Today’s Market Summarised

The market opened with a gap-up and moved down, with consolidation seen in most indices.
NIFTY opened the day at 17,969 and tried to cross the 18k mark. But once this bullishness failed, the index slowly started moving down. After trading in a 100 point zone with mostly consolidation, NIFTY closed the day at 17,888, down 40 points or 0.23%.

BANK NIFTY opened the day at 39,796 and was volatile. It made a day-low around 10:30 AM and shot back up 500 points. With consolidation towards the end, BANK NIFTY closed the day at 39,938, up by 174 points or 0.44%. 

NIFTY REALTY(+3.3%) and NIFTY PSU BANK(+2.3%) closed more than 1% in the green. NIFTY METAL(-1.5%) fell after yesterday’s bullishness. 

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

News Picks

Shares of Maruti(+1.5%) closed as NIFTY’s top-gainer, touching its highest levels since January on the back of good volumes. Keep an eye on the stock which is now moving up after the Q2 results.

NTPC(+1.7%) gained after starting commercial production at its 80 MW Solar project in Jetsar.

Titan closed among the top-gainers of NIFTY 50. Titan Jewelry CEO said they are seeing a good rise in gold demand in all segments.

SBIN(+1.1%) moved up slowly ahead of its results tomorrow. All stocks in the PSU Bank Index closed in green with Union Bank(+5.6%), Canara Bank(+4.4%) and J&K Bank(+8.2%) outperforming.

Tata Steel(-3.7%), JSW Steel(-2.3%), Hindalco(-2%) and Grasim(-2.5%) closed in the top-losers list of NIFTY after gaining yesterday.

Shares of agrochemical company PI Industries(-7.2%) fell sharply after its deal with active pharmaceutical ingredient maker Ind Swift Laboratories was cancelled. Ind Swift Laboratories(+10%-UC) shares were locked in the upper circuit. 

RBL Bank(+11.7%) and Shriram Transport Finance(+10.1%) gained after reporting good results. Bandhan Bank(+8%) moved up after RBI approved it as an agency bank to conduct government businesses.

All stocks in the NIFTY Realty index closed in green again with DLF(+5.1%), IB Real Estate(+9.3%), Prestige(+6.4%), Sobha(+4.6%) and Brigade(+4.8%) sharply moving up.

Transport Corp of India(+12.2%) sold a 20% stake in its cold chain business to Japanese company Mitsui & co for Rs 63.5 crores and the stock shot up.

Sun Pharma(+0.44%) shares shot up from day-low after reporting Q2 consolidated net profit at Rs 2,050 crores, up 10% YoY and above estimates.

CholaFin(+3.5%) Q2 reported consolidated net profit at Rs 303 crores, up 21% YoY.

Markets Ahead

A lot of midcap and smallcap stocks have now bounced back from the lows of Friday. 

NIFTY as seen last Thursday, may not give much importance to the 18,000 level. Keep an eye out for the level of 18,050 for bullishness. 

Tomorrow’s big event would be the Q2 results of SBI, which could move BANK NIFTY. Also, remember that tomorrow is the weekly expiry in our markets and also the end of the trading week.

Once again, there is heavy call writing seen at the 18,000 level with fewer contracts on the put side. This generally indicates bearishness, but also keep in mind that if this level is breached, there could be short covering and further up move.

Meet you all on The Stock Market Show at 6 PM on YouTube!