Sensex Rises Over 150 Points Amid Broad-Based Gains, Nifty Near 10,400

Indian markets extended gains after opening on a flat note. The Sensex was up over 150 points in mid-morning trade, amid broad-based gains while the Nifty hit 10,391. Apart from some weakness in IT stocks, all other sectoral indices on the BSE were in the green. The gains in the broader markets were also strong with BSE midcap and smallcap indices up nearly 0.50 per cent. Most Asian markets were trading in the green, shrugging off sharp declines suffered by Wall Street on Friday.

HPCL, Hindalco, Titan, Asian Paints and Yes Bank were among the top Nifty 50 gainers, rising between 1.5 per cent and 3 per cent. ICICI Bank, Gail, Coal India and Infosys declined between 0.50 per cent and 1.5 per cent.

Apart from global cues, domestic earnings season and key economic data will determine the trajectory of key equity indices this week. Infosys will kick off the earnings season on Friday when the IT company announces its fourth quarter results. Apart from the fourth-quarter results, investors will look out for the upcoming macro-economic data points such as the IIP (Index of Industrial Production) and the balance of trade figures.

"On the domestic front, the inflation, IIP and trade deficit data would be closely watched, especially after the growth forecasts offered by RBI (Reserve Bank of India) in its policy," said Devendra Nevgi, Founder and Principal Partner, Delta Global Partners.

"The earnings season begins next week with Infosys being the first large cap company to declare its quarterly numbers, the numbers will set the tone for the sector."

The Central Statistics Office (CSO) is slated to release the macro-economic data points of IIP and CPI (Consumer Price Index) on April 12.

On the global front, fears over further imposition of trade protectionist measures between the US and China can unleash volatility.

"Market participants would also closely watch each developments on the trade war between the US and China," said D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors.

Deepak Jasani, Head of Retail Research for HDFC Securities, says Nifty faces resistance at 10,350 points on the upside while it has crucial support at 10,200 levels.

Last week, the key Indian equity indices - the BSE Sensex and the NSE Nifty50 - rose for the second consecutive week due to prospects of normal monsoon rains, and RBI's forecast of lower inflation and a positive growth outlook. (With Agency Inputs)