Daily Markets - April 26, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: UTC)
Indian equity benchmark indices climbed on April 26 in line with other global peers. The Nifty opened up and made an intra day high at 1005 Hrs. It later fell making lower top lower bottom; but even then it ended 1% or 144 points higher (its biggest advance in almost two weeks) at 14485.
Volumes on the NSE fell for the second straight session from recent averages. Among sectors, Metals, Banks and Realty were among the largest gainers, while Pharma was among the loss leaders. The S&P BSE MidCap Index gained 0.6% while the S&P SmallCap rose 0.9%.
Asian stocks climbed to six-week highs on Monday amid signs the world economic recovery was still well on track, though rising COVID-19 cases in the region (especially India and Japan) weighed on sentiment, pushing oil prices lower. European equities drifted on Monday morning as investors balanced bets of a global recovery from coronavirus with caution ahead of the US Federal Reserve's latest meeting this week.
Nifty crossed 14526 but closed below it. Falling volumes on an up-day denotes caution while a healthy advance decline ratio and relatively better performance of broader indices means that the traders/investors are focused more on the broader markets than the largecaps, where there is a risk of selloff by institutions. In the near term, 14339-14405 band could offer support to the Nifty while a breach of 14526 could take the Nifty up to 14698.