Reserve Bank of India Governor Shaktikanta Das to address the media at 10:00 AM today
Top buy and sell ideas by Ashwani Gujral, Mitesh Thakkar, Prakash Gaba for short term
Mitesh Thakkar of miteshthakkar.com recommends buying Ashok Leyland with a stop loss of Rs 41.5, target at Rs 45 and Bharat Forge with a stop loss of Rs 279, target at Rs 294.
Rupee Opens: Indian rupee gained in the early trade on Friday. It has opened higher by 46 paise at 74.69 per dollar against previous close of 75.15.
Market at pre-open: Benchmark indices are trading positive in the pre-opening session with Nifty around 8900.
At 09:01 hrs IST, the Sensex is up 855.49 points or 2.86% at 30802.26, and the Nifty up 257.95 points or 2.99% at 8899.40.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
Nifty arrested at 8750, however, dismissal of the same would result in one more spike towards 8900 levels. The strategy should be to buy on dips till the market doesn’t break the level of 8300. On a quarterly basis, after 12 years the market closed sharply lower and the lowest of the series 7500 would act as a crucial support for the market.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Market has cheered this fiscal package and now expect relief measures for Corporates, Banks, SMEs, start-ups, etc. It would continue to be highly volatile and would track global markets along with the trend in coronavirus cases globally and locally.
Considering the sharp decline seen in the dollar index, the rupee is likely to remain positive and may move towards its crucial level of 74.50. Utilise upsides in the pair to initiate short positions, said ICICIdirect.
Senate passes $2 trillion bill for coronavirus crisis: The US Senate on Wednesday unanimously backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic, as well as providing billions of dollars to buy urgently needed medical equipment. The rescue package – which would be the biggest ever passed by Congress – includes a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 apiece to millions of US families.
F&O expiry: April series rollover at 62.12%, 9 stocks see short build-up
The down move was supported by fresh short positions, but most of them are now out of the system as the open interest has declined by 23.88% on the expiry-to-expiry basis.
Institutional trading activity