Today’s Market Summarised

Markets moved on from the NSE crash yesterday. 

Nifty opened with a gap-up at 15,080 and moved up strongly with the help of banks. But it cooled down soon after touching 15,170 and went back down as banks fell. It still did not break the opening level as auto and metals helped the index move up. Nifty closed the day at 15,097, up 115 points, or 0.77%.

Bank Nifty opened the day with a gap-up at 36,779 and went up. It even crossed the 37,000 mark but was not able to sustain. It fell slowly to even cross the opening range. Bank Nifty took support near yesterday’s high and closed at 36,549, up just 96 points or 0.27%.

Metals index performed the best in the day by going up nearly 4%. Nifty Realty also went up 1.68%. Media stocks performed well, with Nifty media up more than 1%. No other sector or index closed below or more than 1% up or down.

All Asian markets closed in the green. European markets are trading mixed at the time of the Indian market close.

News Picks

Shares of Coal India flew up again to close as Nifty’s top gainer, up more than 8%. It took the metal index up as well.

With Heranba IPO being oversubscribed 77 times on its last day, fertilizer stocks rallied. And who better to show it than Nifty 50’s UPL, up 7%. RCF or Rashtriya Chemicals and Fertilisers closed 20% up.

Metals stocks performed well in the day once again with only Hindustan Zinc closing flat. Hind Copper again hit 10% Upper Circuit, followed by Hindalco, NMDC and JSWSteel who gained between 3-5%

Shares of BHEL saw a high volume breakout closing up nearly 10%. BEL closed more than 4% up in the day.

Reliance was the top puller of Nifty, contributing 64 points to today’s 114 point movement. Saw a high volume breakout above 2100. Is this the start of a bigger rally?

Shares of Nureca listed on the market today with a 58.74% premium to the issue price of Rs 400/share. Shares immediately hit the upper circuit and closed the day at Rs 666.

Shares of Tata Chemicals hit an all-time high, gaining nearly 100% in the last 1 month alone. Was for long known as an undervalued stock but is now unlocking its value. Definitely, one we should have in our portfolio for the LONG term.

After Just Dial announced its B2B sales platform, JD Mart, share prices went up to hit 20% upper circuit. IndiaMart’s success in the space could have made the company look into online B2B sales. Hoping share prices will also give the success that India Mart gave.

The government brought in more regulations for social, digital and streaming media providers, commonly known as OTT Platforms. One good thing that happened is the government allowing platforms to self-review their age-based content by setting up a self-regulatory body.

Wipro is said to be under regulatory scanner for being involved in Citibank’s $900 Million transfer by mistake issue.

Auto stocks went up as well with Tata Motors closing near its 52-week highs again.

Markets Ahead

Another monthly expiry closing in gains for Nifty. Excited to see what the market has in store for us the next month. 

Nifty went up today with the power of Reliance alone, that is what you can understand if you look at the top pullers and draggers of today. The index closing near 15,100 is also giving me confidence that bullishness has indeed returned. If Reliance returns to full power and crosses its all-time high, Nifty would soon see higher highs. Ambani surely does have the power, just has to shake off the problems from farm protests and Future Deal.

Hoping that you have Adani Ports in your long term portfolio. It has gone up nearly 5-6% even today. Think about getting it in a dip. Check out this article to understand why!

PSU rally continues to get interesting. Even today 4 out of the top 10 gainers were government-run. Hoping that they do well and start creating wealth for its investors, including the government. 

Fertiliser stocks rally may also continue. Also, run and try applying for the Heranba IPO if you have not. It will close at 5 pm!

Catch you all on The Stock Market Show tonight!