Today’s Market Summarised
Bulls being shaken once again in the market.
Nifty opened flat today at 15,038 and started falling sharply. The index fell more than 191 points in the first 25 minutes of opening. Trying to move back up, 14,900 was taken as resistance and the market bottomed out near 14,745. Nifty tried to move up towards the end and closed at 14,929, down 101 points or 0.67%.
Bank Nifty opened the day at 35,483 and fell 680 points immediately. 34,800 was taken as a small support in the day. But the index of banks kept falling and consolidated near 34,500 level for many hours. Towards the end of the day, Bank Nifty went up with the rest of the market to close at 35,182, down 314 points or 0.88%.
Only Nifty Metal closed just more than 1% up. Nifty Media(down 1.44%), Nifty Pharma(down 1.31%) and Nifty Finserv(down 1.24%) were the worst-performing sectors.
Asian markets closed mixed in the day. European markets are all trading flat to green at the time of Indian market close.
JSW Steel once again went up to close as Nifty 50’s top gainer. After more than a year in waiting, JSW Steel is looking to close the Rs 19,350 crore acquisition of bankrupt Bhushan Power and Steel Ltd (BPSL) by March 25.
Tech Mahindra gained 2.33% as they agreed to acquire 70% stake in Perigord Asset Holdings, an end to end packaging supply chain solutions provider to the Life Sciences industry, for €21 million euros.
Shares of smallcap Pritish Nandy communications hit 10% upper circuit after Ratan Tata picked up stake in the company
Shares of JSPL went up more than 2% up in the day after February sales of the company increased 14% YoY. Tata Steel also featured in Nifty’s top gianers.
Deltacorp says online gambling business has huge potential for growth. Casino business back at pre-covid level. Share prices went up 4%. IEX again closed nearly 5% up.
While the IT sector did relatively well over the day, only one stock from Nifty Pharma closed in the green – Lupin up 1.26%.
MTar Technologies listed in the market at Rs 1050, more than 80% gain from its IPO price. Shares closed nearly 90% up from the IPO price.
The Netherlands has become the 7th world country to stop the usage of AstraZeneca’s COVID-19 vaccine, pending an investigation into blood clots. As we know, this is one of the main vaccines in our country. This has caused some concerns in the market, but hopefully will be rectified soon.
Markets once again falling after opening, continuing last weeks trend. Was a beautiful shorting chance in the morning, with markets non-stop fall. Similarly, the evening’s non-stop gains. I feel that the rally near market close was possibly Foreign Investors swallowing up shares at cheap prices. Retailers would have squared off with losses after the many days of falls, and the market rallied up near the close.
The second day in red for Nifty. With US Futures in green, along with Nifty reversing near the end of day. Adani Ports, a stock which I follow, saw heavy profit booking over the day and it may continue over the next many trading sessions also I feel. Even PSU Banks index closed in the day, with SBI going up near the end of day. Public banks are on strike today against privatisation.
Expecting this to be just bulls being shaken off before the index moves back up. Will keep watching 14,800 as good support in Nifty. Well, traders will have to trade according to the trend anyway so let us hope for a clear trending market on Tuesday.
Catch you all on The Stock Market Show tonight!