Today’s Market Summarised
Nifty opened with a big gap-up today, at unbelievable levels, and it was almost certain that the level would not be sustained. But honestly, even I would not have guessed the fall that happened in the market today. A bubble is sure to burst, and today morning was a bubble that burst so very fast.
After opening at 13,135, NIFTY consolidated for the first 45 minutes. The opening range was broken around 10am, and the index fell sharply. 13,040 was a good support, and we know 12,960 is also a good level. Nifty fell even further to close at 12,858.40, down 196.75 points 1.51%. The index fell more than 300 points from the day-high to low.
Bank Nifty opened at a gap-up above 30,000 level and had a very similar story to NIFTY. The index broke the 30,000 level with ease while going down and kept on falling despite trying to pull back multiple times. The index of banks closed at 29,196.40, down 540.85 points, or 1.82%.
Nifty Realty was the worst performer today. Most major sectoral indices except PSU Banks were in red.
Asian markets have closed in the green today. European markets are currently trading in red, strongly down from their green levels.
All the major Nifty 50 stocks fell today. PSU stocks sustained with ONGC being the top gainer for the day, up 6.18%. Oil prices have been rallying, and this has been the reason of oil stocks rallying. GAIL also closed up 2%.
Adani Ports continued to move up and closed at Rs 399, up 1.72%. There are some interesting speculations about why this stock is going up, and we are writing an article about it.
Banking and financial stocks corrected the most in Nifty 50. Pharma also fell sharply.
Unbelievable. When markets were moving up this week, I expected that there would indeed be a correction. But after opening at fresh all-time highs, I actually expected Nifty would not fall below 13,000 level, even if it was to fall. But yes, the fall was expected.
Surprisingly Nifty PSU bank index closed up almost 2% on RBI panel proposals which seek to better the banking space. Private Banks corrected, and fell, as they have already created fresh all-time highs. Very interested to see where NIFTY will expire tomorrow, and I expect it to close somewhere near 12,900.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.