Today’s Market Summarised

  • Nifty opened the day at 11,423 level with a strong gap-up. Initially the index struggled to break the 11,450 mark but by 12 noon, this level was broken with multiple green candles. A green hammer pattern (shows bullishness) was formed in the last 15 minutes, with Nifty closing the day at 11,466.45, up 94 points or 0.83%.
  • Nifty Bank opened with a long green candle at 22,461 at a gap-up. After taking resistance at 22,900 level around 2.30pm, the index closed the day at 22,833, up 533 points or 2.39%.
  • Top gaining sectors are given below. Banks moved the most today. and consequently 4 out of 5 top gainers in Nifty 50 were Private Banks or Financial service providers( NBFCs).
  • Asian markets are positive today. European markets are trading 2% in the green. Nifty got the confidence to break 11,450 with this indication from Europe.

News Picks 

  • Pheonix Mills closed the day at ₹726.95, up 4.76%. We had written in our morning feed about how the company had raised around Rs 1,100 crore through sale of shares to institutional investors, including the Singapore government.
  • The appointment of Ashwani Bhatia as the managing director of lender State Bank of India seems to have gone smoothly with the market. Shares of the PSU lender closed at ₹201, up 1.34%. Although Nifty Bank showed bullishness today, the Nifty PSU Bank Index rose only 0.21%.
  • Bharti Airtel closed the day at ₹531/share, up 2.07%. Shares of the company staged a late-stage rally at around 3 pm to jump from red to close. Block deals and delivery % will have to be noted when NSE reveals the data later. Earlier in the day, shares of the telecom company were trading in the red due to fear of AGR dues of Videocon having to be paid by Airtel. 
  • An analysis of AGR court hearings today will also have to be made so that we can understand if the telecom stocks moved based on it. Any major updates will be covered in tonight’s Top 10 article by Marketfeed.
  • Shares of Idea jumped 7.65% to ₹9.15/share. It was the top gaining stock today with Futures & Options activated today.
  • Shares of Zeel gained 4.76% to close at ₹201.20 today. It was the top gaining stock in Nifty 50 today, and on Friday was the top losing stock. The company is set to be excluded from the index soon, along with Bharti Infratel.

Markets Ahead

Banking and finance sector companies led the rally in the market today. Remarks of the RBI Governor seems to have made no impact whatsoever in the market today, which is great news. Global markets seem to have gotten back into their winning streak. With the hopes of vaccines growing stronger, and US markets hitting fresh all-time highs, Indian markets are likely to go up as well. Gold prices falling again can also be looked at a positive event for the market. With the monthly expiry coming up on Thursday, Nifty is likely to be volatile, giving lots of opportunities for traders.