Today’s Market Summarised

As expected, NIFTY opened with a gap up just below 14450 today. However, after opening NIFTY was kind of consolidating. NIFTY sustained 14400 with support from IT & Auto sector. Nifty closed the day at 14,485 up 137.5 points or 0.96%.

Bank Nifty opened with a gap up below 32300 and formed a big red candle. Then, the index fell sharply and failed to recover. Bank Nifty closed the day at 31,998, down 85 points or 0.27%.

IT index gained the most today and was followed by Auto. Metal, media & bank were the sectors which ended in the red today.

The three major European indices is down by 0.5% at the time of Indian market close.

News Picks

IT stocks were strong today too. The strong Q3 report by TCS is driving up the bullishness in the IT sector. All IT stocks ended in green today. HCLTECH gained more than 6%, INFY up by more than 4% & WIPRO up by more than 3%. On Wednesday INFY & WIPRO is set to announce their result and on Thursday HCLTECH will announce their Q3 report.

Auto stocks went up today with the positivity from vehicle registration data. The vehicle registration shows positive growth for the first time in FY21, said Federation of Automobile Dealers Association. TATAMOTORS is up by more than 11% today. MARUTI and M&M are also up by more than 2%. Also, aftermarket hours there were reports suggesting Tesla may sign an MoU and partner with Tata Motors to manufacture and sell its vehicles in India using Tata facilities. The rumors also said Tesla had already conducted due diligence and found Tata has the best EV infra among all auto majors. There has been no official communication on this and hence, the rumor could not be confirmed. TATAMOTORS denies any talks of collaboration between Tesla & Tata Motors Says co has not taken any decision regarding a strategic partner for its PV business & categorically denies any and all rumors suggesting the same.

NIFTYMEDIA was down by by 1.5%. Shares of ZEEL fell by more than 3%. ZEEL saw sharp buying on Friday and today it was correcting.

NIFTYMETAL was down by 1% with TATASTEEL down by more than 2.45%. HINDALCO also in top loser section down by more than 1%.

Financial sector was under pressure today. A lot of finance stocks in top loser sector. BAJAJ Twins down by almost 2%, KOTAKBANK down by 1.65% and SBIN down by 1.2%. NIFTY Financial Service made its debut and started to trade today.

Markets Ahead

Major IT stocks are yet to announce their Q3 results this week. IT stocks can still be watched.

Also, HDFCBANK is set announce their Q3 report on Saturday. The rally began in HDFCBANK and was up by 1.4% today. Just like we are watching IT stocks rally, will private banks rally too?

NIFTY has successfully sustained above 14400 today. This means that there is a chance NIFTY might jump above 14500 tomorrow, even though 14500 has high open interest. There are chances to see a profit booking but overall trend looks bullish.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.