Today’s Market Summarised

Nifty hit a fresh all-time high at 15,962 and ended the week with some power.

Nifty opened the day at 15,948 and hit a fresh all-time high at 15,962. After some consolidation Nifty fell down, reaching 15,900 levels. Then it tried to move up and again fell down till 15,882. After 2 pm Nifty regained some strength and managed to close above 15,900. Nifty closed flat at 15,923, down by just 0.8 points.

Bank Nifty was in a bearish mood after opening at 35,952. It broke the support of 35,800 strongly and moved down to 35,700 levels. 35,700 was taken as support twice and similar to Nifty, Bank Nifty also showed some momentum after 2 pm. It went up near 35,800, then fell down and closed at 35,751, down by 155 points or 0.43%.          

Nifty IT(-1%) made some corrections today after the post result rally we witnessed this week. Nifty Metal, Pharma and Realty closed 1% up in the green.

Asian markets closed with small bearishness. European markets are all trading mixed.

News Picks

Divislab(+3.2%) continued its rally to fresh all-time highs and closed as Nifty 50’s top-gainer. Other Pharma stocks including Syngene(8.76%), Glenmark(+4.76%), Auropharma(+2%), Lupin(+1.55%) and Biocon(+1.5%) also gained. 

IT stocks mostly closed in the red after yesterday’s rally. HCLTech(-3.3%) and Infy(-1.6%) featured in the top-losers of Nifty 50. OFSS(-1.8%) and LTI(-2.9%) also fell.

Broking firms JM Financial(+3.7%) and Motilal Oswal(+10%) moved well in the day along with Angel Broking(+20%) and ICICI Securities(+5.7%).

Construction Engineering company JMC Projects won orders worth Rs 1624 crores. The stock closed 3.3% up.

CDSL(+3.3%), BSE(+3.5%),CRISIL(+2%) and CAMS(+2.3%) continue their rally.

Happiest Minds shot up in the morning and after the profit booking, the stock closed just 1% up.

The parent company of PayTM – One97 Communications filed for an IPO of up to Rs 16,600 crores.

Idea(+8%) and Bharti Airtel(+3%) gained well as Supreme Court will be considering AGR dues petition on Monday. Reliance also moved 1.4% up.

The acceleration in unlocking of economy, increase in rail infrastructure spending and more private trains running keep pushing IRCTC(+6.9%) up and up. The stock has moved more than 50% since mid-April.

Our favourite Metal stocks along with Realty continued to show strength. JindalSteel(+2.2%), NationalAlum(+5.1%), Tata Steel(+1.7%) NMDC(+3.5%) and APL Apollo(+3.5%) closed with gains.

DLF(+2.5%), GodrejProperties(+1.5%), Prestige(+3.5%) and Pheonix(+1.8%) helped the Nifty Realty index close more than 1% up.

HDFC AMC reported a 14% profit rise to Rs 345 crores during the quarter ended June compared to Rs 302 crores last year. The stock closed flat.

Power Grid(+1.5%) fixed July 30 as the record date to consider bonus issue in ratio 1:3.

Angel Broking(+20%UC) and Cyient(+12%) gained well after posting Q1 results yesterday.

Tata Elxsi closed 4% down after reporting a QoQ fall in net profits yesterday.

Markets Ahead

Nifty continued to show strength with the index closing above the 15,900 zone. Bank Nifty however could not sustain its stand above 35,800 and closed more than 150 points down. It did not even test the 36k mark today.

Reliance supported the market today, contributing more than 20 points to Nifty in a flat day. This was balanced by Infy’s fall pulling down nearly 20 points in the day.

This week, Nifty Realty has gained 8.58% when Nifty has closed 1.5% up. Nifty Small 100 was boosted up 4.2% with power from CDSL, Happiest Minds, IEX and more. Metal, IT, Bank and Pharma indices moved 2-2.5% each upwards in the week of Nifty’s all-time high.

Confidence in stocks related to economic re-opening is giving hope for further up movement in other largecaps. ICICI Bank’s results next week will be looked on by market participants with high interest.

With realty stocks moving up for two weeks, expecting some consolidation in the index. Metals look all set to rally once again and our eyes are on them for next week.

Nifty has its eyes set for 16,000 but Bank Nifty has a major wall remaining at 36,000. Let’s see if next week will be favourable. How did your week go? Is your portfolio in green as Nifty scales new all-time highs? Let us know in the comments of the marketfeed app!