Today’s Market Summarised

A bullish day across the market with 47 stocks from NIFTY 50 closing in the green.

NIFTY opened the day at 17,188 and moved up. The zone between 17,280 and 17,340 saw a lot of consolidation with NIFTY moving sideways for more than 3 hours. After 2 PM, there was again some power and NIFTY closed the day at 17,401, up by 235 points or 1.37%.

BANK NIFTY opened the day 36,308 and was weaker than NIFTY. Throughout the day, its move was seen only in a 400 point zone. After taking 36,500 as resistance in the morning, the index managed to close above it with some last-minute positivity. BANK NIFTY closed the day at 36,508, up 143 points or 0.39%. 

NIFTY IT(+2%) saw major bullishness throughout the day. NIFTY FINSERV(+1.2%), METAL(+1.5%), MEDIA(+1.5%), FMCG(+1.1%) and AUTO(+1%) closed with more than 1% gains.

Major Asian markets closed mixed today. All European markets are trading in the red currently.   

News Picks

Adani Ports(+4.4%) regained from this week’s fall and ended as the top-gainer in NIFTY 50. Other stocks from the group including Adani Ent(+2.3%) and Adani Transmission(+5%) also closed in green. 

Heavyweight HDFC(+3.8%) saw buying throughout the day as it bounced back from good supports. HDFC Bank(+1.4%) and HDFC Life(+1.6%) also moved up.

PowerGrid(+3.5%) continued to break out and hit all-time highs today.

As Ola Scooters booking crosses 10 lakh, Fiem Industries(+3.5%) moved up. They are a major supplier for Ola scooters. Another supplier, Gabriel(+4.4%), also moved up. Engineering company Greaves Cotton(+12.7%) which manufactures Ampere electric scooter also moved up.

BEML(+2.1%) rose to all-time highs after privatisation hopes but fell towards closing time. Another stock with hope Shipping Corp(+4.3%) also moved to a 52-week high. Other defence stock BDL(+2.6%) moved up after winning order worth Rs 470 crores.

Skipper(+16%) wins new orders of Rs 300 crores and shot up.

Power Minister says that coal stocks at power plants are improving in November. Coal India(+2.41%) moved up.

NMDC(+2.91%) said it plans to meet on Dec 3 for the declaration of interim dividend. The miner also saw a slight increase in production for November.

M&M Finance(+3.21%) moved up after positive commentary on the business. There is growth in loan disbursement to Rs. 2,500 crores, up 17% (YoY). The collection efficiency also rose to 94%(YoY).

BSE (+15%) saw a breakout to all-time highs. MCX(+4%) and CDSL(+6.62%) also moved up while CAMS(-2.26%) moved down. SEBI has approved NSE’s IPO at a valuation of Rs 2 lakh crores, making it one of the country’s most valuable companies!

Markets Ahead

A bullish Thursday just like last week. And interestingly, NIFTY has crossed the high from last Friday. That was the day markets fell heavily on Omicron variant fears. 

Today, the market was pumped up by HDFC and IT stocks. The IT index is taking support at 34,500 for the fourth or fifth time. In fact, you can plot a channel pattern in the index over the past many months which could get broken this time. NIFTY IT has been consolidating since September.

RDIF(Russian Direct Investment Fund) says its Sputnik vaccine for the Omicron variant should be ready in 45 days.

It looks like the market is stabilising currently as fears of Omicron is reducing. 2 cases have been reported in Karnataka and we will have to see how the market reacts to this tomorrow.

Even though NIFTY has shown strength and closed at the week’s high, Bank Nifty is still below Tuesday’s morning level. Keep a watch on IT stocks and Banking stocks as the market tries to stabilise. 

FMCG stocks are also at good valuations currently. Hindustan Unilever closed 1.8% in the green after bouncing back from an important support of Rs 2,300. Keep watch on it too!

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