Index Action
Nifty50
After a gap-down opening, the Nifty50 remained range-bound today following a rout on Wall Street. The market breadth favoured bears as the sell-off in financial services, banking, and FMCG stocks dragged the index lower. The Nifty50 declined 163 points and closed at 17,038.
The Nifty50’s monthly options expiring on April 28 have sizable positions at 17,300 and 17,200 call options and 17,000 and 16,900 put options.
As per options data, the broad range for the Nifty50 is between 16,000 and 17,900 levels. Its immediate support is at 16,800 and resistance is at 17,300 levels.
Bank Nifty
Amid overall market weakness, the Bank Nifty fell to 35,750 levels and remained under pressure. However, it recovered some of its lost ground in the second half and managed to close above 36,000. With eleven out of 12 bank stocks closing in red, the Bank Nifty closed 389 points lower at 36,426.
The Bank Nifty’s monthly options expiring on April 28 have sizable positions at 36,500 and 36,000 call options and 36,000 and 35,500 put options.
As per the options data, the broad range for the Bank Nifty is between 34,900 and 37,500 levels. Its immediate support is at 35,500 and resistance is at 37,000 levels.
Stock Action
Today’s top gainers were Hero MotoCorp, Balkrishna Industries, AB Capital, Apollo Tyres and JSPL.
Today's top losers were Bajaj Finance, Trent, Vodafone-Idea, Mindtree and Navin Fluorine.
Sector Update
Except for Media, all the other Nifty sectoral indices closed in the red. Stocks like PVR and Inox Leisure closed in green.
The Financial Services and Banking sectors came under selling pressure. Stocks like Bajaj Finance, Bajaj Finserv, Chola Investment, ICICI Bank and SBI closed in the red.
Major News
Life Insurance Corporation (LIC) will launch its initial public offer (IPO) on May 4. The government will sell a 3.5% stake in the company to raise ₹20,557 crore. The price band for the issue is set at ₹902-₹949.