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Sensex Rises Over 100 Points, Nifty Above 10,150

Nifty faces resistance at 10,228 and has immediate support at 9,958, said Deepak Jasani, head of retail research for HDFC Securities.

BSE Sensex and NSE Nifty rose today in a catch-up rally with global markets.

Indian markets were shut on Thursday and Friday due to holidays. The Sensex jumped over 100 points to 33,102 while Nifty rose to 10,164, up nearly 50 points.

Asian markets were mostly higher today despite China slapping extra tariffs of up to 25 per cent on 128 US products, in response to US duties on imports of aluminium and steel.

Asian stocks began the new quarter today with mild gains following a strong performance by global equities last week, while the dollar held steady ahead of key economic indicators.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent. South Korea’s KOSPI gained 0.6 percent and Japan’s Nikkei advanced 0.55 percent.

Hong Kong’s Hang Seng added 0.25 percent and Shanghai was up 0.4 per cent.

Besides global market sentiment, the RBI’s first bi-monthly monetary policy review for the 2018-19 financial year, along with the release of macro-economic and automobile sales data will determine the course of the domestic markets this week, say analysts.

Global crude oil prices as well as the course of foreign and domestic fund flows are also expected to influence investors’ risk-taking appetite during this week.

Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, said that markets are not expecting any action from RBI in terms of changes in policy rate, but the language would be scrutinised closely to ascertain its stance.

RBI will announce its monetary policy on April 5.

On the upside, Nifty faces resistance at 10,228 and has immediate support at 9,958, said Deepak Jasani, head of retail research for HDFC Securities.

DK Aggarwal, chairman and managing director of SMC Investments and Advisors, said that, apart from the outcome of the RBI monetary policy meet and macro-economic data, the trend in the global markets will also set the course for the domestic bourses this week.

Wall Street surged last Thursday as technology stocks rebounded, ending a tumultuous first quarter on a high note.

Many major financial centres were closed for the Good Friday holiday.

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