Today’s Market Summarised

Financial stocks once again continue to outperform the general market.

NIFTY opened at 16,277 and fell after failing to move up. There was bearishness in the index and it somehow took support at the 16,000 mark. The afternoon recovery was strong and NIFTY ended the day at 16,167, down just by 73 points or 0.45%.

BANK NIFTY started the day at 34,691 with a gap-up. The index fell more than 500 points by 1 PM. The afternoon recovery took the index to a fresh day-high by closing time. BANK NIFTY ended the day at 34,693, up by 210 points or 0.61%.

NIFTY IT (-1.2%) fell the most in the day. All other sectoral indices consolidated.

Asian markets mostly mixed during the day. European markets are up in the green currently.  

Today’s Moves 

ONGC (+2.6%) closed as the top-gainer in NIFTY 50 as international crude oil prices recovered overnight. Gujarat Gas (+6%), MGL (+2.3%) and other gas stocks also moved up.

L&T (-2.3%) fell to a fresh 9-month low.

Indiabulls Housing Finance (-20.5%) dropped sharply in the day ahead of its results.

CanFin Homes (-4.3%) and RBL Bank (-4.2%) fell sharply as well.

DCAL fell 20% after poor Q4 numbers.

Markets Ahead

Confusion in the market continues. Banks are showing strength with stocks like Kotak Bank continuing their breakouts.

Consumer Price Inflation data can be expected tomorrow after market hours and is expected to be very high. The sudden interest rate hike by RBI last week is also said to have been because of this high inflation prediction.

The U.S. will publish its inflation data tonight. We will have to see how their markets react to it, with Dow Jones Futures now nearly 1% in the green. 

16,000 was taken as support, and it looks like domestic institutional investors are trying their best to keep the index above this zone. Also, Reliance is down 15% in 2 weeks. If international energy prices do recover, we may see a recovery in the stock.

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See you all today at 7 PM on The Stock Market Show.