Today’s Market Summarised

NIFTY closed above 18,000 for the first time since mid-November.

NIFTY opened the day at 17,913 with a gap-up. After the initial volatility, there was a calm sideways movement throughout the market. Just after 2:30 PM, buying took the index up slowly. NIFTY ended the day at 18,003, up 190 points or 1.07%.

BANK NIFTY opened the day at 37,949 and shot up more than 250 points. The index was very volatile and it immediately came back down before bouncing again. After relatively calm movements, banks saw buying towards the end of the day and Bank Nifty ended the day at 38,347, up 608 points or 1.61%.

NIFTY PSU Bank (+3.2%), Media (+2.2%) and Realty (+1.9%) moved up the most in the day. NIFTY Bank (+1.6%), Auto (+1.8%) and Finserv (+1.5%) also moved more than 1.5%.

Asian markets closed mixed today. European markets are trading flat currently.

News Picks

UPL (+4.1%) continued its breakout and once again closed as the top-gainer in NIFTY 50.

Titan (+3.3%) closed at its highest level ever, recovering from a 15% correction. Investors are surely happy!

Multiple auto stocks closed in the top-gainers of NIFTY with the market showing buying interest for the sector as we guessed on Friday. HeroMotoCorp (+3.1%), Maruti (+2.7%) and Tata Motors (+2.6%) closed with gains.

Financial stocks continued to be in focus led by HDFC (+2.4%), SBI (+2.4%) and Kotak Bank (+2.2%) from NIFTY 50. HDFC AMC (+3.1%) and ICICI Bank (+2.2%) also moved up.

PSU Banks also saw heavy buying ahead of the budget week. Bank of Baroda (+5.1%), PNB (+3.7%), Canara Bank (+3.5%) and all others from the PSU Bank index closed with good gains.

Other Public sector enterprises also moved up including BHEL (+5.2%), HAL(+3.1%), Coal India and REC.

IT stocks closed mixed in the day with Infosys closing in green but Coforge (-3%), LTTS (-3%) and Wipro (-2.5%) closing in the red.

Paytm (-6%) fell on the trading day as Macquarie slashed the target on the stock by 25%.

SBI Card (-2.4%) under pressure after Goldman Sachs initiates coverage with a Sell call on the stock.

GTPL Hathway (+2.9%) partners with Aprecomm to bring innovation to customer experience with network intelligence.

L&T (+2.5%) wins significant contracts worth Rs 1,000-2,500 crores.

Greaves Cotton (+20%-UC) shot up to all-time high on a good day for the EV stock.

Alembic Pharma (+2.1%) has received USFDA tentative approval for Dronedarone tablets, prescribed to maintain the regular heart rhythm.

Deepak Nitrite (+2.4%) moved up after LIC raised its stake to 3.37% in Q3 from 1.68% in Q2.

JBM Auto (+5%) acquires 51% stake in JBM Green Energy & JBM EV Ind. The stock is up more than 30% in the last month.

Markets Ahead

NIFTY closed and sustained above the 18k mark. January has already started with an amazing rally for the market. 

Bank Nifty is more than 8% in the first 10 days of the month. Ahead of the budget, we can expect interesting movements in the banking stocks.

Infosys moved up today ahead of its Q3 results announcement on Wednesday. TCS also opened at its all-time high, and we are expecting more rally when the company announces a buyback plan this week.

Major upcoming events include IT results and the Budget 2022. Which stocks are you betting on? Textiles? PSU Banks? Power? Let us know in the comments section of marketfeed!

See you on The Stock Market Show at 7 PM!