Banks and Auto Sector Stocks Lead Mixed Closing for Indian Markets

The Indian markets opened positively on Monday, April 3, 2023, with strong banking and auto sector stock gains. However, the markets witnessed sharp profit booking in the morning session, leading to a mixed closing. The Nifty closed 38 points or 0.22 percent higher from the previous close, while the S&P BSE Sensex rose by 152 points.

Market Overview:

The Nifty weekly PCR (1.14) came to a neutral zone, indicating no significant bullish or bearish trend in the market. All sectors, except FMCG and Metal, showed strength compared to the previous session and closed in green. Auto, PSU Banks, and Realty sector stocks contributed the most. The market witnessed strong buying interest in auto and OMC stocks while IT was under pressure.

Sectoral Performance:

The Nifty Auto sector soared 1.30 percent and emerged as the top performer among the sectoral indices. Meanwhile, metals and IT remained weak. The Nifty Midcap 100 and Nifty Smallcap 100 rose by 0.44 percent and 0.74 percent, respectively, contributing to the overall market strength.

Top Gainers and Losers:

The top gainers amongst the Nifty 50 stocks were Hero Motocorp, Coal India, and Bajaj Auto, while BPCL, ITC, and Infosys were the top losers. ONGC, Hero MotoCorp, and Maruti Suzuki were the top gainers among the Nifty 50 stocks, while BPCL, Adani Enterprises, and JSW Steel remained weak.

Global Market Trends:

The US markets witnessed a strong one-way up move in the last week. The Dow Jones Industrial Average surged by 415 points or 1.26 percent to close around the 33,274 level, and Nasdaq surged around 218 points on Friday's session. Meanwhile, CBOE VIX bounced 2.57 percent after a sharp fall of last week. Gold dropped 0.6 percent to trade in its previous consolidation zone, while silver rose around 0.84 percent. BRENT Crude also breached its last 3 days' consolidation zone and rallied around 1.6 percent.

Events to Watch Out For:

The current week will witness significant economic events globally. On Monday, China and the USA will release Manufacturing Purchases Managers Index (PMI) Data. On Tuesday, the USA will release job opening data, and on Wednesday, the USA will release trade balance data. The Reserve Bank of India (RBI) will announce its policy decisions on Thursday.

Conclusion:

The Indian markets opened with a positive outlook and witnessed a mixed closing. The banking and auto sector stocks emerged as the top gainers, while IT and metal sectors remained weak. The global market trends indicate a strong move in the US markets and a surge in Brent crude futures due to surprise production cuts by oil-exporting countries. Global economic events will further impact the Indian markets, and investors need to stay vigilant.