Today’s Market Summarised

A gap-down opening and NIFTY recovering in the day to end nearly flat.

NIFTY opened the day at 17,964 with a gap-down. The index saw heavy consolidation till noon, after which buying was seen. After crossing the 18k mark, there was a quick jump of nearly 60 points. With a fall towards the end, NIFTY closed the day at 18,017, down 27 points or 0.15%.

BANK NIFTY opened the day at 39,220 and fell heavily. After falling 350 points in the first half an hour, there was consolidation seen around the 39k zone. BANK NIFTY closed the day at 39,023, down 345 points or 0.88%. 

NIFTY PSU BANK(-2.3%), NIFTY METAL(-1.7%) and NIFTY REALTY(-1.3%) fell heavily in the day. All other sectoral indices closed with consolidation.

Asian markets closed mixed today. European markets are trading mixed currently.

News Picks

Bharti Airtel(+3.1%) moved up after major Fund houses in the country were said to have invested Rs 1,380-crore in bonds raised by Bharti Telecom last month.

M&M(+3%) continued its bullishness after results and has now jumped nearly 7% in the last 2 days.

Britannia(+2.1%) closed among the top-gainers in NIFTY after closing as the top loser yesterday. ITC(+0.9%) and Tata Consumer(+0.8%) closed in the top-gainers with small gains.

Reliance(+1.1%) continued its bullishness from yesterday evening and closed among the top-gainers.

IndusInd Bank(-3.3%) fell heavily once again and closed as NIFTY’s top-loser. You can check out the reason for IndusInd Bank’s fall here.

Metal stocks closed among the top-losers of NIFTY 50. Hindalco(-3.2%), Tata Steel(-2.8%), Coal India(-2.2%) and JSW Steel(-2.1%) closed in the red. SAIL(-4.3%) and National Aluminium(-2.7%) also moved down.

BHEL(-8.1%) stock fell heavily disappointing Q2 earnings.

Aurobindo Pharma(+3.3%) moved up after an upgrade by a few brokerages.

Kalyan Jewelers(+3.6%) stock moved up after the company posted Q2 Net Profit Rs 68.7 crores vs Loss of Rs 360 crores last year.

NYKAA opened with a nearly 80% listing gain and closed in the green. The market cap of the company is now more than that of NIFTY 50 companies like Britannia, BPCL and Dr Reddy’s with the market cap hitting Rs 1 lakh crores.

Sugar stocks closed heavily in the green after the Govt said it is increasing the price of ethanol. Eid Parry(+0.35%), Balrampur Chini(+2.6%), Renuka Sugar(+4.8%) and others moved up.

India Cements(-5.8%) fell sharply after reporting Q2 Standalone Net Profit Rs 21.9 crores, down 70% YoY.

AsterDM(+5.5%) continued bullishness from yesterday even as other hospital stocks cooled down.

Go Air files DRHP with SEBI and SpiceJet(-1.1%) and Indigo(-0.85%) shares saw selling.

DeltaCorp(+3.6%) ended the day at its highest ever closing level.

Markets Ahead

18,050 will be a crucial level to watch for the expiry. Though NIFTY gave a 1:30 PM breakout, the index faced resistance near the level of 18,050. The close above 18,000 is an indicator of strength for NIFTY.

Wednesday volatility was seen in the afternoon when the market shot up.

UPL closed as NIFTY’s top-gainer with a breakout being seen in the daily charts. Keep a watch on the stock for further movement in the coming days. As we saw yesterday, Reliance showed bullishness and closed among the top-gainers. However, HDFC Bank continued its weakness.

On another side, RBI Governor’s statement that food inflation looks under control, along with the cut on excise duty is positive for the market. There seems to be no other positive indication for the market to move up. Foreign investors continuing to be net sellers does not give much confidence to the market, and we will need a strong buying from them to take the market up.

Seeing the consolidation in Bank Nifty and movement in Nifty, tomorrow looks like a volatile weekly expiry day!

Meet you all on The Stock Market Show at 7 PM on YouTube!

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