Today’s Market Summarised

Markets crash sharply after Russia launches airstrikes across eastern Ukraine overnight.

NIFTY opened at 17,259 with a gap-up and moved down slowly. It took support at 17,150 and bounced back up to the day-high by 2 PM. Around this time, news started coming out from Ukraine and a fall of more than 430 points was seen. NIFTY ended the day at 16,958, down by 215 points or 1.25%.

BANK NIFTY opened at 36,834, with a slight gap-up. Eventually, the index broke the day-high and even briefly crossed the 37,000 resistance. News from Russia pulled the index 1200 points down from the day-high. BANK NIFTY ended the day at 36,341, down by 387 pts or 1.05%.

All sectoral indices closed the day in the red. NIFTY IT, NIFTY FMCG and NIFTY Realty fell the most.

Asian markets closed mixed in the day. European markets also fell along with our markets after the Russian news and are trading in the red.

News Picks

Coal India (+4.3%) gave a breakout once again and closed among the top-gainers in NIFTY 50 again. Energy stocks Reliance (+3.8%), Hindustan Petro (+3.4%), GAIL (+1.2%), IOC (+1.7%) and BPCL (+1.1%) were among the other gainers.

ICICI Bank (+1.1%) and SBI (+0.45%) were among the biggest gainers from Bank Nifty before the afternoon fall.

AU Small Finance Bank (+2.9%) was up by 5% in the morning after news of a bonus issue with results on April 26.

HDFC group stocks – HDFC (-5.4%), HDFC Life (-4.8%) and HDFC Bank (-3.8%) once again crashed in the day. 

SBI Life (-4.1%) gave away yesterday’s gains and fell.

Infosys (-3.6%) and TechM (-3.2%) once again featured in the top-losers list.

Jubilant Food traded lower after the stock price got adjusted for a 1:5 split.

Both Mindtree (-8.1%) and LTI (-6.8%) fell after the CEO of Mindtree said the merger news of the companies is purely speculative.

NLC India (+4.3%) moved up after news of Tamil Nadu Govt buying an additional 6000 MW of power from the company.

Apollo Hospitals (+5.7%) moved up after a big fall yesterday.

Markets Ahead

NIFTY has now fallen for the 5th consecutive day with the HDFC twins and Infosys. Just like we expected yesterday, these 3 heavyweights continued their weakness and Reliance bounced back.

The one ‘edge case’ or surprising factor that happened today was the fresh news from Ukraine. The panic caused markets to crash from their day highs. Till then it looked like Reliance was able to keep NIFTY up despite the other heavyweights falling.

If we look at the European markets and the U.S. Futures charts currently, we can see that they are bouncing back up now. If they manage to recover more, we might see a gap-up in the Indian markets tomorrow.

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See you all today at 7 PM on The Stock Market Show.