a trade war.
International benchmark Brent futures dropped 23 cents, or 0.3 percent, to USD 69.17 a barrel by 0040. US West Texas Intermediate (WTI) crude was down 2 cents at USD 62.08.
Domestic Markets :
The market fell for the second consecutive session on April 4 as a lower growth forecast by RBI dented trader sentiment. Banks, technology and metal stocks pulled benchmark indices lower.
Profit booking could also be a reason after the Monetary Policy Committee cut repo rate by 25 basis points (bps), on expected lines.
The BSE Sensex dropped 192.40 points to 38,684.72 while the Nifty 50 slipped 46 points to 11,598, forming a bearish candle resembling a 'Bearish Belt Hold' kind of formation on daily charts.
According to the Pivot charts, the key support level is placed at 11,550.63, followed by 11,503.27. If the index starts moving upward, key resistance levels to watch out are 11,653.93 and 11,709.87.
The Nifty Bank index closed at 29,904.90, down 188.40 points on April 4. The important Pivot level, which will act as crucial support for the index, is placed at 29,727.97, followed by 29,551.04. On the upside, key resistance levels are placed at 30,163.77, followed by 30,422.63.
Here are stocks that are in the news today:
Alembic Pharma received establishment inspection report from USFDA for Panelav formulation facility
Godrej Properties: Company adds a new residential project in Navi Mumbai. Company increased its equity stake in Wonder Space Properties Private Limited from 25.1 percent to 96.03 percent by acquiring equity shares from Shubh Properties Cooperatief U.A.
Titan Company: Company sales grew in FY19 by around 21 percent, targets around 20 percent growth in FY20 despite the muted outlook for economy. Jewellery division grew 22 percent and Eyewear 23 percent in FY19.
Cipla: Company received the Establishment Inspection Report (EIR) from USFDA, indicating closure of the inspection of Goa manufacturing facility.
Bal Pharma: Company received EU-GMP approval for formulations manufacturing plant at Rudrapur, Uttarakhand.
Hindustan Copper's ore production stood at 41.22 lakh tonnes for financial year 2018-19
Zensar Technologies: Company starts operations in Mexico, Latin American market.
VIP Industries: There was a fire accident at company's in warehouse at Uttar Pradesh and there was no loss to human life. Company is taking adequate steps to ensure re-functioning of the Warehouse.
Bandhan Bank /Gruh Finance filled application in relation to the scheme of amalgamation of GRUH Finance into and with Bandhan Bank with NCLT
Amara Raja Batteries: Gallas to buy 2 percent stake from Johnson Controls in Amara Raja Batteries, increasing shareholding to 28 percent.
Mahindra & Mahindra: Swaraj Tractors crosses 15 lakh units production milestone. It produces over 1,20,000 tractors in 2018-19, second highest by an Indian tractor brand during the year.
Maruti Suzuki production in March 2019 at 1,72,195 against 1,36,201, down 20.9%
Akme Star Housing Finance: Loan and Investment Committee approved the sanction of term loan facility of Rs 6 crore by Hinduja Housing Finance Limited.
HMT: Company and its subsidiaries have recorded an increase in FY19 turnover over the previous year, and achieved the targets of production and sales set for the year 2018-19.
VST Tillers Tractors: March sales fell to 4,815 units versus 7,399 units in March 2019.
Britannia Industries issued commercial papers for an aggregate amount of Rs 500 crores with tenure upto 260 days
Mold Tek Packaging's subsidiary has not bagged the anticipated order and management of the Company has decided to reduce operating capacity and has started further withdrawal of equipment from Mold Tek Packaging FZE, RAK UAE
Rallis India has received lefter ftom GPCB revoking the suspension order for the operations at one of the units in Ankleshwar, Gujarat
Analyst or Board Meet/Briefings
Apcotex Industries: Board meeting is scheduled on April 25 to consider FY19 results and recommend dividend, if any, and the proposal of sub-division of equity shares of the company.
Persistent Systems: Board meeting is scheduled on April 27 to consider FY19 results and recommend dividend, if any.
GTPL Hathway: Board meeting is scheduled on April 12 to consider FY19 results and recommend dividend, if any.
Kalpataru Power Transmission: Company's officials will meet SBI Life Insurance on April 5 and attend IIFL Ahmedabad Corporate Day/Caravan on April 8.
Four stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For April 5, Adani Power, IDBI Bank, Jet Airways and Reliance Power are present in this list.
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