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Upbeat factory data from China lifted investor spirits as hopes of a rebound in global economic activity led to domestic equity markets bouncing back from Monday's lows. Dalal Street also witnessed some support as reports suggested that the government has put off implementation of the uniform stamp duty on transfer of capital market instruments to July 1, 2020.

What is happening on the FII front? India is still at the receiving end in terms of FII outflows. They continue to sell when global markets are looking better, things are stabilising, the virus spread has not been alarmingly high in India, the lockdown at least initially seems to be working, crude prices have got crushed. But foreign investors continue to throw in the towel, dump and sell and throw names like HDFC, HDFC BankNSE 3.64 %. Why is that?

Nifty50 on Tuesday jumped nearly 4 per cent, but ended up forming an indecisive candle on the daily chart with a long lower wick. During the session, the index stretched higher to retrace 50 per cent of the recent fall, but levels around 8,700 acted as key resistance during the day. Analysts said the NSE barometer needs to respect the support of 8,244, else the downside may resume. They see 9,660 as an immediate resistance level.

The last month of the financial year 2020 turned out to be a nightmare for equity investors as Indian benchmark equity indices tanked nearly 25 per cent in March. The 30-share Sensex plummeted over 9,000 points to 28,440 on March 30 from 38,297 on February 28. Likewise, 50-share Nifty index lost 2,900 points to 8,281 from 11,201 during the same period.

After the sharp sell-off in the previous session, benchmark indices on March 31 staged a smart recovery and ended on a positive note. Positive global cues, mainly in response to an improvement in China’s manufacturing data, lifted investors’ sentiments, which led to buying in the Indian markets despite the rise in coronavirus cases. BSE Sensex rose 1,028 points to 29,468 while Nifty50 closed 317 points higher at 8,598.

NSE Nifty on Monday snapped a 4-day winning streak, as the bears made a comeback on Dalal Street. On the daily chart, the index formed a bearish candle with a lower wick. This suggests that the intraday recovery was sold into. Analysts said the index may fall towards the support area of 8,100-8,000 in the coming sessions. "Technically, 8,100-8,000 is the important support region for the index to watch out for. If the index breaches the mentioned support, steep downside is likely. On the flipside, 8,600 and 8,850 levels will now be immediate resistances," said Ruchit Jain of Angel Broking.

Market benchmarks Sensex and Nifty closed in the red on March 30 as fears of recession kept investors away from riskier equities. Sensex closed the day with a loss of 1,375 points, or 4.61 percent, at 28,440.32 while Nifty settled 379 points, or 4.38 percent, lower at 8,281.10.

The Nifty50 might rally back to 9,700 if corona cases are brought in control else we could see the Nifty dragging back and possibly even break its recent low of 7,511, Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor, said in an interview with Moneycontrol’s Kshitij Anand.

Sustainability in the market will depend on the behaviour of the COVID-19 curve and the new cases in the coming week, Naveen Kulkarni, Chief Investment Officer, Axis Securities Limited, said in an interview with Moneycontrol’s Kshitij Anand. edited excerpts:

Equity market was left less than impressed after the Reserve Bank of India Governor Shaktikanta Das refrained from making projections for growth and inflation in his media address, where he announced a slew of measures to support the economy, including a whopping 75 basis points cut in repo rate. Das said the projected annual GDP growth was at risk due to the uncertainty created by the outbreak of the deadly virus.

n a volatile session on Friday, the domestic equity market consolidated, as it ended flat with a minor gain. NSE Nifty made a stronger-than-expected start, however, it failed to capitalise on the robust opening and gradually gave up all gains. After coming off over 450 points from the day’s high, the index spent the remaining session oscillating in a wide 200-point range. It finally settled flat with a minor gain of 18.80 points or 0.22 per cent at 8,660.25.

The Sensex and Nifty jumped on Thursday, extending gains to the third straight session led by shares of lenders after the government unveiled a Rs 1.7 lakh crore relief package that includes direct benefit cash transfers and free cooking gas to protect the poor from the impact of the 21-day lockdown.

The bears maintained their stronghold on the markets for the sixth consecutive week that ended on March 27. It made some recovery after the Rs 1.7 lakh crore welfare package announced by the Finance Ministry and the Rs 3.7 lakh crore liquidity stimulus package from the Reserve Bank of India (RBI) soothed sentiment.

The sell-off in the market continued for the sixth consecutive week that ended on March 27. However, losses were curtailed to a large extent due to short covering/value buying for four days in a row, after the biggest ever single-day loss seen on March 23 due to the novel coronavirus pandemic-led panic across the world.

April will most likely be a "wait and watch" period. It can close in positive since the markets are deep in the oversold zone, but for the time being, 7,511 can be taken as a bottom in the intermediate-term, Umesh Mehta, Head of Research, Samco Securities, said in an interview with Moneycontrol’s Kshitij Anand. edited excerpts: