On the back of HDFC Bank and HDFC’s strong performance and positive economic data, The Bombay Stock Exchange (BSE) Sensex jumped 583 points on Wednesday and 143.66 points on Thursday to reach 59,832.97. The 30-share Sensex has gained more than 2000 points in the last four trading sessions. The National Stock Exchange (NSE) Nifty also gained 159 points on Wednesday and 42.10 points on Thursday to close at 17,599.15. In the 5th April Wednesday market, HDFC Bank shares increased by 2.7%, while HDFC shares increased by 2.9%. The increase in the Sensex on Thursday was nearly entirely driven by these two stocks. The March quarter saw a rise in deposits and loan disbursements, which helped HDFC Bank surge. Investors who kept in mind the weekly range anticipated by LTP Calculator placed the bet aggressively and made a profit.

According to reports, deposits in FY 2023 were  ₹ 3.2 lakh crore, up 45% from  ₹ 2.2 lakh crore in FY 2022. From the market’s perspective, this is a wonderful accomplishment. It won’t be difficult for HDFC Bank to grow deposits by 25% in order to hit the goal of  ₹ 4 lakh crore in deposits in FY2024. Due to the lowering of share prices, some purchasing was also observed in the market. The trailing 12-month P/E multiple for Nifty is now 21.1x, while the five-year P/E multiple is 25x.

The market was also encouraged by India’s services sector expanding for the 20th consecutive month. The Purchasing Managers’ Index (PMI) for the services sector, however, fell from a 12-month high of 59.4 in February to 57.8 in March. However, for the twentieth straight month, the index stayed over 50. A reading of 50 or higher suggests growth. After net selling in the first two months of this year, foreign portfolio investors (FPIs) are placing significant bets on the Indian market. Foreign investors are investing in the Indian market without concern for the situation improving following the sale of shares by certain large corporations and indications that the global financial crisis is coming to an end. So far this month, FPIs have made net purchases worth  ₹ 3,000 crores.

global markets sent forth conflicting signals. The local market was quite strong. Events that took place in other markets do not appear to have a significant influence on the Indian markets. The market is holding its own against the negative news thanks to robust quarterly results from banks and Non-Banking Financial Corporations (NBFCs) and the announcement of windfall tax cuts. When it releases its monetary policy decision on Thursday, The 6-member Monetary Policy Committee of the Reserve Bank of India unanimously decided to keep the policy repo rate unchanged at 6.5%.

LTP CALCULATOR ANTICIPATION FOR THE NEXT WEEKLY RANGE OF NIFTY 

Investors should be conscious of these variables since the LTP Calculator Option Chain indicates that the NIFTY’s next weekly range Resistance and Support are 17,399 and 17,031, respectively.