Today’s Market Summarised
- Nifty had a gap-down opening today tracing SGX Nifty. The benchmark index, Nifty 50, was mostly in a consolidating mood even today. During the day, Nifty mostly traded between the range of 11,170 and 11,210. The muted day saw Nifty closing at 11,214, up 0.12%.
- Nifty Metal and Nifty Auto outperformed the market today. Nifty IT ended the day as the worst performing major sectoral index after being the best-performing yesterday. The IT index closed the day down 1.01%.
- All major Asian and European Markets are trading in red at the time of market close.
- Asian Paints ended the day as Nifty’s top gainer. Share prices closed at Rs 1,807.80, up 4.65%. The rally was mostly attributed to the positive sentiment surrounding the promoters releasing 1.7 lakh pledged shares in the company.
- Tata Consumer Products rallied again today, creating fresh highs. Shares closed at Rs 517, up 6.65%. Strong Q1 results combined with the company’s expansion plans have made it a gem for long-term investors. But the question of whether the company is overvalued at its present levels is arising in the minds of more shrewd value investors.
- Yes Bank shares closed their 3rd consecutive day at the exchange mandated 5% upper circuit level. Last day, Marketfeed had highlighted the positive outlook on the company after it closed the Further Public Offering (FPO) to raise cash. Also, LIC has acquired close to 5 per cent shareholding in Yes Bank by purchasing shares from the open market. Shares last traded at Rs 14.10 on NSE.
- Shares of Torrent Power closed at Rs 337.40, up 2.93% after the company posted a 35% jump in consolidated net profit for Q1 FY21.
Global markets, including Nifty, are slowly losing steam as concerns of slow economic recovery surface again. Gold prices are hitting new all time highs everyday and shows that people and governments are putting money into a safe-haven asset. Instability in the market may continue until the gold prices stabilise globally. The market lives on everyday. Identifying the right opportunities will help us shield ourselves better from the uncertainities. Companies with lower debt-equity ratios are all set to win in the long run, while highly leveraged companies may find trouble. The same goes for individuals too. Keep your debt levels low, folks!