Today’s Market Summarised

Nifty continuing yesterday’s afternoon bearishness!

Nifty opened the day at 15,862 with a 90-points gap-up. From the first minute, it started moving down first taking support at 15,780 then moving even further down. After 2 PM, another 100 point fall was seen. Nifty closed the day at 15,686, down 85 points or 0.54%.

Bank Nifty opened at 34,870 and was in a mood to consolidate. Just at 2 PM, the index was almost near the day-high. A 350 point fall was seen from here and Bank Nifty closed the day at 34,574, down 171 points or 0.49%.

Only Nifty Auto(+0.46%) closed in the green. Nifty Metal(-1.13%) fell while all other sectors closed with less than 1% loss.

Asian markets closed mostly mixed in the day. European markets are all trading flat with not much change.

News Picks

Maruti(+2.3%) once again closed as Nifty’s top gainer, continuing its bullishness from yesterday. The stock hit a 4-month high.

Shares of Titan(+1.45%) closed at an all-time high today. Titan Jewellery division’s CEO Ajoy Chawla had said they are expecting a U-shaped recovery and opening up only those stores – 270 so far – where 100% of our staff has been vaccinated.

IT shares once again featured in the top-losers section with Wipro(-2.95%) and TCS(-1.21%) closing in the red.

UBL confirmed Heineken has bought an additional 14.98% shares, increasing the total stake to 61.50% from 46.52%. UBL closed 3.6% down after opening at a new fresh all-time high. 

NMDC profits fell short of expectations, even with good numbers. The stock closed 3.5% down.

PEL completed the acquisition of a 100% stake in Hemmo Pharmaceuticals for Rs 775 crores cash. The stock moved up and then closed flat. 

Wockhardt Pharma’s promoter pledged 6.58 lakh shares from June 16-21. Total pledged shares now stand above 22%. The stock is down by 5.6%.

Shipbuilder GRSE commissioned a new 250 tonne Goliath Crane worth an approximate cost of Rs 155 crores. The stock closed 3% up.

Bharat Electronics says Rs 15,000 to 17,000 crores of orders are expected this year. The company also announced good Q4 results yesterday. The government-run company is also setting up a plant for making lithium-ion battery cells. The stock closed 11% up.

Other defence equipment companies including BHEL, BEML, BDL and HAL saw a jump in stock prices around the same time.

Infosys will begin buyback from the open market on June 25 and end by December 24.

Hero MotoCorp closed 0.73% up after hiking the prices of its bikes. The stock fell sharply after the bullish open. 

Adani Ports fell 3.26% after getting excluded from investment by Norway’s largest pension fund from June 2021. 

Shares of Sobha fell more than 4% after reported a 65% YoY decline in its consolidated net profit at Rs 17.9 crore for Q4.

Markets Ahead

Moody’s expect India’s real GDP to grow at 9.6% in 2021, 7.0% in 2022 and says that economic damage in India will remain restricted to April–June quarter.

HDFC Bank was looking strong and actually kept Bank Nifty from falling heavily. SBIN also closed flat and did not fall. 

Just a 0.5% move downward from Nifty, even on such a bearish day. But yes, if you count today’s gap-up, it was a more than 1% fall. I would still call it net consolidation with both midcaps and small-caps closing better than Nifty 50.

Expecting a reversal in the market tomorrow. Reliance’s AGM is also tomorrow at 2 PM and volatility can be expected.

ONGC once again closed in the green with a near 1% gain. OIL India also gained more than 1%. These shares can be watched in the medium term.

Hope you had a great day in the market!

Catch you all on The Stock Market Show tonight!