Ravi Bhatt
Six
more countries received Tariff letter, market shrugged off
In
the morning session, Asia Pacific markets were traded in range in the opening
while Bitcoin zoomed past record high after rise in technology stocks in USA.
US equities closed higher Wednesday on the back of mega-cap technology names.
The S&P 500 Index gained 0.6%, with eight of the eleven sectors were in
green, and advances led by utilities and information technology. The Nasdaq
climbed 0.7%, and the Dow Jones Industrial Average advanced 0.5%. Nvidia Corp.
became the first company in history to achieve a $4 trillion market valuation –
close to India’s GDP!
The
GIFT Nifty is trading 38 points higher at 25,568 in the morning, indicating a
positive start for the benchmark Nifty 50 later in the morning. Oil steadied as
traders weighed a large increase in US crude stockpiles and a wave of new
tariff rates from President Donald Trump. WTI held above $68 a barrel after
closing little changed on Wednesday. Brent Oil settled near $70.
Fundamental Update
- JSW Energy - The company has been added to FTSE
Russell’s FTSE4Good Index. Positive
- Asian Paints - The company sold its entire holding
of 20.1 lakh equity shares, or a 4.42% stake, in Akzo Nobel India at Rs 3,651
per share through a bulk deal, amounting to Rs 734 crore. Positive
- Quality Power - The company and Yash High voltage
have acquired a 100% stake in Sukrut Electric Company. Positive
- Railtel Corporation - The company received an order
worth Rs 17.5 crore from the Chhattisgarh General Administration Department. Positive
Technical Update
- NIFTY – Nifty could not sustain above
25,500 and closed lower at 25,476 on Wednesday. Index has been locked in narrow
range since last nine trading session in anticipation of trade tariff news.
Rangebound trading is likely to continue today. Today’s range – 25,350 –
25,650.
- BANKNIFTY – Bank nifty too traded in narrow
range of just 250 points and closed steady at 57,213 on Wednesday. Index has
strong support at 17 day EMA of 56,650 while 57,550 is near term resistance.
Today’s range – 56,950 – 57,500.
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