Today’s Market Summarised

A day of high consolidation near all-time highs for Nifty.

Nifty opened the day with a small gap-up at 15,869. It then moved up to touch 15,900 but could not break this level. Throughout the whole day, the index traded in a tight consolidation zone. Nifty closed the day at 15,869, up 57 points or 0.36%.

Bank Nifty also opened with a gap-up, just above 35,050. Even though it moved up, 35,300 was not broken strongly. After a good sideways trend, Bank Nifty closed the day at 35,247, up 297 points or 0.85%.

Nifty Media(+2%) and Nifty Realty(+1.32%) closed with good gains. Nifty Pharma(-0.88%) moved down. All other sectors mostly consolidated.

Asian markets closed mostly in the green today. European markets are all trading in the green with small gains currently.

News Picks

Asian Paints(+3.13%) hit a fresh all-time high and closed as Nifty’s top gainer. There were reports of a hike in some product prices.

Private Banks – Axis Bank(+1.99%), ICICI Bank(+1.6%) and IndusInd Bank(+0.99%) featured in Nifty’s top gainer section with decent gains.

Gujarat Gas moves up after Nomura’s raised the targets for the company. The stock closed 7.8% up.

Meanwhile, GMRInfra gained 14% and is heading to a multi-year breakout.

Nifty Media outperformed with ZEEL gaining 5.6% in the day. You can read more about the company here.

Markson’s Pharma issues 10 lakh convertible warrants to promoter & 4.93 crore warrants to OrbiMed Asia IV Mauritius FVCI at a price of Rs 74/warrant. The stock closed 6% down

Easy Trip Planners reported Q4 consolidated net profit at Rs 30.5 crores, up 797% YoY and 39% up compared to last quarter. The stock flew up then closed flat. 

In a similar way, PFC reported Q4 consolidated net profit at Rs 4,900 crores, up 606% YoY and up 69% QoQ. The stock shot up then closed 1.3% down.

The government may sell shares in NMDC with an OFS(Offer For Sale) this month. OFS price could be at a discount of 8-10% to current price. NMDC fell and closed 2.6% down.

Whirlpool reported Q4 net profit at Rs 130 crores, up 40% YoY and 82% compared to last quarter. The stock closed 7.2% up and is showing a good breakout in the 1-hour charts.

Coal India fell 1.38% after reporting below expected profits in Q4. The company has said they will reduce 5% in manpower every year for the next 5-10 years to reduce costs.

Jubilant FoodWorks shares stayed flat after reporting a 16% QoQ fall in net profits to Rs 104 crores. You can read about the restaurant industry stocks here.

Markets Ahead

Nifty opened at a fresh all-time high, with Nifty IT consolidating and Bank Nifty showing some bullishness as we discussed yesterday.

Even though Bank Nifty had somewhat of a strong closing, Nifty has closed with a red candle in the daily charts. Reliance did fall quite a lot intraday. HDFC Bank was also unable to cross the 1,500 mark once again. 

The index is showing signs of weakness at the top. If Reliance and HDFC Bank don’t start moving up tomorrow, we might see a close under 16,000 for this Thursday and maybe see that level hit by Friday or next Monday.

There are no other major events happening in the market tomorrow. The outcomes of the U.S. Fed Meeting will be known by Thursday morning. The central banker of the USA is expected to keep interest rates the same.

Nifty 100, Nifty 200 and Nifty 500 did not outperform Nifty 50. Usually, when Nifty consolidates, they do tend to move up. So with this weakness, I am expecting a small correction tomorrow but the market continues to surprise all of us.

Catch you all on The Stock Market Show tonight!