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bonaz_capital_macro_18_04

Markets on a roll with Sensex crossing 30K-mark

Indian equity markets are poised to open flat on Thursday, tracking subdued cues from global peers. The muted trend in the SGX Nifty, which was trading flat at 9,345, indicated that domestic bourses may witness a muted opening.

Nifty50 closed at a fresh record high. Now, going forward, the momentum is likely to continue and Nifty50 may scale up to levels of 9,400-9,420, where it may find some resistance. On the downside, supports are seen around the levels of 9,270 and 9,220

It will be a day full of action today as we have April series F&O expiry and over 25 companies are slated to report their earnings for the quarter ended March, 2017. It includes big names like Maruti, Reliance Capital, Kotak Bank, India Bulls Real Estate, Tata Elxsi, TVS Motors.

Back home, it turned out to be a wonderful Wednesday for the Indian equities as indices extended rally for the third consecutive session, with Sensex breaching the crucial psychological level of 30,000, courtesy banking, auto and FMCG stocks and positive global cues.

The US stocks closed marginally lower on Wednesday, retreating from intra-day high after the long-anticipated tax overhaul proposal from the White House turned out to be largely what Wall Street expected all along. The Dow Jones Industrial Average shed 21 points to close at 20,975. The Nasdaq Composite index finished down 0.27 points to close at 6,025. The S&P 500 lost 1 point to close at 2,388.

Asian markets are trading in the negative terrain on Thursday. Japan’s Nikkei 225 has shed 53 points. Hong Kong’s Hang Seng has lost 42 points. China’s Shanghai Composite is trading lower by 20 points.