Today’s Market Summarised

Markets fall in the last 2 hours of trade with Wednesday volatility kicking in.

NIFTY opened the day at 17,560 and was volatile. Throughout the day, the index looked to be in a slow uptrend and even tested 17,600. But failing to break this level, there was heavy selling in the market. In the last two hours, NIFTY went from day-high to day-low and closed the day at 17,415, down by 88 points or 0.50%.

BANK NIFTY opened the day 37,412 and fell before jumping back up.  With a breakout after 10 AM, the index went up to nearly 37,900 level and started falling after 1 PM. Selling near the closing time brought BANK NIFTY back to the opening level, and ended the day at 37,442, up 169 points or 0.45%. 

NIFTY MEDIA(+2%), NIFTY AUTO(-1.2%), NIFTY IT(-1.5%) and NIFTY FMCG(-0.99%) moved the most in the day. All others consolidated.

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

News Picks

Adani Ports(+4.6%) continued to be in the top-gainers list of NIFTY 50 for the second day in a row and closed at November’s high. Coal India(+1.8%) also showed up in the list from yesterday.

ONGC(+4.6%), Coal India(+1.8%), BPCL(+1.4%), NTPC(+1.3%) and IOC(+1.1%) featured in the top-gainers list with energy stocks being in demand. 

Kotak Bank(+1.4%) and ICICI Bank(+1.1%) closed in the top-gainers list while most other stocks from Bank Nifty consolidated. IndusInd Bank(-1.1%) continued bearishness.

FMCG closed in the red with Tata Consumer(-2.6%) ending as the top loser in NIFTY 50. ITC(-1.6%), Britannia(-1%), Dabur(-1.4%) and UBL(-1.4%) also moved down.

Just like this, NIFTY AUTO(-1.2%) stocks also saw selling. Eicher Motors(-2.3%), Maruti(-2.3%), TVS Motors(-1.4%) and Tata Motors(-1.3%) closed in the red.

ZEEL(+7%) moved up after the MD & CEO of the company said the merger with Sony Pictures is in the final stages.

Vodafone Idea(+3.7%) moved up in the day while Bharti Airtel(0%) failed to hold morning gains and closed flat.

IOB(+13.6%) and Central Bank(+10.4%) jumped up after fresh news of privatisation.

Bajaj Healthcare(+12.7%) said the listing of equity shares of the company on NSE will be in effect from tomorrow. Currently only available in the BSE.

Markets Ahead

Germany may announce a full lockdown today and mandatory vaccination. After this news was announced, our market moved down in reaction but the German market has not fallen as much yet.

With shares of Adani Enterprises hitting an all-time high, Gautam Adani today overtook Mukesh Ambani to be Asia’s richest.

Oil prices yesterday moved up even after U.S., India and other allies decided to release crude oil reserves. India is a heavy importer of crude and likes lower oil prices.

BANK NIFTY still managed to close in the green with ICICI Bank and Kotak Bank leading the gains. Interestingly, there was high volume selling in SBI. IndusInd Bank has closed at its lowest level since May 2021.

Consolidation is what we are seeing currently. After the fall in October, there was consolidation at the beginning of November for NIFTY. We may see consolidation again after last week’s fall. 

Expect some continued volatility in the market tomorrow for the monthly expiry!

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