Monday, 17 April 2017

OPENING BELL- 17th April, 2017 >> Market To Remain Under Pressure On Geopolitical Concern

Last Week Indian Benchmark Index Nifty opened at 9226 made high of 9246 and closed at 9151 after making low of 9145. The crucial support for the index is at 9020 and resistance is at 9273.

Last week Government released Industrial production (IIP) data for the month of Feb at -1.20% where the expectation was 1.3% and January IIP numbers were at 2.70%.Consumer price index (CPI) for the month of march released at 3.81% where the expectation was at 3.98% and February CPI was at 3.65%.

Last week IT major Infosys, as expected, registered a fall of 2.8% in its profitability compare to its last quarter result. The revenue of the company fell by 0.88%. CEO Mr. Vishal Sikka said that they need to deliver quality services to their clients, thus they have to live with the issue of VISA. The company has made seven new investments. Sikka said they have to focus on deal size which is becoming smaller with days passing. The has taken a bold move of making the payout of 13000 crs via dividend for Rs.14.75 per share to its investors for the financial year that ended March 31, 2017.

Bank Nifty last week made new record high of 21787 and closed at 21687, the index made a low of 21396.

Last week Small Cap index made a new record high of 7196 and closed at 7123 after making low of 7034.

Nifty Future is opening at 9151 as per SGX Nifty at 8:50 am IST, 28 points below its previous close of 9179.95.

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