Today’s Market Summarised

Nifty opened with a gap down tracing global cues, however moved up, tested 14500 a couple of times, broke out & finally closed above 14550. The bullish sentiment remained strong in the market. Nifty closed the day at 14,563 up 78.7 points or 0.54%.

Just like Nifty, Bank Nifty too opened with a gap down. The major resistance at 32000 was beautifully broken and closed above 32300. Bank Nifty closed the day at 32339, up 340 points or 1.06%.

PSU Bank gained the most today and was followed by Nifty Realty. Pharma, FMCG & IT were the sectors which ended in the red today.

European indices are trading flat at the time of Indian market close.

News Picks

NIFTY PSU Bank is up by almost 6% today. All PSU Bank stocks ended in green today. Infact, all PSU Bank saw sharp buying towards the end of the trading session. Bank of Baroda up by more than 10%, Bank of India up by more than 8%, Canara Bank up by 6.8% & SBI up by 3.6%. RBI had talked about how the worst may be over for Indian Banks, even though NPAs may rise.

NIFTY Realty is up by 2.7% powered by the heavyweight DLF. Sunteck Realty saw growth in pre-sales for Q3 at 7% YoY. Sunteck is up by 2.9% and DLF is up by almost 10%. 240 was a major resistance zone for DLF. Also, brokerage firm Jefferies has projected that residential sales may cross 2019 levels and prices might rise over 10% over the next 2 years.

TATA Motors continued its rally today also. Stock is up by more than 7%. JLR’s retail sales in China was healthy, furthermore, retail sales in most other regions including North America and Europe also continued to recover.

Even though Nifty opened with a gap down, RELIANCE opened above 1900. Reliance is up by more than 3% today. Reliance moved up throughout the day. Reliance Retail is set to rope in local Kirana stores as franchise partners to fulfil orders placed on its e-commerce platform JioMart. Reliance Retail will exit from the direct sale of packaged food, grocery and FMCG products. The Kirana stores will sell these products to consumers in their respective neighbourhoods. Also, news regarding Jio IPO gained momentum today.

GAIL is up by more than 4%. The company is considering a buy back of shares this week.

Shares of ASIAN PAINTS fell by more than 4% today. The stock was on an uptrend throughout last month and today witnessed a major correction.

FMCG majors Hindustan Unilever & Nestle was under selling pressure today. Both of them shed more than 2% today.

Markets Ahead

The bullishness in the market is very evident. Nifty is moving up with different sectors supporting the index each day.

HDFCBANK is set to announce its Q3 report on Saturday. The rally began in HDFCBANK yesterday itself. HDFCBANK is up by more than 2% today. The stock is enjoying its rally ahead of reporting the Q3 report on Saturday. Wipro is also continuing its rally ahead of results.

NIFTY successfully broke above 14,500 today, and even sustained above it. Was very interesting to see how there was positivity despite the fall in global markets. Won’t be surprised to see another day of buying from Foreign Institutional Investors(FIIs).

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