Today’s Market Summarised
Nifty finally fell today after opening with a sizeable gap-down at 13,475. Global markets were in red, along with the fall in SGX Nifty. Nifty’s fall was fast, and the day low was created in the first hour near 13,400. After consolidating in a tight range till 2 pm, the day high was broken with a rally from private banks towards the end of the day. Nifty closed the day at 13,478, down 50 points or 0.38%
Bank Nifty went down, following the benchmark NIFTY 50 index after opening at 30,549. The index of banks fell down with private banks pulling it down and took support at 30,200. Just after 2.10 pm, the index jumped up to end up closing the day at 30,510, down 199 points or 0.65%
FMCG stocks went up the most today, with the index being the best-performer. Media stocks fell after yesterday’s rally, along with PSU Banks.
Most Asian markets were in red today, tracing American markets. European markets are all trading in the green, at the time of market close.
FMCG stocks jumped up after the demand for consumer products demand was said to likely to grow in double digits in the next quarter.
Nestle India went up more than 4%, ITC by 3.77%, Britannia by 3.11% and more. Hopefully you caught this jump today either with technicals or by following the news in the Live Feed section of marketfeed app.
UPL shares closed by falling by more than 11%, after reports claimed that the promoters were siphoning money off the company. A while ago, auditors of the company’s Mauritius-arm had resigned, which raised a few eye-brows.
Cement shares continued to be top losers, after our analysis yesterday in The Stock Market Show. The Competition Commission of India is investigating cement companies for pumping up prices.
SpiceJet shares closed up by 7% after the company said it had signed a Memorandum of Understanding with Snowman Logistics for delivery of the Covid-19 vaccine. Snowman Logistics shares closed up by more than 5%, as well.
Even with the news surrounding the rejection of Indian vaccines turned out to be false, major indices in our markets closed in the red. Today being the weekly expiry day, volatility was expected and one would not have been disappointed. But as I had expected when looking into the Open Interest today morning, Nifty was surely going to close between 13,400 and 13,500.
All is good in the vaccine side, with multiple deals between companies happening. Apollo Hospitals has also come out and said that they are ready to vaccinate more than 10 lakh individuals a day.
Will the correction continue? Will foreign investors probably start booking their profits? Only intelligent analysis can help us win the markets. So let us look into today’s US Markets to see how our market might move tomorrow.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.