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Market update for 6th April

On 5th April, Nifty opened the session on a positive note and thereafter it registered low of around 9215 in the initial hour of trading. However, it moved higher as the day progressed and ended the session near day’s high. Now going forward, the level of 9300 and 9340 is likely to act as a resistance zone. On the downside, the level of 9180-9200 is likely to act as a strong support zone.
Key event to watch out for today is RBI policy which is scheduled today at 2:30 pm, due to this volatility will be seen in market.
Provisional data released yesterday says that  foreign portfolio investors (FPIs) bought shares worth a net Rs 340.13 crore and Domestic institutional investors (DIIs) sold shares worth a net Rs 194.05 crore.

Stocks in news:


JSPL: Jindal Steel and Power (JSPL) has seen its output and sales hit a record in the fiscal year 2016-2017. Steel production in the fourth quarter was up by almost 12.3 per cent, even sales increased by 11.2 per cent.
 
Power Grid Corporation: Entered into a loan agreement with Asian Development Bank for an amount of $225 million for part funding of its transmission projects associated with solar power parks.
 
Reliance Defence and Engineering: To hold board meeting on April 11 to approve and revalidate the rights issue of equity shares up to Rs 1,200 crore.
 
IndusInd Bank: To raise funds via issue of NCDs aggregating to Rs 1,000 crore.
 
JSW Steel: Approved issuance of senior unsecured notes worth $500 million. Notes will be listed on Singapore Exchange Securities Trading Ltd.

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