Today’s Market Summarised

After falling sharply in the first few minutes of market open, Nifty saw a general day of consolidation as we discussed yesterday.

Nifty opened the day with a small gap-up at 14,738 and fell nearly 160 points in the first 5 minutes. From here, market bounced back up and consolidated throughout the day. Nifty closed the day at 14,683, up 45 points or 0.31% in the day.

Bank Nifty opened the day at 32,920 and fell 580 points in the first 5 minutes. But in the next 10 minutes, Bank Nifty jumped up 670 points. Such was the volatility in the morning. After this, the index fell a bit more and consolidated over the whole day. Bank Nifty closed the day at 32,501, down 177 points or 0.54% in the day.

Nifty Pharma was up 1.76% in the day, followed by Nifty Metal(up 1.43%) and Nifty Realty(up 1.17%). All other sectoral indices moved less than 1%.

Asian markets closed mixed with Japan falling over 1.3%. European markets are all trading in the green after being closed yesterday.

News Picks

Adani Ports said it handled cargo volume of 73 Million Metric Tonnes(MMT) in Q4 FY21, up 27% compared to last year. Stock hits an all-time high, closing up by 12.3%.

Realtor Sobha achieved a total sales volume of 13.37 lakh square feet worth Rs 1,072 crore in the quarter ended March. The stock closed up by 15%. 

The Russian Direct Investment Fund has signed an agreement with Panacea Biotec to produce 100 million doses per year of Sputnik V in India. Stock price rocketed by 19.98%.

Flipkart has partnered with Mahindra Logistics as one of its key logistics partners to help fast-track deployment of electric vehicles across its logistics fleet in the country. Stock prices closed in the red after going up nearly 4% in the morning.

Union Bank Of India is looking to digitize and automate its recovery processes. Stock is up by 4.85%.

Power market trades at highest-ever monthly volume of 8,249 Million Units achieving 92% YoY growth in March on increased consumption of electricity. IEX closed 3.8% up in the day.

There were reports saying Defence Research and Development Organisation(DRDO) may allow private firms Bharat Forge to build and produce Missile Systems in India. Share prices closed more than 2% up.

Many Pharma stocks, especially ones with strong drug sales to US closed in the green. Glenmark, CadilaHC, Laurus Labs, Granules were up 3-7% in the day. There were no losers in Nifty Pharma.

As metal stocks continue to go up, shares of HEG(up 18%) and Graphite(up 9%) also zoomed on the back of huge volumes. You can read about the companies here.

Recently IPO done Route Mobile, Happiest Minds, Likhitha Infra went up 5-9% in the day. 

Markets Ahead

Nifty and Bank Nifty looked like they are consolidating in anticipation of a big move as smallcaps and midcaps outperformed. The Monetary Policy Committee(MPC) meeting chaired by RBI Governor has already started, and he will be meeting the media soon to discuss the outcome. 

Markets expect MPC to keep interest rates unchanged, as Covid cases rise in the market. 

Delhi Govt is looking to impose a night curfew from 10 pm to 6 pm. The Gujarat High Court has directed the state to enforce curfew as well.

On the other side of things, Maharashtra has now crossed 80 lakh doses of the vaccine, closely followed by Gujarat, Rajasthan and UP. 

Even with global markets generally looking positive, Nifty consolidated just because of the meeting announcement tomorrow. The Prime Minister is also set to meet Chief Ministers on 7th April, and we may get some important insights. Sources say that the Prime Minister’s office may start vaccinating the younger population as IMA urges the PM to open coronavirus vaccination for all above 18 years.

Keep watching the market tomorrow, and try not to enter a trade between the policy announcements period. High volatility might be seen, especially after today’s consolidation.

Catch you all on The Stock Market Show tonight!