Today’s Market Summarised
- Nifty had a gap-up opening today at 11,248 points. The index fell sharply after open, and consolidated between 11,190 and 11,240 till 3pm. Just after 3pm, Nifty broke the upper bound with the help of banks and went on to close at 11,247.10, up by 68.70 points or 0.61%.
- Nifty Bank also had a gap-up opening along with Nifty 50. The index opened at 21,894 and crashed to 21,400 levels during trade. However, the index made a strong comeback to close in green by the end of day. Nifty Bank closed at 21,754 up 0.34%. Nifty PSU Bank closed in red for the day, with State Bank of India being the top loser in Nifty 50.
- Sectoral indices Nifty Metal (+2.51%), Nifty Auto (+2.43%) and Nifty Media (+2.61%) were the top performing indices of the day. Nifty Pharma (-0.33%) closed in red for today.
- Asian markets are mixed today. European markets are trading flat, just like Nifty.
- Shares of NTPC closed at ₹95, up 7.47% after the company announced better than expected results for Q1 FY21. The government-run power giant also announced it has begun bulk supply of fly ash to distant cement plants. The stock also advanced as the company reported better-than-expected results for the June quarter.
- M&M share prices closed at ₹623.50, up 1.47% for the day. Introduction of the new Mahindra Thar had received a lot of interest, and is expected to be a smash hit. Nifty Auto was among the top performers of the day. Can interesting cars like this revive India’s struggling passenger vehicle sales?
- Glenmark Pharmaceuticals opened at ₹495 and shot upto ₹509 before profits were booked. The pharma company had posted an over two-fold increase in consolidated net profit on Friday. Share prices closed at ₹482.75 for the day, up 1.48%. The share would’ve given easy profits to both sides today. Hope you capitalised on the volatility!
- BPCL share prices closed at ₹407.95, down 1.28% after the company announced it has scaled down capex plans for FY21 to ₹8,000 crore from ₹12,500 crore originally planned as projects are stuck due to unavailability of skilled manpower.
- Shares of Wipro Ltd. closed at ₹283.50, up 2.53% after the announcement that acquisition of Brazilian IT firm IVA Servicios de informatica Ltda was completed.
Today, Nifty showed signs of recovery by the end of the day. The bullishness of Auto and Metal sector stocks are a really good sign for Nifty. The index moved up today while heavyweights Reliance and HDFC Bank closed in red.
Nifty Bank taking a strong and going up is also a good sign for the market. In the end, financial institutions are the backbone of any modern society. So, we can’t help but be bullish on the banking and finance sector, as we all remain bullish on India as a nation. There is no choice for Bank Nifty to go but up in the long run, so investors need not worry. Traders can enjoy the volatility, and book easy profits in these stocks by analysing trends. Wishing you all a wonderful week ahead!