Hindustan Petroleum Corporation Ltd (HPCL) shares surged the most, rising 4% to a day's high of Rs 367.50 on the BSE, followed by Bharat Petroleum Corporation Ltd (BPCL) shares, which climbed 2.7% to Rs 281.80. Meanwhile, Indian Oil Corporation (IOC) shares increased by 2%, reaching Rs 131.
Cryptocurrencies rebounded on Tuesday, with Bitcoin rising above $79,600 and Ethereum holding above $1,500, as easing U.S. tariff concerns improved market sentiment. Altcoins like Solana, Cardano, and Dogecoin also rallied. Despite the recovery, investor caution lingers, with the Crypto Fear & Greed Index in Extreme Fear. Analysts see key resistance at $84,000 for Bitcoin, with volatility likely to persist.
Dipan Mehta advises Indian investors to adopt a sell-on-rise strategy amidst global financial uncertainty, drawing parallels to the 2008 crisis. He suggests caution due to potential tariff impacts and a looming global slowdown, advocating for capital protection and increased cash reserves.
Invesco's Arnab Das suggests a fragmented global economy with shifting capital flows from the US to Europe and Asia due to trade tensions. While retaliation from China is underway, the primary short-term risk remains a potential recession. Das advises a holistic portfolio review, cautioning against impulsive reactions amidst market dislocations.
ICICI Securities' Probal Sen views the excise duty hike, not passed to consumers, positively, especially after prior LPG compensation disappointments. The collected excise tax, along with the LPG cylinder price increase, will offset accumulated LPG losses. While the market anticipated a price cut, the government is monitoring crude price trends.
On the positive side there has been a good union budget (tax rates cut), easing actions by the central bank (rate cuts, liquidity boost, regulatory relaxations), and uptick in government spending. The rally in March was a welcome relief. However, I believe that the markets could remain rangebound in the near term.
In the Nifty50 pack, four stocks' close prices crossed below their 200 DMA (Daily Moving Averages) on April 7, according to stockedge.com's technical scan data. Trading below the 200 DMA is considered a negative signal because it indicates that the stock's price is below its long-term trend line. The 200 DMA is used as a key indicator by traders for determining the overall trend in a particular stock. Take a look:
