Short Description:
Nifty closed lower amid global market weakness and RBI’s 25bps rate cut. Though the market showed recovery after initial drops, sectoral weakness, especially in PSU banks and IT, led to a red closing. Broader market and OI data suggest strong resistance near 22,500. Investors are closely watching tariff-related global developments, earnings season, and inflation data.
Nifty & Market Movement:
- Opening: Down by 75 pts at 22,460.30
- Intraday low: Near 22,350 post RBI rate cut
- Recovery: 80-point bounce to 22,430
- Close: 22,399.15 (🔻Down 0.6%)
Key Reason for Fall:
- US markets reversed from highs overnight
- RBI’s 25bps repo rate cut to 6%
- High intraday volatility ahead of policy news
Sectoral Performance:
Gainers:
- Nifty FMCG: +1.78% 🚀
- Consumer Durables: +0.23%
- Auto: +0.01%
Losers:
- PSU Banks: -2.52% 🔻
- IT Sector: -2.19%
- Pharma: -1.97%
Only 3 sectors in green out of 12 – overall negative sentiment
Broader Market Snapshot:
- Advancing Stocks: 1,083
- Declining Stocks: 1,747
- Unchanged: 79
Clearly shows weak participation across the board.
Derivative Data – Nifty OI (Expiring 17 April):
- Max Call OI: 22,500 ➡️ Resistance
- Max Put OI: 22,500, 22,000 ➡️ Support seen at 22,200
Interpretation:
Strong resistance between 22,500–22,700, while support is visible around 22,000–22,200
What’s Happening in India:
RBI’s Big Moves:
- Repo rate cut of 25 bps to 6%
- Shifted stance to accommodative
- FY26 growth projection cut to 6.5% from 6.7%
- Focus on supporting growth over inflation
Forex Reserves:
- Hit $676.3 billion – highest in 5 months
- Supports ~11 months of imports
Hiring Trends in Building Sector:
- 30% growth in hiring (2023–2025)
- Focus on sustainability & green roles
- Women still just 12% of the workforce
SEBI’s Anti-Fraud Move:
- Mandated all financial service calls from 1600 series to curb scams
Ather IPO Update:
- Plans to cut IPO size by $50M amid market volatility
NBFC Gold Loan Stocks Fall:
- RBI’s new gold loan norms hurt sentiment
Flipkart Fined ₹1.06 Cr by IRDAI:
- Violated norms via ISNP platform
- Used one person to sell 70,000 policies 😮
Cyient’s Chip Dream:
- ₹860 Cr allocated to semiconductor subsidiary
- Focus on EV, power, mature-node chips
Indian Oil’s Mega Plan:
- ₹61,077 Cr to build Paradip Petrochemical Hub
- Goal: Cut imports, support regional economy
IBM’s AI Lab in Lucknow:
- Focus: Gen AI, job creation
- Boosts UP’s AI hub vision
Global Highlights:
Brent Crude:
- Down 3% to below $61
- Due to OPEC+ hike, US-China tariff tensions
Metals:
- Copper rebounds to $4.2/lb after 3-month low
- Wheat rises on weather and tariffs
US Mortgage Apps Jump 20%:
- As interest rates fall, both purchase & refinance demand rises
Dollar Index Falls to 102.3:
- Near 6-month low due to safe-haven demand
Central Bank Watch:
- RBNZ cuts rate by 25bps to 3.50%
- China’s yuan weakens to 2007 levels (7.3498/USD)
- BOE warns hedge funds may face margin calls due to volatility
Japan Tariff Talks:
- Post Trump-Ishiba call, Japan may get tariff relief
Voices from the Top:
RBI Governor – Sanjay Malhotra:
- Concerned more about tariff impact on growth
- FY26 growth revised down to 6.5%
- Crude easing may help inflation, but tariffs = major threat
Dinesh Khara – ex-SBI Chairman:
- Co-lending reforms welcome, liquidity being managed via OMOs, not CRR
- Deposit rate cuts may follow if credit remains low
Impact & Key Takeaway:
Impact on Market:
- Uncertainty remains high due to global tariffs, RBI policy, and earnings season
- Markets remain range-bound with key support/resistance zones defined
- Sectors sensitive to policy (like PSU Banks, NBFCs, Gold Loans) reacting sharply
Key Lesson:
In uncertain times, it’s crucial to stay defensive and watch key support/resistance levels. Don’t trade on emotions—understand the macro triggers like RBI policy, global tariffs, and sector-specific news.