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              Nifty reclaims 7750, Infosys gains, HDFC falls

The government has cut the natural gas prices to USD 3.06/mm Btu from USD 3.82/mm Btu. The move will benefit fertilizer, power and steel companies who heavily rely on natural gas. This reduction will ease their working capital burden.   This cut is not a shocker as it was expected,  Former Chairman of ONGC . However, it is much lower than expected, he adds hoped the price would be about USD 3.25/mmBtu.  ONGC will still find it viable to produce gas as its operating costs are minimal, He is equally positive on companies like GAIL , which is into upstream operations.  Buzzing: Shares of Natco Pharma gained 4.5 percent intraday as it has approved the sale of Save Mart Pharmacy Stores located in USA. The company at its meeting held on March 30, 2016, approved the sale of Save Mart Pharmacy Stores located in USA, which is a non-core business of the company. The Save Mart Pharmacy Stores is being owned by Natco Pharma Inc., a wholly owned subsidiary of the company.

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The market gained some strength after opening flat. The Sensex rose 74.30 points to 25412.88 and the Nifty reclaimed 7750 level, up 18 points to 7753.20. Hero Motocorp, Bajaj Auto, Lupin, Sun Pharma, Infosys, Vedanta, Tata Power and UltraTech Cement were early gainers while ONGC, Adani Ports, Coal India, HDFC, SBI, Idea Cellular and PNB were losers. The Indian rupee has opened marginally higher at 66.35 per dollar today against previous close of 66.37. Mohan Shenoi of Kotak Mahindra Bank said, "USD-INR is expected to gradually drift lower on year end remittances and custodial inflows. USD-INR trading range for today is 66.15-66.45/dollar."

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             Nifty ends above 7700; metals, banks rally

The market snapped two-day losing streak, rising 1.8 percent. The Sensex surged 438.12 points to 25338.58 and the Nifty rose 138.20 points to 7735.20, led by positive global cues and banks rally. About 1866 shares advanced against 755 declining shares on the BSE. ICICI Bank, Tata Motors, Lupin, SBI, Tata Steel and Hindalco Industries surged 4-6 percent while M&M and HDFC lost 1 percent. Green nod to CIL project: An environment ministry panel has recommended green clearance with some riders to state-owned CIL 's coal mining project in Jharkhand. 

Central Coalfields Ltd (CCL), an arm of CIL, was seeking green clearance for expansion of Ashok open cast project (OCP) in Chatra district of Jharkhand from 10 million tonnes per annum to 14 MTPA. "The Committee (Expert Appraisal Committee), after detailed deliberations...recommended for grant of environmental clearance to the project with the specific conditions," an official source said. The conditions according to EAC are that as against the proposal for 14 MTPA (million tonnes per annum), the project proponent will not exceed 12 MTPA, and this production permission is limited to the forthcoming year 2016-17 .. 

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     Sensex reclaims 25,000 on Yellen's statement; Nifty above 7,650

The S&P BSE Sensex was trading at 25,088, up by 188 points while the Nifty was qouting at 7,655, up 58 points. Broader markets are outperforming the benchmark indices- BSE MIDcap and Smallcap indices are up 0.8%-1%."Nifty has to continue to hold the immediate support of 7,580 zones to get a bounce back move towards 7,660 then 7,720 levels. On the downside if it fails to hold 7,550 zone then only the momentum may fizzle out and index may drag down towards 7,500 then 7,480 zones. Market now requires a follow up buying and shifting of base to higher levels to continue its upswing led by support based buying in next coming sessions" adds Anand Rathi's morning report.

Meanwhile, volatility is likely to be witnessed today on account of March series futures and options contracts expiry.Further, participants are patiently waiting for the Reserve Bank of India (RBI) monetary policy review due on April 5 amid hopes of a 25 basis points cut in interest rates.Foreign portfolio investors (FPIs) bought shares worth a net Rs 513 crore yesterday as per provisional data released by the stock exchanges.Besides, the government permitted 100%  FDI in the market place format of e-commerce retailing with a view to attract more foreign investments.Among overseas markets, Asian shares rallied on Wednesday as markets scaled back expectations for how fast and how far US interest rates might rise this year, bruising the dollar and boosting sovereign bonds.

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