Today’s Market Summarised
NIFTY opened the day at an all-time high of 14,244 with a gap-up but soon started falling. With the US Senate Elections going on, the index traded sideways till afternoon. Just when it was announced that the Democrats MAY actually take control of the senate, US Futures fell and NIFTY followed suit. The index broke the day low and crumbled only to take support at 14,050. Moving back up 100 points, Nifty closed the day at 14,146, down 53 points or 0.38%.
Bank Nifty opened with a gap-up at 31,850 and went up, unlike NIFTY. After going up, the index took strong resistance near the 32,000 level. Just after noon, the index fell following NIFTY and took support at 31,550. Bank Nifty closed the day at 31,797, up 75 points or 0.24%.
Nifty Metal went up the most today, followed by the Media index. IT and FMCG indices corrected the most in the day.
Asian markets closed mixed for the day. European markets are currently all trading in the green.
IT stocks corrected after continuous days of rallying. TCS, HCLTech and Infy were among the top-losers in NIFTY today. They were among the top-gainers in the index yesterday.
ITC stock fell 3% on profit-booking as goverment drafts law to raise legal smoking age after rallying all through November and December.
Reliance shares fell more than 2% as the company finds itself in the middle of farm protests. You can read all about Reliance vs Farm Protests, here.
Shares of ONGC gained more than 2% along with GAIL shares(up more than 3.5%) after yesterday’s announcement of the pan-India gas pipeline.
Cement stocks gained, with Shree Cements and UltraTech Cements among the top gainers.
Metal stocks went up today again, after taking a break yesterday. Many featured among the top gainers today.
Shares of Container Corporation of India(CONCOR) went up more than 4% after the company said it would consolidate its subsidiaries and merge it into itself.
Nifty has corrected just a bit after many days of upward rally. But still, the index went back up more than 100 points from the days low. IT corrected and Banks went up, but was stopped by the intraday fall.
Speaking about the Senate Elections, it looks like Democrats will be winning from the data available currently. This would create a very strong government who would be controlling The House of Representatives, White House and the Senate. But even if they do win, global markets being at all-time highs might witness sell-off due to profits being booked. Today was just a sample of how crazy the market can go with such events happening.
Also, do not forget that Reliance is at the 1900 levels, and that the ongoing protests are not helping their cause. Even with analysts predicting positive developments in the Reliance-Aramco deal, the stock featured in the top-losers section today.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.