Today’s Market Summarised

Nifty opened the day at 14,738 and fell sharply immediately. The index tried to move back up after but could not break Friday’s high. It gradually fell from the high and tested 14,600 twice after 1 pm. Just after 1:30 pm, Nifty started moving up. It was a day of general consolidation in the index. Nifty closed the day at 14,736, down 7.6 points or 0.05%.

Bank Nifty witnessed a good fall in the day. After opening at 34,088, Bank Nifty fell sharply nearly 350 points in the first 15-minute candle. It then tried to go up again but failed and fell to take support at Friday’s low near 33,380. Bank Nifty closed the day at 33,603, down 558 points or 1.63% in the day.

Nifty Realty(up 2.7%), Nifty FMCG(up 1.7%) and Nifty IT(up 1.85%) and Nifty Pharma(up 1.57%) in the day. Bank Nifty and Nifty Financial Services were down more than 1%.

Asian markets look mixed in the day. European markets are currently trading in the red.

News Picks

Shares of Adani Ports went up by 5% as the company is finalising on acquiring an additional 58.1% stake of Gangavaram Ports. Adani Enterprises went up more than 11% in the day.

Dr Reddy’s gained 1.7% today as the company submitted Phase 3 Efficacy data of SputnikV to DGCI. Sources say the efficacy is said to be 91%. 

Shares of Cipla rose by 1.5% after the pharmaceutical giant gained market share from 12.3% to 13% for a key asthma drug, Albuterol in US. 

Shares of TCS went up by 2.8% after the company rolled out salary hikes for all staff for 2021-2022

RailTel Corporation shares rallied 8% after receiving an order worth Rs 153 crore from Central Coalfields, for the establishment of MPLS-VPN Network of higher bandwidth on a rental basis for 5 years

Shares of SpiceJet soared up to 6.5% after the company, along with Tata Group were shortlisted for acquiring Air India. Due Diligence is reported to start in a few week’s time

Adani Green Energy‘s share price hit a record high of Rs 1,251 rising 5% after winning many new orders.

Shares of Honeywell Automation went up by 3.5% after Vanguard Group reportedly bought 70,589 shares of the company at Rs 43,009 on Friday. The stock price closed at 44,400.

Shares of Future Retail stock closed 6% higher after Delhi HC stayed March 18 order in Amazon-Future Retail case.

Nifty FMCG, the only sector with gains last week again went up today. Almost all stocks in the index closed in the green.

Markets Ahead

Banks and financial stocks were weak in the day. 

We had talked about Prestige shooting up near end of Friday’s trade, and the stock again closed up more than 4% in the day. Godrej Properties also reversed after closing 6 days in the red.

While smallcaps index consolidated, Nifty Midcap gained by nearly 0.8% in the day.

One thing that Reserve Bank of India warned about last week was the rising bond yields would not help global economic recovery, and will push most economies to increase interest rates. This would not help the market, if it does happen.

Just like how IT stocks started journey back to their all-time highs, now it looks like the time for FMCG companies. Even though their all-time highs are at super-high valuations, you can think about catching the momentum in these stock. Tata Consumer is soon to be officially added into Nifty 50 too!

Adani stocks seem to have bottomed out last day and formed great bullish patterns today. Adani Enterprises hit Rs 1,000 level! Adani Total Gas, Adani Green, Adani Power, Adani Enterprises hit their 52-week highs today! Can be looked into as they are bouncing back from good supports.

Also even when realty stocks bounced back in the day, DLF(up 2.5%) is still under its important level of Rs 300. This level can be watched in the coming days.

AstraZeneca vaccine was found 79% effective in US trials and this gives some confidence. India is the largest vaccine market and the government has today ammended guidelines for taking the shot. Trying to gain back confidence in the vaccine after not so positive comments from last week.

Catch you all on The Stock Market Show tonight!