Nifty50 set to take the lead in auto sales and futures

The Nifty50 closed 0.6% higher on Tuesday at the highest since mid-February – Photo: Shutterstock

India’s benchmark stock index, the Nifty50, is expected to react in the coming days to upcoming auto sales figures and year-end futures expirations, several analysts told Capital.com.

The Nifty50 closed 0.6% higher at 17,325.30 on Tuesday, hitting its highest since mid-February.

Investors will be watching auto sales figures later this week, which are released on the first of every month. The figures are collated by the Federation of Automobile Dealers Associations and represent actual sales of vehicles by dealers to customers, as published by the companies.

Also this week: NSE Nifty futures contracts expire on the last Thursday of every month. This month’s round is the last expiry of the current fiscal year.

“Monthly derivatives expiration and auto sales numbers will remain front and center,” Ajit Mishra, vice president – ​​research at Religare Broking, told Capital.com. “Markets will continue to take inspiration from their global peers. Volatility will remain elevated, so we suggest investors focus on stock picking and traders maintain hedging positions.

The short-term trend of the Nifty50 index looks positive, says Nagaraj Shetti, technical research analyst at HDFC Securities.

“Nifty’s short-term trend continues to be positive. A sustained move above the 17,500 levels should take Nifty towards the next upside trajectory around 17,800-18,000 levels in the short term. Immediate support is placed at 17,250,” he told Capital.com.

MotoCorp Heroes

Hero MotoCorp (NSE:HEROMOTOCO) may face more stress in the coming days after falling 6.68% to INR 2,219 per share on the NSE on Tuesday.

Last week, the leading manufacturer of two-wheeled transport vehicles revealed that officials from the country’s income tax department had carried out searches at two corporate offices and the residence of founder, chairman and CEO Pawan Munjal. .

On Tuesday, CNBC-TV18 reported that the investigation related to improper spending. The company responded with a statement that “the the allegations made in the press report are not substantiated by any document served on us or our internal documents. Therefore, we categorically reject speculation Press articles “.

Events to note on Wednesday

  • Hariom Pipe Industries IPO offering (closes April 5)
  • Jeena Sikho Lifecare IPO Offering (Closes April 7)
  • Dhyaani Tile & Marblez IPO Offering (Closes April 4)
  • Sunrise Efficient Marketing IPO offering (closes April 5)
  • Uma Exports IPO offering (closes March 30)
  • 3M India (NSE: 3MINDIA) Board Meeting to Accept Resignation of Corporate Secretary and Chief Compliance Officer

Tuesday in review

“The steady rise in markets over the past few sessions is driven by hopes that peace talks between the two warring nations could help provide solutions to break the impasse,” said Shrikant Chouhan, head of research. on stocks (retail) at Kotak Securities. “On the other hand, falling crude prices at a time when inflation is a major concern around the world adds to the optimism. But all eyes will be on the US Fed as rising yields could trigger another rate and put investors in a difficult situation in the short and medium term.

Bharti Airtel’s share rose 2.8% on Tuesday to close at INR 753.50 on the NSE.

Stock chartcredit: tradingview.com

The company recently held an investor event where it also announced that it would acquire Vodafone’s 4.7% stake in telecommunications tower company Indus Towers for INR 23.88 billion (322 millions of dollars).

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Sallie R. Loera