Indices nose dive owing to F&O expiry; contrarily Yes Bank rules the roost

The Indian stock markets collapsed the most in last three weeks after 2 successive upbeats amid a rout in global indices and April F&O series expiry. Nifty nearly washed off two days gains and closed below 7850 mark at 7847 levels i.e. down132 points from the previous close; while Sensex shed 461 points and closed at 25603 levels.

The market breadth stood negative with 832 advances; and 1697 declines on the BSE i.e. a ratio of nearly 1:2.

FMCG sector remained weak throughout the day dragged down by Jubilant Foods that closed 10 per cent down at 1190 levels. Metal sector retreated in the latter half of the session and closed 2.3 per cent down. Realty sector surged 1.6 per cent after Municipal Corporation of Greater Mumbai (MCGM) came with a proposal of hike in FSI (Floor Space Index) in Mumbai.

Top 5 Nifty Gainers: Yes Bank traded against the markets and grabbed top position in Nifty50 stocks. Yes Bank closed at 949 levels with 3.6 per cent gains. ACC and IDEA followed with 1 per cent plus gains ahead of results. Auropharma and Eicher Motors closed on a positive note with 0.95 and 0.67 per cent gains.

Top 5 Nifty Losers: Aluminum major Hindalco was the top loser with 4.86 per cent loss. HCL Technologies slipped 4.5 per cent after posting weak Q3 numbers. HDFC followed with 3.1 per cent loss. Auto majors M&M and Maruti were the next top losers with 2.8 per cent loss each.

On the global front, Bank of Japan surprised the streets where it kept its monetary policy steady at -0.1 per cent interest rate. The event was followed by a vibrant fall in Nikkei 225. U.S markets were a mixed bag where Dow and S&P closed marginally up while Nasdaq tumbled nearly half a per cent. Federal Reserve kept interest rates unchanged but remained ambiguous about further rate hike in June. Low domestic inflation and other economies striving for economic recovery refrained FED from making any hawkish statements.

Buzzers: Yes Bank the stock surged by 3.2 per cent to touch the technical level of Rs 950. If it opens above this mark, it may see more up moves.     

Nifty hit its 2016 high at 7992 levels but could not sustain the said levels and tumbled drastically to close below 7850 mark. Now we hold 7825 followed by 7775 as the next supports. On the upside, we still hold 8000 levels as the breakout levels for any fresh rally in Nifty. For the time being, 7900-7930 will act as the immediate resistances.