Today’s Market Summarised

  • Nifty had a gap-up opening today, starting the day of at 11,272, before moving up. The index hit a day high of 11,336 and fell around 12 noon as a result of profit booking. During the day, Nifty mostly traded between 11,270 and 11,340. The benchmark index closed at 11,270.15, up marginally by 0.50%.
  • Nifty Pharma had an amazing session, closing the day up by 5.46%. This huge single-day rally comes after positive results announced by major pharma companies, majorly Cipla. Hope you all caught the rally today!
  • Asian markets are mixed today. European markets are all trading in green at the time of our market close.

News Picks

  • Cipla emerged as Nifty’s top gainer on the heels of results that heavily exceeded market expectations. Shares of the Pharma major closed at Rs 797.7, up 9.48%. Regular followers of the stock would remember the days when it was struggling to break even 650 levels, and look where it is now!
  • Shares of Vodafone Idea, Bharti Airtel and IndusInd Bank closed with heavy consolidation for the day. We will be able to see huge movements to either side depending on the verdict by the courts. The verdict on the AGR case is still awaited, and we will be updating this portion right when it’s out. Stay tuned!
  • Shares of Mahindra & Mahindra, the automaker, rose 4.90% to Rs 629.9. The company had announced a 97% YoY fall in net profits on Friday. The auto-giant also announced measures to streamline operations, including cancelling their bid for the supply of trucks to US Postal Service.
  • Defence stocks including Bharat Forge, BEL and L&T jumped after the Ministry of Defence announced that an import ban for 101 items. We had pointed this out in the morning Marketfeed as well.
    Bharat Forge, up 3.13% to Rs 420.55.
    BHEL, up 3.12% to Rs 36.35.
    L&T, up 4.84% to Rs 959.95
    HAL, up 8.06% to Rs 1,026
  • Prestige Estates share price closed the day at Rs 244.50, up by an amazing 8.62%. Again, hope you caught the rally by reading the morning daily MarketFeed article.
  • InfoEdge jumped 6.92% to Rs 3,542 today. Subsidiary of the company, Zomato, is in talks with investors to raise another 100 Million USD for expansion.

Markets Ahead

Nifty ended the day in green again. Rising hopes of the COVID-19 vaccine as well as better than expected economic data continue to push the index ahead. Gold prices have stabilised temporarily, gaining today after yesterday’s huge fall of Rs 1,000. Gold prices can be tracked by a good investor to predict the stability of the market, as the precious metal is considered a safe-haven asset. The results of the AGR case, whatever it may be, will also have a huge impact on the mood of the general market and not just related companies. Nifty struggling to close above 11,300 can be seen as the market’s indecisiveness and we can see a huge movement in either direction this week.