Today’s Market Summarised

It has finally happened, ladies and gentlemen. Nifty has successfully closed above 12,000 for the first time since February 20. It has not only crossed 12,000, it has even closed above 12,100.

Nifty opened the day at 12,065, with a big gap-up tracing positivity in the global markets. After trading sideways for a while, Nifty resumed its upwards journey. The index traded in a range of 90 points today, and was relatively calm. It did not even test 12,000! Nifty closed the day at 12,120.30, up 211.80 points or 1.78%.

Bank Nifty opened the day at 26,179, with a gap-up tracing Nifty. After trading sideways, Bank Nifty took support at 26,000 and moved up through the day. After touching a day-high of 26,375, Bank Nifty closed at 26,313, up 541 points or 2.10%. 2 out of the top 5 gainers from Nifty 50 were banks.

Nifty Metal was the best performing index today. Nifty Media and Nifty PSU Bank also did well with the help of SBI and PVR respectively. Realty continued to be the worst performing sector.

Asian markets are all trading in green. European markets are also currently in green, at the time of market close.

News Picks

Hindalco kept going up with renewed strength, with the current coal auctions going ahead with full steam. It was Nifty’s top gaining stock, closing at Rs 187.35, up 6.15%.

Shares of SBI jumped 5.63% to Rs 218.65 after the company posted a 52% YoY jump in net profits yesterday. This is despite asset quality of the bank remaining a worry.

Reliance share prices closed near its day high at Rs 1,955, up 2.18% after bouncing back from lows. After market hours, a fresh investment of ₹9,555 crore (approximately $1.3 billion) was confirmed from Saudi Arabia’s Public Investment Fund in to Reliance Retail Ventures Ltd.

Share prices of Steel Authority of India Ltd(SAIL) jumped over 10% to Rs 38.25 after the company reported October sales was up 21% YoY to 1.34 million tonnes.

SRF share prices jumped to Rs 4,868, up 9.56% after the company announced a net profit increase of 57% YoY yesterday.

Shares of Hindustan Petroleum jumped 9.91% to Rs 205.25 after the management announced buyback at Rs 250/share. The company’s chief also remarked today that they were highly undervalued, with price to book ratio under 1.

Shares of PVR and Inox jumped after Maharashtra government announced re-opening of theatres from today.

Steel shares hit high today, with Tata Steel leading the game. Tata Steel went up 5.35% to Rs 425.50.

Markets Ahead

Surprisingly, Nifty has closed above 12,100 today. The US Election scene is still confusing, with no fixed winner declared till now. Nifty is so close to turning green for the week. With the all-time high around 12,450, the index is only 2-3% away. Can we see Nifty scaling higher highs this month? Diwali has traditionally been a good time for the markets and we can definitely hope to see Nifty touching even 12,200 soon.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.