Today’s Market Summarised

Nifty’s movements today felt like getting on a roller coaster. With negative sentiments in global markets, Nifty opened the day at 11,919 but kept falling and falling. After breaking a key support at 11,860, the index tried to pull back multiple times. The European markets opening flat and going up gave Indian markets slight positivity after noon. But ultimately, it was the Banks that pushed the index from 11,820 to 11,995 in just 2 hours. Nifty closed the day at 11,971.05, up 36.55 points or 0.31%.

Bank Nifty was trading in red till late afternoon today. The index opened the day at 23,380 and fell to consolidate between opening level and 23,150. Interestingly, today is the day that the interest-on-interest case is being heard in the Supreme Court and with some late stage positivity but without any proper reason, Bank Nifty jumped up to close at 23,874.65, up 382 points or 1.63% for the day. Nifty also jumped up along with it.

Banks and NBFCs moved the most today. Nifty Pharma and Nifty IT were the worst performing sectors. 

Asian markets closed positive today. European markets opened in green but are currently trading in negative. Keep a watch for how US markets perform tonight.

News Picks

Wipro opened the day in red and closed even more in red. It was the worst performing stock in the Nifty 50 index, closing at Rs 349.40, down 7.06% after publishing Q2 results yesterday. The saying buy on rumours, sell on news definitely applied to this stock today.

Energy stocks fell the most in the Nifty 50 today. Shares of Coal India, NTPC and ONGC featured on the top-losers list shared below. 

Shares of NBFCs, mainly from the house of Bajaj topped the charts today. It is safe to say that NBFCs and Banks stole the show.

Jockey’s Indian partner Page Industries is under investigation from a top apparel industry watchdog for human rights violations in its Bengaluru factory, Reuters reported. Can keep watch of this stock for a fall, if the reports are true.

CoForge featured among the top-losing stocks after being yesterday’s top gainer. Shares of the IT company fell almost 7% to Rs 2601.95.

The interest-on-interest case continues to drag on, even with the huge positivity and expectation in Bank Nifty today. The SC has directed the Central Government to release a circular on Interest moratorium waiving scheme before the 2nd of November. The case hearing will continue on November 2.

Shares of Infosys fell 1.71% to Rs 1,138 ahead of its Q2 results today. The results just published after market hours look positive. Q2 net profit stands at Rs 4,845 crore. We may probably see some buying in the stock for tomorrow.

Markets Ahead

Interestingly, Nifty is gaining for the 10th straight day today, even though red candles were formed in the 1 Day chart (due to gap up). This is a rare occurrence, and the last time Nifty gained for 10 straight sessions was in January 2015. What an unbelievable bull rally! Of course, today was all set to end in red before banks pushed up the index. 

Nifty touched a day high of 11,997, shy of 3 points from the 12k mark. Glad to see that the technicals were respected, even in such a wild movement. Hopefully, this level will be broken tomorrow. Let us see what happens.

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