Wednesday, 12 April 2017

OPENING BELL >> Market To Trade In Range Ahead Of Inflation And IIP Numbers : News by Ripples Financial Advisory 12th April 2017

Yesterday Indian Benchmark Index Nifty Opened at 9184 and made low of 9173 taking the support of Monday’s low of 9175. The index closed at 9237 after making high of 9243. Adani Power & Tata Power fell more than 15% on NSE on reports that the Supreme Court has disallowed compensatory tariff to both the companies.

The government will announce today its monthly inflation data based on consumer price index (CPI) for March 2017. The all-India general CPI inflation increased to 3.65 percent in February 2017, compared with 3.17 percent in January 2017. The government will also release industrial production (IIP) numbers for February 2017 after a market hour. Crucial support for Nifty is 9152 below which next level is 9100.

Bank Nifty made new record high of 21753, the index opened at 21521 and closed at 21736. PSU banks rallied most 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 7186 and closed 7182 after making low of 7111.

Nifty Future is opening at 9243 as per SGX Nifty at 8:20 am IST, 24 points below its previous close of 9267.

For more Financial Market ideas visit us at Ripples Financial Advisory, Indore @9644405056

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