Today’s Market Summarised

Nifty ends the day flat after trading in a tight range for the weekly expiry!

Nifty opened the day at 17,319 and mostly saw sharp movements. But even with the volatility, the index only traded in an 80 point range. 17,300 was tested at 12:30 PM, but the market recovered from there and closed at the day-high. Even with the last 30-minute jump, Nifty closed the day at 17,369, up 16 points or 0.09%.

Bank Nifty opened the day at 36,736 and looked like it would break yesterday’s high. But, perfect resistance was taken and the index moved back down. After trading in a 290 point zone, Bank Nifty ended the day at 36,683, down 85 points or 0.23%.

Nifty Media(+2.97%) was the only sector that moved above 1% today. Nifty Metal(+0.78%) also saw some strength, while all other sectors consolidated.

Most Asian markets closed mixed in the day. European markets are all trading well in the red currently.

News Picks

FMCG stocks saw buying in the day with Nestle(+3.11%) and ITC(+0.66%) closing among Nifty 50’s top gainers. Other FMCG stocks – PGHH(+3.02%), Marico(+2.5%) and Emami(+2.41%) also moved up.

Bharti Airtel(+2.74%) moved up to fresh 52-week highs with telecom stocks once again doing well in the day. Idea(+4.35%) and Indus Tower(+2.73%) also moved up.

ONGC(+2.69%) moved up and closed as the top-gainer after ICRA assigned ‘AAA’ credit rating for non-convertible debentures (NCD) of the company for Rs 7,500 crore. OIL India closed 2.58% up.

Life insurance stocks SBI Life(-3.84%) and HDFC Life(-0.85%) closed among top-gainers of Nifty 50 today. ICICI Prudential(-2.85%) also closed in the red. SBI Life fell because Canada Pension Plan Investment Board was planning on selling 2 crore shares in the company at a discount of 0-5% to Wednesday’s close.

Media stocks mostly closed in the green. ZEEL(+3.16%), PVR(+2.12%) closed among top-gainers. DishTV(+20%) and SunTV(+1.79%) also closed with gains.

Ashok Leyland(+2.8%) moved up after Chairman Dheeraj G. Hinduja said they are looking at all options for the manufacturing of batteries for electric vehicles. 

Auto ancillary companies including Mahindra CIE(6.5%), Sona Comstar(+1%) closed with gains.

Greaves Cotton(+2.5%) announces its entry in the multi-brand electric vehicle retail segment.

Coromandel International(+3.5%) closed in the green after launching a new fertiliser brand GroShakti Plus. 

CDSL(+5%), BSE(+4.2%), IEX(+1%) and MCX(+1.8%) closed in the green.

Markets Ahead

Nifty has ended the week in the green, after opening with a gap-up on Monday. It is the 3rd week in green for the index. Bank Nifty has also managed to close above the 36,500 mark in the week.

What is more interesting is that Nifty has stayed strong even when global markets saw correction this week. Even the crypto markets and commodity markets have been seeing a correction. Will be interesting to see how the Indian markets move after opening on Monday.

Remember that it is a 4-day week and tomorrow is a market holiday. So do remember to take some time off and to study some charts.

Most sectoral indices closed with consolidation while Nifty Media moved up more than 2%. Nifty Pharma closed more than 0.75% in the red for the week.

Hope you had a good weekly expiry. Have a great weekend!