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Nifty traded in a narrow range post-major event and closed with a loss of 28 points at 26697 levels. Sector-wise it was a mixed bag Major buying was seen in government companies especially PSU Bank which was up 3% post-FM speech. On the global front, the US Fed concluded by maintaining its status quo and did not hint at an early rate cut which dampened global sentiments. In the Interim Budget, the government emphasized empowering 4 pillars of Viksit Bharat namely Youth, Poor, Women, and Farmers. Further, the government continues to focus on consolidating the fiscal deficit and investing in infrastructure. Some of the sectors to benefit are affordable housing & finance, infra, railway, defense, and consumption. With two major events now behind, we expect markets to take support from the ongoing earning season and should remain in positive territory.
Nifty traded in a narrow range post-major event and closed with a loss of 28 points at 26697 levels. Sector-wise it was a mixed bag Major buying was seen in government companies especially PSU Bank which was up 3% post-FM speech. On the global front, the US Fed concluded by maintaining its status quo and did not hint at an early rate cut which dampened global sentiments. In the Interim Budget, the government emphasized empowering 4 pillars of Viksit Bharat namely Youth, Poor, Women, and Farmers. Further, the government continues to focus on consolidating the fiscal deficit and investing in infrastructure. Some of the sectors to benefit are affordable housing & finance, infra, railway, defense, and consumption. With two major events now behind, we expect markets to take support from the ongoing earning season and should remain in positive territory.
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Nobody was expecting any major announcement in the Budget and hence we saw a range-bound trend with a negative bias. Global markets too were subdued and hence select profit-taking was seen in telecom and realty stocks. Technically, the immediate resistance for Nifty is at the 21,840 mark, whereas the immediate support is placed at 21,650. Any move below 21,650 may lead to a down-move towards 21,580 and 21,540. Major support continues to be at the 21,500 mark. For Bank Nifty, the immediate resistance is in the 46,400 to 46,600 zone, above which we can observe further upward movement towards 47,000 levels. Immediate support is, however, placed at 45,500.
Nobody was expecting any major announcement in the Budget and hence we saw a range-bound trend with a negative bias. Global markets too were subdued and hence select profit-taking was seen in telecom and realty stocks. Technically, the immediate resistance for Nifty is at the 21,840 mark, whereas the immediate support is placed at 21,650. Any move below 21,650 may lead to a down-move towards 21,580 and 21,540. Major support continues to be at the 21,500 mark. For Bank Nifty, the immediate resistance is in the 46,400 to 46,600 zone, above which we can observe further upward movement towards 47,000 levels. Immediate support is, however, placed at 45,500.
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The domestic market was marginally disappointed by lower than expected infra spending in the interim budget. However, the government's commitment to fiscal prudence, targeting a fiscal deficit of 5.1% for FY25BE, is expected to improve the outlook on economic ratings. This led to a significant drop in India's 10-year yield by 100bps to 7.04%, reflecting optimism due to lower-than-expected government borrowing. Meanwhile, the US FED's decision to maintain rates without clear guidance on future cuts dampened market sentiments
The domestic market was marginally disappointed by lower than expected infra spending in the interim budget. However, the government's commitment to fiscal prudence, targeting a fiscal deficit of 5.1% for FY25BE, is expected to improve the outlook on economic ratings. This led to a significant drop in India's 10-year yield by 100bps to 7.04%, reflecting optimism due to lower-than-expected government borrowing. Meanwhile, the US FED's decision to maintain rates without clear guidance on future cuts dampened market sentiments
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Titan Q3 Results | PAT at Rs 1040 crore vs ET NOW poll of Rs 1159 crore; Revenue at Rs 13,052 crore vs ET NOW poll of Rs 13,047 crore YoY
Titan Q3 Results | PAT at Rs 1040 crore vs ET NOW poll of Rs 1159 crore; Revenue at Rs 13,052 crore vs ET NOW poll of Rs 13,047 crore YoY
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BUDGET 2024 LIVE | Amit Kumar, Partner and Energy & Renewables, Grant Thornton Bharat on solar rooftop scheme
BUDGET 2024 LIVE | Amit Kumar, Partner and Energy & Renewables, Grant Thornton Bharat on solar rooftop scheme
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While the budget itself contained minimal surprises, it reflected the government's commitment to fiscal prudence and tempered expectations. Unsurprisingly, the market showed muted reaction, choosing to prioritize upcoming earnings reports and global developments as drivers of stock- and sector-specific outperformance. For Nifty, the key resistance zone lies at 21800-21850; a break above this level could pave the way for a new all-time high. Conversely, immediate support sits at 21500, with 21200 providing the next safety net.
While the budget itself contained minimal surprises, it reflected the government's commitment to fiscal prudence and tempered expectations. Unsurprisingly, the market showed muted reaction, choosing to prioritize upcoming earnings reports and global developments as drivers of stock- and sector-specific outperformance. For Nifty, the key resistance zone lies at 21800-21850; a break above this level could pave the way for a new all-time high. Conversely, immediate support sits at 21500, with 21200 providing the next safety net.
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