Today’s Market Summarised
Nifty opened at 11,514 to hit a high of 11,524 very fast. It faced rejection at those levels and fell strongly to 11,430 in just over an hour. After regaining and stabilising in green, the index fell again and took support at 11,420. Nifty closed the day at 11,472.25, up 5.80 points or 0.051%.
Bank Nifty performed strongly today unlike Nifty 50. It opened at 22,948 with a gap-up and made a day high of 23,063. The index did not go below yesterday’s close and closed strongly at 23,092.15, up 259 points or 1.13%. It was among the top gaining sectoral index today, with sister index Nifty PSU Bank being up 1.34%.
Auto and banking stocks (along with NBFCs) were the stars of the day, with all top gaining members of Nifty coming from these categories. We had talked about the bullishness of these sectors in the morning market feed here.
Asian markets were mixed. European markets are trading in green at the time of Indian market close.
AllCargo Logistics opened at ₹130.60, on the 20% upper circuit. It sustained to close at the upper circuit level. The company had earlier informed the stock exchange its promoters plan to delist the equity shares of the company
Bharti Airtel opened at ₹534/share after Chairman Sunil Bharti Mittal hinted at an increase in mobile services prices in the next six months. The levels could not be maintained and the stock closed at ₹528.65 up 0.33%.
Shares of LIC Housing Finance closed at ₹298.95, up 8.08%. The company had reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning. A day high of ₹309 was made by the stock.
Shares of Can Fin Homes Ltd closed at ₹388.90, up 2.64%. Q1 results of the company are expected to be out today. The market is expecting good results like in the case of LIC Housing Finance.
Shares of Atul Auto closed at ₹189.70, up 6.36% for the day. The prices jumped in expectation of an announcement of good Q1 results.
Adani Enterprises closed at ₹299.80/share, up 20.55%. During the day, reports had come out that the company was eyeing a 74% stake in Mumbai International Airport. Shares are trading at an all-time high with higher volumes than the past 20 days.
Shares of Max Financial Services closed at ₹619.50, up 12.75% today. The NBFC had said Axis Bank now wishes to acquire 17% stake of its subsidiary Max Life Insurance Company. Earlier, the deal was to acquire 29% stake in the company. Ratings agency CLSA had increased its target for the company earlier.
Shares of Rallis India are trading at an all-time high as well, with the stock closing at Rallis India at ₹328, up 8.68%.
It has been made clear that Nifty is taking it slow this month. While the general markets slow down, individual stocks in and around the index have been giving amazing returns. Indices like Nifty Auto and Bank Nifty have been giving great returns, with Bank Nifty being up 1% for the third straight day. The index has now gained over 1,000 points in just the last three trading sessions. Heavyweights Reliance and HDFC Bank are barely moving. So it is a great time to look for opportunities outside the index.
Midcaps are rallying, and can be looked at for quick opportunities. So, all is good in the market with profits still to be made for everyone. But don’t forget to invest in only fundamentally strong companies for the long-term!