Today’s Market Summarised
Nifty opened the day with 11,581 with a gap-up from yesterday’s close but soon started falling. The index took support near 11,540 and started consolidating between this range. But around 2.20pm, the entire index got shaken after Banks fell very sharply. The fall saw Nifty touching a day low of 11,446 and recovering to close at 11,516.80, flat to yesterday’s close.
Nifty Bank was among the worst performing indexes today after opening with a gap-up at 22,320. The index, like Nifty, saw that open was their highest point throughout the day. Around 2:20pm, Bank Nifty formed a red candle of nearly 500 points. The index took support near 21,780 and went on to close at 22,031 down 289 points or 1.3%.
Nifty Pharma was clearly the highlight of the day, closing strongly in green even while the rest of the market remained flat or in red. Nifty Realty also performed well in the day. Banking and financial sector was the worst performing.
Asian markets closed in green today. European markets are mostly trading flat at the time of Indian market close.
Shares of Dr Reddy’s Laboratories gained 9.96% today, taking the stocks gains to over 20% in 3 days. Last day, Russia’s sovereign wealth fund had partnered with the pharma major for trials and distribution of Sputnik V Covid vaccine in India. Shares of the company closed at ₹5,306 for the day. It was the Nifty 50’s best performer of the day.
Shares of HDFC Bank closed at ₹1,058.90, down 2.28% and performing worse than any sectoral indice. It was the top losing stock in Nifty 50 today. Hope you caught the fall, as it would have showed up in everyone’s watchlist after failing to break the day open price.Yesterday, US based Rosen Law Firm had filed a class action lawsuit against private lender HDFC Bank. Read more about it in our morning article here.
Shares of Sterling and Wilson Solar closed at ₹219, down 2.04% after the company announced that it has won a 106.71 MW solar project in Chile, its fifth in Latin America, worth about Rs 462 crore.
Shares of TVS Motor Co subsided after touching a day high of ₹468 but soon came back down to close at ₹456.30, down 0.16%. Yesterday, the company had announced its new distribution partnership with Auteco SAS, a leading assembler of motorcycles in Colombia.
Google has removed PayTM from the play store after the app broke terms related to gambling and betting. The companies are working to reverse the ban soon. PayTM is India’s most valuable startup, and is planning to do an IPO in 2021.
Shares of DeltaCorp zoomed 9.9% to Rs 118.75 during the day after sources said a private equity firm might invest in their gaming business. Trading closed at ₹113.95/share, up 5.46% for the day.
Markets are said to have fallen due to the shakeup after a volatile final hour of trade, attributed by some to the FTSE (Index of UK) rebalancing and due to the tensions on India’s borders with Pakistan and China. Hope the fall was well utilised by our readers, with the technical warnings given after Nifty fell below day-low. Gold prices have been consistently rising and heading for the second weekly gain. Gold prices going up is an indicator of potential fall in the market. Keep watching this space for more.