Quote on Today`s Market Performance 23 March 2021 by Mr. Deepak Jasani, HDFC Securities
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Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities
Indian benchmark equity indices ended higher in another volatile session on March 23 after making an intra day low at 1130 Hrs. At close, the Nifty 50 index ended 0.53% or 78 points higher at 14,815.
Volumes on the NSE were higher than the previous day but below recent averages. Among sectors, Banks, Realty, Auto gained the most, while Metals, FMCG fell the most. Sentiment for banking stocks received a boost after the Supreme Court lifted the stay granted on classification of Non-performing Assets (NPAs) by banks. The apex court declined other pleas in the case, including a complete waiver of all interest, an extension of the period of loan moratorium, as well pleas to direct the Reserve Bank of India and the government to provide further relief as well as some specific sector-wise relief. The top court did not find any basis for extending the waiver of compound interest or interest on interest only for loans up to Rs 2 crore. This could more than double the relief to borrowers from Rs. 6500 cr and there is no clarity as to who would bear this additional burden i.e. Govt or Banks. The Nifty Midcap index ended 0.9% higher while the Smallcap index rose 0.4% at the close of trade.
Asian stocks reversed earlier gains on Tuesday, dragged down by declines in Chinese markets, which were jolted by a new round of sanctions by the United States and others, including the European Union, on Chinese officials over human rights abuses in Xinjiang. Beijing hit back with punitive measures against European lawmakers, diplomats, institutes and families. Chinese internet-search giant Baidu made a disappointing debut in its $3 billion Hong Kong offering, with shares rising only slightly from its opening price. European stocks retreated Tuesday as concerns over a third wave of Covid infections in the region rattle investor sentiment. Investors now await a closely watched congressional appearance by U.S. Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen.
Nifty seems to have halted the upmove seen over last three sessions, though temporarily. After a brief correction, it could resume its gradual grind upwards. 14598-14707 could provide support while 14879-14919 could offer resistance over the next 1-2 sessions.
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