Today’s Market Summarised

Nifty had a highly consolidating first half in the market. But after this, we saw how volatile a weekly expiry can be. Nifty consolidated in a tight range till noon. After this, the index went on to give good movements to both sides.

Nifty opened the day at 14,879 and moved up in the first candle. After consolidating 50 point range for 2 hours, Nifty suddenly fell. From here, it gained back nearly 100 points to go till near 15,000. But after this profit booking kicked in, and the index fell 165 points. Nifty closed the day at 14,873, up 54 points or 0.37%.

Bank Nifty opened the day at 33,181 and went up in the morning. The index fell 400 points till noon then reversed to once again go above 33,200. Just after 1:30 pm, profit booking kicked in and Bank Nifty fell to 32,700. Gained back a few losses to close at 32,782, down 208 points or 0.63%.

Nifty Metal(up 3.92%) once gained moved sharply today. The only other sector to move more than 1% was Nifty IT(up 1.18%).

Asian markets also mostly consolidated. European markets are also mostly trading flat but in the green.

News Picks

Federation of Automobile Dealers Associations(FADA) released its monthly retail sales numbers today. Retail passenger vehicle sales increased even. Commercial vehicles and two-wheelers sales fell sharply. Auto stocks started falling after the report came out.

NBCC and Suraksha Realty have submitted revised resolution plans for the Jaypee Infratech case. NBCC is up by more than 4%.

Minda Corporation has signed a strategic partnership with an Israel based company for the first unique collision avoidance technology for 2 wheelers in India. Minda Corp was up 1.5%.

Metropolis Healthcare has achieved revenue growth of 40% compared to last year. Stock is up by more than 5%.

Metal stocks once again gained sharply in the day. Tata Steel and JSW Steel rallied to close as Nifty’s top gainers.

Cement stocks jumped on hopes of high demand. Shree Cements and Ultratech Cements gained sharply from Nifty 50.

Titan continued its rally from yesterday after they reported strong revenue growth of 60% for Q4 compared to the low base of March 2020. The stock gained nearly 4%.

Petroleum Minister will soon chair a meeting on the ethanol blending petrol programme. Sugar stocks like Shree Renuka Sugars, Dalmia Bharat Sugar and Industries, Balrampur Chini Mills made bull moves in the market.

Markets Ahead

Markets were really boring in the first 2 hours of the day, but after this it turned interesting. There were some really good moves in the market after this including the huge moves in metal stocks. 

It is actually funny to see how Metal stocks have been moving up and up. There are reports coming out that companies have been increasing steel prices non-stop, which is the reason for this rally.

Also, another interesting piece of data could be that Equity Mutual Funds have finally seen a net inflow in March after 8 months of outflows. Net equity inflow at Rs 7,376.1 crore was seen compared to an outflow of Rs 6,889 crore last month. This means that we could be seeing a return of Domestic Institutional Investors’ buying in the market.

While I feel night curfews are useless and do nothing but harm to businesses, Madhya Pradesh has imposed a total weekend lockdown along with Mumbai. This is worrying, and hoping that we won’t see similar moves to go to total lockdowns.

Nifty has closed at somewhat the same range as last Friday unable to close above 14,900. If Banks lose momentum, we might see a fall in Nifty tomorrow. Keep watching Nifty between 14,800 and 15,000.

Catch you all on The Stock Market Show tonight!