Today’s Market Summarised

A crazy crazy day in the market. Indian markets after global markets went down following rising US Bond Yields again. Then markets remained very volatile in the day, moving up and down sharply over the course of the day.

After opening with a nearly 200 point gap-down at 15,064, Nifty tried to go up and took resistance at 15,100. From there it fell more than 120 points to even break the 15,000 level. But soon support was taken and Nifty started moving up slowly. 

The index even touched a high of 15,200 after 1 pm. But when European markets opened, Nifty lost its power and moved down more than 130 points. Nifty closed the day at 15,080, down 164 points or 1.08%.

Bank Nifty too opened with a nearly 500 point gap-down today. It came down and tested 35,500 and slowly started moving up. The index moved 800 points in 3 hours to touch its day-high. But Bank Nifty calmed down towards the end of the day to close at 35,802, down 565 points or 1.56%.

Only Nifty Media(up 1.6%) and Nifty Realty(up 0.11%) closed in the green today. Nifty Metal was down more than 2%. 

Most Asian markets are trading in the red today. European markets are also trading in the red at the time of Indian market close.

News Picks

Shares of Cement companies hit fresh highs, as prices of the commodity continued going up. Ultratech Cement closed as Nifty 50’s top gainer with 4.23% gains. ShreeCem and Ambuja Cements also gained more than 3% in the day. 

Shares of CONCOR closed more than 6.4% up in the day as Jefferies increased price target to Rs 700. The PSU stock has been rallying ever since the budget week, and is soon rumoured to be privatised.(incorrectly written IRCON earlier).

Adani Ports jumped 3.1% as the market reacted positively to the company acquiring a stake in Gangavaram port.

Metal stocks closed in the red, cooling off after yesterday’s rally.

UK New Car Sales In February Fell By Roughly 36% YoY. Worst fall in February Since 1959. Tata Motors closed more than 2.67% down as they have exposure through Jaguar-Land Rover. UK JLR Sales for February at 2171 Units vs 2929 Units(YoY).

Shares of IEX jumped 4.4% as the company saw 50% YoY volume growth in February in the electricity market.

Ind Hotels was once again up by more than 3%, after the services PMI yesterday looked positive.

Shares of IRCTC touched a historic mark of Rs 2,000 and closed 3% up. Yesterday, they had said that Golden Chariot services will be open from March 14.

Tata Power Delhi Distribution and Australian tech firm Power Ledger yesterday announced the launch of the first live peer-to-peer solar energy trading project in Delhi. Tata Power shares were up 3% in the day.

MTAR IPO has been 9 times oversubscribed in the 2nd day. You can read more about the company here.

Shares of Dilip Buildcon jumped nearly 10% in the last 40 minutes of trade after receiving Letter Of Acceptance (LoA) From Mahanadi Coalfield Limited for project worth Rs 36,900 crores.

Shares of both Mahindra Logistics and Bajaj Electricals jumped after signing a Rs 1,000 crore deal.

Markets Ahead

HDFC, HDFC Bank and Reliance pulled down Nifty by around 90 points out of the total 164 point fall. Such an interesting day with the high volatility in the index. India VIX was up nearly 10%, meaning that fear in the market increased.

With this, Nifty has broken its 3-day winning streak and closed at last Thursday’s close. That means from the last expiry to this expiry, Nifty moved just 10-20 points. Remember that the low of this period is 14,460 and the high is 15,280. A range of more than 800 points. But net consolidation in the market.

Bond yields becoming a concern seems to be only a short term phenomenon. Markets will factor in this soon and start moving up once again. But make sure that as traders, you don’t get stuck at one side of the market and always trade with the trend.

Global crude oil and gold prices are decreasing. We might see this reflecting on the retail market soon if anyone was planning on stocking up.

Waiting to see how the next expiry treats us!

Catch you all on The Stock Market Show tonight!