After three consecutive days, the gift Nifty is under pressure of 70 digits today. After the statement of Fed Chairman Jerome Powell, the US market has once again seen selling. Here, FII has made net purchases in the cash market for the second consecutive day. After a rapid surge on Tuesday, the Nifty 50 index continued to rise on Wednesday and it closed up in the third consecutive session. The index rose above 23,400 to two weeks highest levels. The market opened with a weak trend and a decline in the initial part of the session. However, good recovery was also observed from lower levels in the afternoon. Yesterday the market got support from banking shares. Axis Bank, IndusInd Bank and HDFC Bank contributed the most. PSU banks, media and oil and gas stocks were the highest profit. While pressure appeared in auto, pharma and healthcare.
Signs from global markets
American markets saw a huge decline yesterday. Tech stocks were under pressure. Fed president Jerome Powell said that tariffs will increase inflation in the US and will put pressure on development. Due to tariffs, the US can stay away from inflation target for about 1 year. The Fed will not take any decision at the moment till further clarification is received. Currently, the Fed will not intervene to stabilize the equity market.
Meanwhile, Bloomberg quoted sources as saying that China is now ready to interact with the US. However, before the talks he wants to see the steps taken by the US. China wants the US to appoint a person for talks and that person gets the support of President Trump and he will help in compromising between the two countries.
Asia’s markets are still seen to have an increase. Japan’s Nikkei index is running with an increase of about half a percent. There is also an almost equal increase in the Kospei index of South Korea. Taiwan and China markets are also seeing a boom.
FII-DII data
Foreign institutional investors shopped in the cash market for the second consecutive day yesterday. At the same time, domestic institutional investors made pure selling in the cash market for the second consecutive day.
Which companies will result in the results of today?
Infosys, HDFC Life Insurance Company, HDFC Asset Management Company, Jio Financial Services, Tata Alexi, Mahindra EPC Irrigation, Indosolar and National Standard (India) will release their quarterly results on 17 April today.
Nifty’s outlook for today
Nagraj Shetty, HDFC Securities – Nifty’s trend remains positive. The Nifty may move towards the level of 23,870 (March 25 swing high) after crossing the resistance of the 200 -day EMA at a level of 23,360. The first support for the index is at a level of 23,270.
Rupak Dey, LKP Securities – The index closed above the 100 -EMA for the second consecutive session. Support for Nifty is now at 23,300. The index may slip to a level of 23,150/23,000 after decisive decline below 23,300. The next resistance to the index is at a level of 23,650.
Today’s outlook on Nifty Bank
Jatin Gedia, Mirai Asset Sharekhan – The recent decline is led by Bank Nifty. The index has crossed the highest level of March 52,063 and is now moving towards the last highest level of 54,467. A small withdrawal towards the support area of 52,750–52,600 should be seen as a purchase opportunity. Resistance to Nifty is at 53,500 and 53,900 levels. At the same time, there is support at the level of 52,500 and 52,300.
Which shares will be seen today?
Wipro: Integrated income in the fourth quarter increased by 6.6% to Rs 3588.1 crore. Income from IT services increased by 0.7% to Rs 22,445.3 crore. The EBIT margin remained stable at 17.5%. The total booking rose 13.4% to $ 3,955 million.
Wari Renewable: The fourth quarter profit was Rs 93.8 crore, which is 82.7% more than the previous year. Income also increased by 74.4% to Rs 476.6 crore. The board appointed Manmohan Sharma as Chief Financial Officer of the company from 16 April.
Angel Forest: The fourth quarter’s profit declined by 48.7% to Rs 174.5 crore from year to year. The income declined by 22.2% to Rs 1056 crore. The board has announced a dividend of Rs 26 per share for the financial year 2025.
Prestige Estates Projects: The new sales increased by 48% to ₹ 6,957.4 crore, which was due to a strong reaction by customers to launch and premium offers. Sales rose 9% to 4.49 million square feet.
UltraTech Cement: The company has entered into an energy supply agreement and share membership and shareholder agreement for the acquisition of 26% equity shares of AMPIN C&I Power Eight.
BHEL: The company has signed a technology transfer agreement with the Bhabha Atomic Research Center (BARC) for the electrolyzer system for hydrogen production.
IRFC: The Madras High Court has given permission to the writ petitions filed by the IRFC and the ST’s tax demand order of December 4, 2024, which had a tax demand of ₹ 230.55 crore.
SML Isuju: Junya Yamanishi will be removed from the post of Director, Managing Director and CEO of the company from 16 April. Yasushi Nishikawa will join the board as Director, Managing Director and CEO of SML Isuju from 17 April.
Petronet LNG: The board has approved the appointment of Sourav Mitra as CFO of the company for a period of five years, which will replace Vinod Kumar Mishra, whose term ends on 18 April.
It will be fine.
SBI Card and Payment Services: India’s largest credit card issuer has partnered with Tata Digital to launch the Tata New SBI card, which aims to provide premium and highly profitable shopping experience to customers from different fields.
