Today’s Market Summarised

A day of net consolidation after the wild movements.

NIFTY opened the day flat at 18,072 and showed volatility. The index traded in a downwards channel for the whole day with support at the 18k level. Buying was seen towards the closing and NIFTY closed the day at 18,044, down 24 points or 0.13%.

BANK NIFTY opened the day at 39,527 and was volatile just like NIFTY. It kept moving down slowly in a channel with big movements but made candles of high volatility. With consolidation in a 340 point zone, BANK NIFTY closed the day at 39,368, down 69 points or 0.18%. 

NIFTY AUTO(+1.03%) was the only sector to move more than 1%. All others showed consolidation.

Asian markets closed mixed today. European markets are trading mostly flat but slightly in the green currently.

News Picks

M&M(+3.8%) reported an 8-fold increase YoY in Q2 Standalone net profit to Rs 1,430 crores and closed as NIFTY’s top-gainer. Other auto stocks Tata Motors(+1.6%) and Hero Motocorp(+1.1%) followed it in the day.

TVS Motor(+2.7%) was at 10% Upper Circuit in the morning after rumours about plans to raise up to Rs 3,600 crores for the EV subsidiary. The stock fell in the afternoon as news came out that no negotiations were going on.

Britannia(-2.5%) closed as NIFTY’s top-loser after the Q2 results update by the company. Net profits fell 23% YoY to Rs 384 crores.

HDFC Bank(-1.7%) closed among the top-losers list with bearishness continuing post its earnings report. The stock has closed at its lowest point since September 23. Meanwhile, SBI(+1.1%) and ICICI Bank(+0.82%) closed among the top-gainers.

RBL Bank(+6.4%) is up 20% from November 1, when it had fallen from its earnings reports.

Apollo Hospitals(+2.9%) saw buying through the day after UBS raised the target to Rs 5,700 from Rs 3,850. Other hospital stocks AsterDM(+1.3%), and Fortis(+6.7%) also moved up.

Yesterday major hotel stocks except IndHotel moved up. Today IndHotel closed 3.1% up.

SUN TV(+0.76%) moved up after saying it may hive off IPL team Sunrisers Hyderabad into a separate company or go for an IPO.

According to an Edelweiss analysis, Tata Power(+3.1%) will see passive mutual fund inflows of $240 million and SRF(+2.1%) could see buying worth $230 million. Both shares moved up today.

MRF(-1.7%) fell sharply in the middle of the day after Q2 Net Profit fell more than 50% to Rs 180 crores.

IRCON(+2.8%) won its biggest order worth Rs 5,100 crores and moved up sharply intraday.

Iran lifts a seasonal ban on rice imports. India is the largest exporter of rice to Iran. Daawat(+3.2%) saw buying in the day.

IDFC reported Q2 consolidated net profit at Rs 262 crores vs Loss of Rs 142 crores last year. Both IDFC(+2.8%) and IDFC First Bank(+1.7%) closed in the green.

Steel stocks saw some selling in the day led by Jindal Steel(-2.6%), Vedanta(-1.8%), SAIL(-1%) and JSW Steel(-1.3%).

Meanwhile, Adani Enterprises(+4.2%) moved up after Adani Group paid Rs 2,440 crore to the Airports Authority of India to take possession of 6 airports it won in a bid earlier – Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram.

Markets Ahead

Yesterday’s volatile movements continued into Tuesday. But at the end of the day, what we saw was net consolidation.

The 18,000 mark was held even with the volatility for the second day even without much help from Foreign Institutional Investors for the past many days.

India’s Revenue Secretary says Excise Duty cut to have the burden of Rs 60,000 crores in five months this FY. Expecting this will not have a negative effect because inflationary pressure on the economy will decrease to a small extent.

India’s retail inflation data is expected this week and any sharp jump may scare investors. Crude oil prices have created a negative impact on our economy in the past many months.

Reliance closed at its day-high towards closing and HDFC Bank is at a good support zone. Where do you see the market going in the week? Do you expect a jump or a fall? Let us know in the comments section of the marketfeed app!

Meet you all on The Stock Market Show at 7 PM on YouTube!

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