Thursday, 13 April 2017

OPENING BELL >> Market May Remain Under Pressure Ahead Of Infosys Q4 Results

Yesterday Indian Benchmark Index Nifty Opened at 9242 made high of 9246 and closed at 9203 after making low of 9162. The index took the support of its 6 day low of 9173. The 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%.

IT major Infosys will announce its Q4 results today (Expected time is 9:00 AM). A major focus would be on future guidance by the company, as the company may take aggressive decisions on uncertainty about US tax/Visa regulations and Brexit Issues.

Adani Power fell more than 8% on NSE for the second consecutive day on reports that the Supreme Court has disallowed compensatory tariff to both the companies.

Bank Nifty made new record high of 21787, the index opened at 21735 and closed at 21667, after making a low of 21552.

PSU banks remained in focus after the government announced the formation of a panel to be headed by the Cabinet Secretary to review NPA (non-performing asset) resolution rules. The NPA panel will frame guidelines for one-time settlement of banks' bad loans. However final policy will be announced by next month in May according to finance ministry official. Finance Minister.

Small Cap index made a new record high of 7196 and closed 7118 after making low of 7034.

Nifty Future is opening at 9199 as per SGX Nifty at 8:10 am IST, 27 points below its previous close of 9226.

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