Today’s Market Summarised

Markets opened with a gap-up and moved down on the first day of the week.

NIFTY opened the day at 17,621 with a gap-up of more than 100 points. After consolidating in a 40 point zone for more than 1 hour, a fall was seen in the index till the end of the day. After a fall of nearly 300 points from day-high, NIFTY closed the day at 17,368, down 143 points or 0.82%.

BANK NIFTY opened the day at 37,382 and tried to move up. After consolidating in the morning. There was support taken at the level of 37,000, which was later broken. Bank Nifty closed the day at 36,925, down by 180 points or 0.49%.

All sectoral indices except NIFTY IT(+0.31%) closed in the red. NIFTY MEDIA(-1.8%), NIFTY PSU Bank(-1.3%) and NIFTY Realty(-1.3%) closed well in the red after moving up more than 2% up each on Friday.

Major Asian markets closed mixed in the day. All European markets are trading in the green currently.

News Picks

Axis Bank(+2.32%) opened with a gap-up and moved up through the day. It closed as the top-gainer in Nifty 50. Goldman Sachs upgraded the stock to a buy rating with a target of Rs 920.

TechM(+2.2%) closed among the top-gainers after hitting 52-week highs. Wipro(+1.1%), Coforge(+3%), LTI(+2.3%) and LTTS(+2%) moved up from NIFTY IT.

Bajaj Finance(-3.1%) and Bajaj Finserv(-2.1%) closed as the top-losers in NIFTY 50.

Tata Consumer(-2%) and Nestle India(-1.5%) fell on the day. Hindustan Unilever(-1.2%) is also trading near 9-month lows from the FMCG index.

China’s iron ore futures prices gained 7%. Metal stocks opened with a gap-up and mostly fell.

Idea(-5.4%), ZEEL(-3.4%), CAMS(-5.2%) and IEX(-3.4%) moved down on the day after last week’s rally.

Credit Access Grameen(+20% Upper Circuit) and Minda Industries(+10.2%) saw explosive breakouts to fresh-highs. 

Tega Industries got listed at Rs 760/share on NSE vs issue price of Rs 453/share, with a listing gain of 68%. It closed at Rs 726 , up 60%.

BSE(+0.47%), CDSL(+3.7%) and Siemens(+2.5%) were some stocks that hit record highs.

Gravita(+4.3%) moved up after commencing a new recycling plant at Mundra, Gujarat.

Shriram group will merge Shriram Capital Ltd (SCL) and Shriram City Union Finance Ltd(+5.9%) (SCUF) with Shriram Transport Finance Ltd(-1.9%). Shares reacted differently.

JK Paper(+1.9%) moved up after approving debt instruments aggregating to Rs 125 crores.

Nazara(+4.5%) moved up after subsidiary arm NodwinGaming acquired a 10% strategic stake in digital content IP company Rusk Media.

Markets Ahead

NIFTY turned bearish and saw selling after failing to break its opening zone. Even with the gap-up, and support from Banks, there was selling seen in the index at the top. It would have easily reminded you of the selling at top by institutions after buying in all the dips.

Reliance pulled down the index along with banks. NIFTY IT is near a breakout zone in its current channel and can be watched. Maruti is trying to continue its breakout and is at its highest level of December.

Asian markets were mostly in the green and helped in NIFTY opening with the gap-up. On Friday, there was no reaction from the U.S. index even after the country had high inflation data.  We will have to watch how the U.S. markets perform tonight.

Where do you think NIFTY will go? Let us know in the comments section of the marketfeed app!

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