Today’s Market Summarised

Nifty opened the day with a small gap-up at 15,004 and tried to go up. It quickly went up to hit the day high around 10 am but could not sustain and fell. Asian markets were falling around this time and our markets fell too. Nifty then traded between 15,050 and 14,918 to close the day slightly in green at 14,956, up 18 points or 0.12%.

Bank Nifty opened at 35,429 and went up nearly 400 points from this level. With private banks falling sharply after this high, Bank Nifty fell to take its strong support near the 35,000 range. It tested this day low multiple times, and closed at 35,275, up 47 points or 0.14%.

Only Nifty Media closed with more than 1% gains. Nifty Realty lost more than 1%. Every other sectoral index closed with consolidation.

European markets are consolidating. Asian markets closed mixed with wild up and down movements. 

News Picks

With an outlook to open 4 new hospitals in the next 4 years, Apollo Hospitals is looking to raise $400 Million(~Rs 2,920 crore) by issuing bonds.

With it being that the crude oil price rise is here to stay, ONGC and IOC featured in the top-gainers of the day. Both ONGC and GAIL hit fresh 52-week highs today. Global oil prices are at their highest levels in more than a year after Yemen’s Houthi forces fired drones and missiles at the heart of Saudi Arabia’s oil industry on Sunday.

Larsen & Toubro shares closed more than 3.5% up after Morgan Stanley continued their confidence in the company. Lower interest rates, high capital expenditure and Make in India will benefit the company.

BEML shares hit 20% upper circuit after at least six companies, including Tata Motors Ltd, Mahindra and Ashok Leyland are looking to buy a 26% stake in the PSU.

Tata Motors shares spiked for a short time as the company announced it was separating its passenger vehicles business. Shareholders are believed not to be affected by the move. Last day, Jaguar Land Rover had laid off more than 30% of its India staff.

Shares of Power Finance Corporation(PFC) closed more than 4% up after the company decided to meet on March 12 to consider dividend for FY’21.

SBI Cards rose 1% in the market today. The company plans to raise up to Rs 2,000 crore through the issuance of debt securities.

Tata Power shares closed more than 1.5% up as the plans to separate renewables business into a different company. Also, Maharashtra Govt has announced mega electric charging centres to be set up at Rs 9,453 crore budget.

Maharashtra Budget announced many new initiatives. Along with this, Rs 30,418 crores in agriculture debt is set to be waived off. UPL closed up 6.5% as the top gainer, although other fertilisers did not. Tractor manufacturer Escorts was up more than 1.5% up along with M&M(up 1.26%).

Infra stocks remained in the green after Indian Roads Minister said target to develop 60,000km length of National Highways in next 5 years. IRB Infra closed nearly 9% up at a 7-month high. GMR Infra up 1.45%. You can also check out PSP Projects here.

Markets Ahead

Nifty has managed to close in the green with only marginal gains. Bank Nifty also saw a rangebound movement today. Even though all indices tried to move up today, they failed.

Pharma was really trying to move up today, so hoping that they will break out tomorrow if markets stay stable.

15,100 looks like a good resistance. Nifty closing above this zone will bring some confidence into the index. Looking in to mid and smallcap stocks as Nifty continues consolidation. 

Tata midcap stocks are particularly in focus for the past 3 months and rightfully so. Just like how Adani stocks continued their rally for many months, Tata stocks including Tata Chem, Voltas and others may continue to move up along with others.

Saudi being attacked has caused an increase in crude prices. With this, we can see our petrol prices also going to increase soon. Fill up your fuel tanks or go long on crude to protect against this(just a joke, not financial advice).

Catch you all on The Stock Market Show tonight!