The Indian stock market rebounded impressively on Wednesday, breaking a two-day streak of losses. The Nifty 50 index climbed by 166 points, reaching 23,332, while the BSE Sensex closed up 592 points at 76,617. Additionally, the Bank Nifty index surged by 520 points, finishing at 51,348. This upswing was largely fueled by widespread buying across various sectors, signaling renewed investor confidence.
Market Performance Highlights
- Nifty Midcap 100 soared by 1.61%.
- Nifty Smallcap 100 rose by 1.12%.
- The BSE advance-decline ratio stood strong at 2.60, the highest since March 19.
- All sectoral indices closed positively, with Nifty Realty, Consumer Durables, and FMCG leading the way.
The notable 3.6% increase in the Nifty Realty index is largely attributed to market optimism regarding a potential repo rate cut by the Reserve Bank of India (RBI) in the upcoming monetary policy meeting scheduled for April 7-9.
Global Trade Influences
Commenting on the impact of U.S. President Donald Trump’s tariffs on the Indian stock market, Amit Jain, Co-Founder of Ashika Global Family Office Services, remarked, "The introduction of reciprocal taxes brings a new level of uncertainty to global trade. For India, this may result in short-term volatility, particularly affecting export-driven sectors like automobiles, pharmaceuticals, and IT. While some large-cap stocks could face challenges due to these tariff pressures, India’s robust domestic consumption remains a strong pillar. Investors should prepare for fluctuations but maintain a focus on long-term growth in sectors less affected by global trade issues."
Market Outlook for Today
As for the trajectory of the Indian stock market moving forward, Siddhartha Khemka, Head of Research—Wealth Management at Motilal Oswal, anticipates continued volatility in reaction to tariff announcements. He suggests that the market will closely monitor global market responses.
Regarding the Nifty 50, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted, "Wednesday’s trading hints at the potential formation of a higher bottom at 23,136. However, Trump’s tariff decisions may lead to a heightened volatility in Indian markets. Immediate support is observed at 23,100, with resistance levels at 23,400 and 23,650."
Meanwhile, Om Mehra, Technical Research Analyst at SAMCO Securities, provided insights into the Bank Nifty, stating, "The index is currently fluctuating between 50,700 and 51,900, suggesting a period of consolidation after a significant upward move. Although a breakout above 51,900 is crucial for resuming bullish momentum, we are still awaiting confirmation of a flag pattern."
Top Stocks Under ₹100 to Consider
For those looking to invest in stocks priced under ₹100, several market experts have identified promising opportunities for Thursday. Here are their recommendations:
- SJVN: Buy between ₹93 and ₹93.50, targeting ₹98 and ₹100 with a stop-loss at ₹90.
- PNB: Buy at ₹97.30, aiming for ₹110 with a stop-loss at ₹93.
- Meghmani Organics: Buy in the range of ₹65.50 to ₹66.50, with targets set at ₹68, ₹70, ₹72, and ₹75, while maintaining a stop-loss at ₹64.
- Restaurant Brands: Buy at ₹66 to ₹67, targeting ₹69, ₹71, ₹74, and ₹76, with a stop-loss at ₹64.80.
- Oswal Agro Mills: Purchase at ₹82, looking for a target of ₹87 and a stop-loss at ₹80 on a closing basis.
As the market continues to navigate through these turbulent waters, keeping an eye on both local dynamics and global influences will be crucial for investors.
