NIFTY opened the day at 15,977 with a gap-up of 169 pts or 1%. After the initial confusion, the index broke 16k resistance to touch the day high at 16,083. But after 1: 30 pm, Nifty fell more than 300 pts and took support at yesterday’s low. NIFTY ended the day at 15,782, down by 25 points or 0.16%.

BANK NIFTY started the day at 33,925, up by 393 pts or 1.1%. The 34k level acted as a beautiful resistance and it was a sharp fall in the afternoon. The index dived nearly 1000 pts in just 90 mins! BANK NIFTY ended the day at 33,121, down by 410 points or 1.2%.

Nifty Auto (+2.4%), NIFTY FMCG (+1.8%), NIFTY Pharma (+1.6%), NIFTY Metal (-2%), NIFTY FINSERV (-1.2%) and NIFTY Bank (-12%) closed with notable changes.

Asian markets closed well in the green. European markets are also trading in the green currently.  

Today’s Moves 

Tata Motors (+8.6%) had a stellar day after reducing its net loss to Rs 1,032 crore in Q4 from Rs 7,605 last year.

Considering sector-wise performance Nifty Auto had a great day. Ashok Leyland (+4.3%), Bharat Forge (+4.1%), Eicher Motors (2%), Hero MotoCorp (+2%), M&M (+2.8%), TVS Motor (+5.3%), and Tata Motors (+8.6%) moved up.

But Maruti fell 2%.

Tyres stocks such as JK Tyre (+6.3%), Apollo Tyres (+2.7%), MRF (+6.5%),CEAT (+1.6%) closed in the green.

Sun Pharma (+3.8%) moved up after receiving a USFDA approval for the Mesalamine capsule.

Major FMCG stocks including Britannia (+1.9%), COLPAL (+2.3%), Godrej CP (+3.3%). HUL (+2.5%), ITC (+2.2%), Radico (+2.%), MCDOWELL (+3.9%), and VBL (+2.5%) closed well in the green even after the after noon fall.

Emami (-5.1%) posted Q4 consolidated net profit at Rs 356 crores against Rs 87.7 crores last year.

Reliance (+1.1%) closed in the green as Jio added 12.6 lakh subscribers in March after losing for three months. Interestingly, Airtel (-2.2%) and Idea(+2.4%) moved today opposite to their customer changes. Indus Tower fell 9.2%. 

Titan (+2.1%) featured in the top gainers’ list as they forecasted good business growth in the coming years.

Hindalco (-4.4%) continued the recent downtrend and closed as Nifty 50 top looser. Steel stocks JSW Steel (-3.9%), SAIL (-1.3%), Tata Steel (-1.8%) was falling from the opening itself.

SBI (-3.8%) reported Q4 standalone net profit at Rs 9100 crores compared to Rs 6540 crores last year. But the stock moved down as it missed estimates. ICICI Bank (-2.6%) and Axis Bank (-2.1%) also moved down

RBL Bank (+9%) moved up after reporting a 162% YoY growth in Q4 net profit.

Union Bank (+7.1%) shot up after reporting Q4 standalone net profit at Rs 1440 crores against Rs 1329 crores last year.

Bandhan Bank (+4.3%) reported Q4 standalone net profit at Rs 1900 crores compared to Rs 103 crores last year.

PSU stocks BHEL (+2%), CONCOR (+1.9%), Cochin Ship (+1.6%), IRCTC, (+5%) also moved up.

Markets Ahead

Yesterday after market hours, the CPI inflation data came out and it was near an 8-year high at 7.9% in April. But our market opened with a gap-up, quite interesting!

But it was a day of ‘sell on rise’ as the market had no reason to bounce back.

Nifty levels 16,000 and 16,080 are now acting as good resistances. We should be more concerned about Nifty breaking supports in the 15,600-750 ranges than looking for a reversal.

HDFC Bank is testing the pre-Covid levels and it should be watched.

Bank Nifty is just 1000 pts above its 52-week low.

However, let’s consider the positive side also. It’s a great chance to start investing, and averaging our holdings and experiencing the bearishness will definitely help our long journey in the market.

Hey Fam, the Indian market is missing something. A booster shot? Positive sentiments? But major results are out. So we can’t look into them. What do you think it would be?

Share your thoughts in the comments section of the marketfeed app!