Mint Ø Net inflows into equity MFs soar in March despite market turmoil Ø DHFL Promoters, 21 Others detained at Farmhouse for violating Lockdown norms Ø Eye on Revenues, Private Labs wary about testing all for free
Financial Express Ø IDFC First Bank says Retail Deposits grew 16% q-o-q in Q4, withholds Total Deposit data Ø Adani Green Energy generation capacity jumps 30% to 2.5 GW in FY20
Financial Express Ø FY20 Petroleum Products consumption flat, March sees 18% slump Ø After SBI and HDFC Bank, Bank of Baroda also cuts MCLR across tenors by 15 BPS
Financial Express Ø Banks unclear on classification of Rs 1 Lakh Crore as NPA in Q4 Ø Reserve Bank of India says Credit Growth to remain subdued Ø Maharashtra Electricity Company clears dues of Rs 4000 Crore to IPPs Ø ITC working with 17 States for Essential Supplies
Business Standard Ø Agriculture Ministry raises Daily Purchase Limit of Oilseeds, Pulses Ø RBI admits GDP forecasts prior to Coronavirus Outbreak were off the mark Ø Industrial Output at 4.5% in Feb, may shrink in March over Covid-19 Crisis
Business Standard Ø Covid-19 impact: Govt begins mapping of Migrant workers for Relief Measures Ø L&T board approves Fund raising up to Rs 9000 Crore via various instruments Ø IT Sector braces for a rough ride as ISG predicts delay in Client spending
The virus outbreak and crashing oil prices will cost the Mideast and North Africa approximately $116 billion in growth, according to the World Bank
Long build-up in Lupin, Maruti, LIC Housing Finance, Cipla and Bajaj Auto while marginal shorts were seen in HUL, TechM, Dabur, MFSL and Dr Reddy’s Lab.
Nifty futures closed positive with a gain of 3.65% at 9,070 level.
Bank Nifty Overall, the medium-term chart structure is negative, but some bounce could be seen with the immediate support at 19,100. Higher volatility and weakness in the overall trading setup suggest that the upside could be capped again.
Bank Nifty Going forward, immediate resistance for Bank Nifty is placed at 21,000 and then 21,500 levels while supports can be seen around 19,100 and 18,500 levels.
Bank Nifty Thus, it also ended a losing streak of six weeks, and logged the biggest weekly gain since May, 2009. However, Bank Nifty is still trading below its recent swing low of 21,462 and 20 DEMA.
Bank Nifty outperformed the benchmark index and rallied by 5.10%. It formed a bullish candle on both daily and weekly charts and witnessed a sharp short-covering bounce before concluding the shortened week with a gain of 15.45%.
19 stocks ‘overbought’ As many as 19 stocks turned ‘overbought’ as they crossed the 70 mark on RSI indicator. They included Lupin, Marksans Pharma, Gennex Labs, Orient Paper, FCS Software, Auro Labs, Lyka Labs and Malu Paper Mills, among others.
Nifty Auto Index was the biggest gainer jumping 10.52 per cent, which helped it break an eight-week losing streak by gaining 23 per cent in three sessions. Nifty Pharma recorded the best week in history jumping 20 per cent. All sectoral indices on NSE closed in the green.
IDBI okays stake sale Shares of IDBI Bank jumped over 7.05 per cent to Rs 21.25 after the bank board okayed a proposal to sell the bank's stake in life insurance joint venture, in addition to approving a fundraising plan.
Market News Trending Companies
|InterGlobe Aviation Ltd||1360.95||2.09%|
|Cadila Healthcare Ltd||260.00||1.38%|
|Jai Corp Ltd||106.10||8.40%|
|Dewan Housing Finance Corp Ltd||16.10||-2.13%|
|Godrej Consumer Products Ltd||688.95||0.62%|
|Hindustan Unilever Ltd||1927.45||-0.32%|
|ICICI Bank Ltd||538.85||-0.21%|
|HDFC Bank Ltd||1268.40||-1.42%|
|Indian Oil Corp Ltd||126.85||0.00%|
|End of day prices|