MTECHTIPS

MTECHTIPS:-Technical Snapshot:

The Nifty futures opened the day with small gains on global cues, but
the index witnessed sharp gains as the RBI cut the key rates by 50
basis points, in a surprise move.  European markets ahead of Spain
auction treasury bills. The rally was majorly led by metals, PSUs,
capital goods, FMCG, telecom and power stocks, but not wholly by
banks.
Traders were seen piling up position in Realty, PSU and Metal sector
while selling was witnessed in Consumer Durables sector. Besides,
the rate cut has come in the backdrop of lower than expected growth
in industrial production and slight moderation in March WPI
inflation, however concerns remained that the inflationary pressure
would reignite due to volatile international crude oil prices and the
depreciating Indian rupee. Shares of real estate firms Unitech, DLF,
Phoenix Mills, Oberoi Realty, HDIL, Parsvnath Developers, DB
Realty, Peninsula Land and Godrej Properties etc. were trading firm
in green on 50 basis points repo rate cut. Also, shares of Banking
counter like Axis Bank, SBI, ICICI Bank, HDFC Bank, Kotak
Mahindra Bank, PNB, Yes Bank, Bank of Baroda, Bank of India,
IDBI Bank and Union Bank of India etc. were trading in green.
The markets surged on strong volumes of over Rs 2.02 lakh crore
while the turnover for NSE F&O segment remained on the higher
side as compared to that on Monday at over Rs 1.73 lakh crore.