Daily Markets - March 31, 2021 - Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

Indian markets snapped two-day rising streak and ended with losses. Global cues were soft at the beginning of the session. U.S. stocks had ended down slightly on Tuesday, with investors selling tech-related growth shares after U.S. Treasury yields hit a 14-month high. A surge in India's COVID-19 cases and fear of restrictions on the movement made investors cautious. Major Asian, as well as European markets, also had a muted session.

President Joe Biden is expected to unveil details about the first stage of his infrastructure plan later today, which could be worth as much as $4trillion.Tax increases on corporations and wealthy individuals are expected to be one way he can fund it, and that could get a negative reception from markets when details are available. Nifty lost 154 points or 1.04% to close at 14,690.7. Broad market indices like the BSE Mid Cap and Small Cap indices ended higher, thereby out-performing the benchmark indices like Nifty and Sensex. Realty, FMCG, and CD indices were the top gainers. Immediate support to watch for Nifty is now at 14617.

Source : Equity Bulls

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