Nifty opened the day at 11,568 with a slight gap-up tracking global cues. After heavy consolidation till 11:25am, the index broke down to touch a day-low of 11,507. Later, Nifty moved between 11,520 and 11,570 and finally closed at 11,527.45, down 7.55 points or 0.065%.

Bank Nifty opened the day at 23,986 levels and strongly fell over the course of the day. With The Supreme Court hearings on loan moratorium still going on, the index continues to be trading with fear. Nifty bank closed at 23,530.85, down 344 points or -1.44%. It was the worst performing sectoral index today.

Nifty IT was the best performing sectoral index, moving 1.5%. Hope you caught our live market update on @fundfolio on Telegram. 

Asian markets are trading mixed. European markets are green at the time of Indian market close.

News Picks

Banks were very volatile and traded in red due to the ongoing hearing of moratorium extension. ICICI Bank (down 2.03%) and Kotak Mahindra Bank (down -1.66%) featured in the Nifty Top Losers’ list today.

Indigo and Spicejet closed in green today but gave negative movement after their gap-up openings.

Shares of ONGC closed at ₹79.15, down 1.43% after expectation of capital spending reduction of 20% due to delayed projects.

Shares of Vodafone Idea gained 29.8% to close at ₹12.85 after reports of US companies Verizon and Amazon’s interest in a $4 Billion deal with the debt-ridden telecom company. The company was also planning to raise about $1.5 billion as it seeks to turn around its fortunes in the telecom market

Infratel gained 11.09% to close at ₹217.80 to become Nifty’s top gaining stock. The merger of the company with Indus Towers, is expected to finish soon. ZEEL was yesterday’s top gainer and Infratel is today’s, with both companies set to be kicked out from the Nifty 50 on Sept 24.

Tata Consumer Products gained 4.82% to close at ₹576.35/share today. The stock had been consolidating for a long time and finally broke out today. Hope you caught the rally today with our suggestion on Telegram!

Shares of IT giants were in focus today with suggestions from our side being Infy (closed at ₹935.20 up 1.21%) and TechM (closed at ₹761, up 3.51%). Suggestions of strength in IT stocks were visible from the morning, and these stocks gave easy profits.

Markets Ahead

Nifty is trading cautiously with domestic factors like moratorium hearing still in focus. International markets are performing exceptionally well, and we may see a huge up movement if local factors align. Nifty consolidated heavily today, even with the weekly expiry. Nifty is likely to be unaffected by external factors with such strong factors in play. Identifying opportunities outside the index will help you overcome this problem.

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