Today’s Market Summarised

Nifty showed net consolidated in the day, with Bank Nifty moving outperforming.

Nifty opened at 15,857 with a gap-up and crashed down 110 points to the day-low. The index moved back and found resistance at 15,850 and even touched 15,900. The last 30 minutes saw a fall, and Nifty closed the day at 15,856, up 32 points or 0.20%.

Bank Nifty looked much stronger in the day after opening flat at 34,750. In the morning fall, 34,400 was taken as support and the index moved back up. Towards the end, the index broke yesterday’s high and crossed the 35,000 resistance even when Nifty fell. Bank Nifty closed the day at 35,034, up 357 points or 1.03%.

Nifty Realty and Bank Nifty moved sharply in the day. Nifty Media moved down while all other indices consolidated.

Asian markets closed mixed in the day. European markets are all trading in the green right now.

News Picks

ICICI Bank(+3.1%) rallied up and closed as Nifty 50’s top-gainer. The bank is about to publish its results tomorrow. SBI(+1.6%) and Axis Bank(+1.1%) also closed in the list.

Similarly, ITC(+2.6%) gained ahead of its Q1 results tomorrow.

Mphasis closed 5.54% up after publishing good results yesterday. 

Wipro(+2.5%) moved up after launching FieldX, a lifecycle automation solution for manufacturing organisations.

Zomato listed at Rs 119/share vs the issue price of Rs 76/share. The stock closed at 125.3, up 66% from the IPO price. Zomato hits a 1 lakh crore market cap.

Supreme Court refuses reassessment of telecom dues. IDEA(-9%) and Tata Teleservices(-5% Lower Circuit) moved down. Bharti Airtel closed flat. IndusTower fell 4.8%.

Tata Motors(-2.3%) closed as the top loser in Nifty 50, continuing its weakness.

Mahindra Holidays is considering a bonus issue. The stock closed 4.7% up. Interestingly, other Mahindra stocks including MAHINDCIE(+1%), Mahindra Lifespace(+7.7%), Mahindra Logistics(+2%) also gained.

India Govt proposes to sell 89 lakh shares of NMDC. The stock closed 1% down.

India Information Minister says, currently no plans to change FDI limits for News Papers, News Channels, FM Radio. Media stocks closed in the red with DB Corp(-3.9%), Network18(-1.6%), TV18 Broadcast(-2.7%) sharply falling.

Federal Bank reported Q1 net profit of Rs 367 crores against Rs 478 crores last quarter. The stock closed 1.4% up along with Bank Nifty’s rally.

Jubilant Foodworks continued rally after results and moved up 4%. The stock has moved up more than 15% this week.

JSW Energy(+1.8%) moved up sharply in the day. It has gained more than 50% this month.

Stocks that rallied last week including BSE(-6.4%), CDSL(-5%-LC) and Happiest Minds(-4.8%) closed in the red.

Schaeffler India(+13%) shot up after analysts bullish view on the stock, hitting fresh highs.

Markets Ahead

Nifty closed in the red this week even after yesterday’s rally. Realty, IT and FMCG have closed in the green.

ITC moving up was interesting, the most in 2-months for the stock. It contributed more than 11 points for Nifty out of the 30 points in the index. ICICI Bank gave 32 points for Nifty, while Reliance pulled the market down by 12 points.

Interesting, 9 of the 11 Nifty 50 companies that announced results till today have fallen short of estimates. Reliance’s results is to be out today.

Since Bank Nifty has closed above 35,000 and Nifty above 15,850, it will be a good start for next week. Reliance is expected to show a big gap-up/gap-down opening on Monday after the results are published. This along with ICICI Bank results will make a big impact on Monday’s market!

Hope you had a great week in the market even with the volatility. Let us know in the comments of the marketfeed app!