Today’s Market Summarised

Markets consolidate ahead of the last weekly expiry tomorrow.

NIFTY opened the day at 17,223 and moved up after heavy volatility. It broke yesterday’s high and moved up but quickly fell and saw sideways movement. There was a heavy fall in the last 30 minutes and NIFTY ended the day at 17,213, down just 19 points or 0.11%.

BANK NIFTY opened the day at 35,117 and moved up. It took resistance around yesterday’s high and saw heavy consolidation for many hours. Just after 3 PM, there was heavy selling and a fall of nearly 300 points was seen. Bank Nifty managed to end the day at 35,045, down by 138 points or 0.39%.

NIFTY Pharma stayed in the green while most others consolidated. NIFTY METAL and NIFTY Media fell to near 1%.

Most Asian markets closed mixed in the day. European markets are trading flat, except the UK which was closed for the last many days.

News Picks

Eicher Motors(+3.3%) gained for the third day in a row and closed as NIFTY’s top-gainer. Bajaj Auto(+2.7%) also gained along with TVS Motors(+2%). Bajaj Auto announced a new electric vehicle manufacturing unit for India which will roll out by June 2022.

Pharma and diagnostics stocks moved up after India sees a rise in active covid cases.

SunPharma(+2.9%) featured in the top-gainers list for another day and got near its all-time high. Sun Pharma Advanced Research(+11.6%) also shot up. Divi’s Lab(+2.1%) moved up in the day along with Dr Reddy(+1.8%) from NIFTY 50.

Along with pharma stocks, healthcare stocks also moved up in the day. Lal Pathlab(+2.7%), Apollo Hospital(+2.7%), Thyrocare(+5.7%), Max Healthcare(+2.3%), Fortis(+2.3%), KIMS(+6.2%) and others moved up.

SBI(-1.4%) was among the many banks to see last hour selling and closed among the top-losers.

Chemical stocks including RAIN(+11.6%), Bharat Rasayan(+10.7%), BASF(+6.2%) and Carborundum Universal(+6.1%) moved up.

Radico Khaitan(+4.7%) hit a fresh all-time high on good volumes after ICICI Direct recommended a BUY on the stock.

Puravankara(+10.4%) shot up after Singapore’s Keppel Corporation acquired a 49%  stake in the company.

Some recently listed IPO stocks saw good buying in the day led by Supriya Lifesciences(+18.6%), Data Patterns(+7.1%), Mapmyindia(+3.5%), Latent View(+9%), Cartrade(+5.6%) and others.

Markets Ahead

After financial stocks were not among the top-gainers yesterday, they dragged down NIFTY 50 today. The last hour of selling across the market indicates that there is still pressure near the top. 

Keep an eye on this channel in NIFTY. If the channel cannot be broken once more, we might see more selling in the upcoming trading sessions.

Recently IPO stocks look like they are in focus. Keep an eye on these stocks in the upcoming trading sessions also.

Where do you think the market is going in January? Let us know in the comments section of the marketfeed app!

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