According to an analyst, the short-term trend of the Nifty 50 index remains limited in the range. Image: Reuters
The national stock market benchmarks BSE Sensex and Nifty 50 are expected to open on a flat note with a positive bias on Wednesday, as the trends on SGX Nifty suggest. The nifty futures were trading 19 points or 0.13 percent at 14,764 on the Singapore Stock Exchange. Today, all eyes will be on the RBI MPC result scheduled for 10 a.m. According to an analyst, Nifty’s short-term trend remains limited. “As per the current setup, we can expect Nifty to retest crucial overhead resistance around 14,880 levels in the near term, before showing another set of weaknesses from highs,” Nagaraj Shetti said, technical research analyst, HDFC Securities. He also added that a sustained move above 14,900 could open a big upside for the market.
Bank shares: Bank stocks will remain the focus today as the Reserve Bank of India (RBI) announces MPC’s decision today. Amid rising coronavirus cases across the country, the central bank is unlikely to change interest rates.
Home Barbeque-Nation: The Rs 453 crore IPO, which has been underwritten nearly 6 times, will debut on Wednesday April 7, 2021. It would be the first IPO of the new fiscal year 2021-22. The issue was sold in the range of Rs 498-500 per share.
RIL, Airtel: Reliance Jio, RIL’s telecommunications subsidiary, headed by Mukesh Ambani, has signed a definitive agreement with Bharti Airtel for the acquisition of the right to use spectrum in the 800 MHz band in three circles through spectrum trading.
Stainless steel leisure: The company said the board of directors approved raising funds up to Rs 300 crore through the issuance of securities either through public issuance, rights issuance or private placement. .
Tata steel: Tata Steel India achieved the highest quarterly crude steel production of 4.75 million tonnes with sequential growth of 3 percent in 4TFY21. Production for the year FY21 was 7% lower year-on-year, mainly due to the disruption caused by the COVID-19 pandemic in 1HFY21.
Auto, real estate actions: Rate sensitive stocks such as banking, autos and real estate will remain on investor radar today as RBI announces its 3-day MPC decision today.
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