Today’s Market Summarised

Nifty ends flat for yet another day, gaining back from the morning fall!

Nifty opened the day at 17,348 and moved down sharply in the first hour of trade. However, a recovery was seen and Nifty even went on to test last day’s high of 17,370. After cooling down, Nifty closed the day at 17,355, down 14 points or 0.08%.

Bank Nifty opened the day at 36,620 and moved down. But unlike Nifty, a strong pullback was not seen and the index struggled to stay above the 36,500 mark. Bank Nifty closed the day at 36,471, down 211 points or 0.58%.

Nifty Media(+1.3%) once again moved up along with Nifty Metal(+1.2%), just like last day. Nifty IT(+0.94%) also moved up while all other sectors consolidated.

Most Asian markets closed in the red while Japan’s Nikkei closing slightly in the green. European markets are all trading well in the green currently.

News Picks

Coal India(+4%) closed as Nifty’s top gainer with the state-run company planning to increase prices of coal by over 10%. 

As Aluminium prices touched $3,000/ton for the first time in 13 years, Hindalco(+3.1%) gained to close among the top-gainers. National Aluminium(+2.8%) and Vedanta(+2.2%) also moved up.

With TCS(+1.4%) being seen as the major player in BSNL 4G rollout, the stock moved up in the day. Mindtree(+4.5%) and Wipro(+1.2%) also gained in a bullish day for Nifty IT stocks.

BPCL(+1.4%) stock prices hit a 52-week high ahead of its ₹58 per share dividend payout on 16th September.

Reliance(-2.2%) moved down after delaying the launch of its ultra-low-cost smartphone in partnership with Google.

ICICI Bank(-1.7%), HDFC Bank(-0.8%) and IndusInd Bank(-0.3%) featured in the top-losers of Nifty 50 with minor falls.

Vodafone Idea(-5.3%) continued volatility and closed in the red. Meanwhile, Bharti Airtel hit fresh 52-week highs.

IRCTC(+4.2%) resumed its rally and touched fresh highs. 

Angel Broking(+5.4%) moved up after onboarding 4.5 lakh customers in August, taking the total client base to 61.5 lakh. Share prices of CDSL also moved up.

Suryoday Small Finance Bank(+20%-UC) shot up after reports said Clix Capital may merge with the company. The Bank replied that at present, no decision is taken by the board on this.

Gas companies rise on Petroleum Secretary’s comment on gas prices. IGL(+4.8%) and MGL(+1.1%) closed in the green.

Goldiam International (+10.7%) moved up after the board approved share buyback up to Rs 45.6 crores at Rs 1,200/share.

Advanced Enzymes(+12.4%) shot up after announcing positive clinical breakthroughs to resolve ‘long COVID’ fatigue symptoms.

India’s government is planning to put a tax on cryptocurrency trades and ecosystems in the country, bringing some validation to the same.

Electronics PLI scheme related stocks, ITI(+2.1%), HFCL(+3.7%)  D-Link(+1.6%) and Amber(+2.8%) moved up.

Media index continued to trade in green with Zeel(+2.1%), DishTV(+8.1%) and TV18(+1.1%) moving up.

Action Construction Equipment(+17.3%) moved up after getting multi-crore defence order from Tata Advance Systems and DRDO including launch vehicles for missiles.

With India’s sugar sector expected to have a record export season, last-minute moves were seen in the share prices of EID Parry(+5.1%) and Balrampur Chini(+0.2%).

Markets Ahead

Nifty has started off the week slightly in the red but showed power near the end. As we discussed last week, Kotak Bank has given further moves and pushed Nifty up near closing time.

Bank Nifty is showing weakness while Nifty consolidates. Interestingly, market has not fallen into a correction phase as shown by Nifty Midcap(+0.45%) and Nifty Smallcap(+0.59%) closed in the green. This is indicating that the general market is just going into a consolidation phase for now.

Reliance has started cooling off from its fresh 52-week highs. Since the stock has been actively moving in the last month, we can keep tracking it to predict movements from Nifty. The stock may bounce back from near 2,300 level.

Keep watching if Kotak Bank alone can keep Bank Nifty flat. If other banks don’t become bullish, we can expect profit booking in Kotak too. 

How was Monday for you? Were you able to capitalise on the morning fall? Let us know in the comments of the marketfeed app!