Today’s Market Summarised

A continued day of bearishness with the market falling heavily towards the end.

NIFTY opened the day at 18,188 and was bearish from the start. The index tried to take support above 18k multiple times but once that was taken out, there was no looking back. Just from 2 PM, the market fell 150 points. NIFTY closed the day at 17,857, down 353 points or 1.94%.

BANK NIFTY opened the day at 40,931 and kept on falling 40,000 by 11 AM. After more than two hours of consolidation, the index fell again 670 points to day-low. By falling till the end of the day, BANK NIFTY closed the day at 39,508, down by 1365 points or 3.34%. 

Nifty PSU Bank(-5.2%) fell heavily in the day, followed by NIFTY METAL(-3.4%), NIFTY BANK(-3.3%) and NIFTY REALTY(-3.7%). No sectoral index closed in the green today.

Asian markets closed in the red today. European markets are trading mixed currently.

News Picks

Only 7 stocks in NIFTY 50 closed in the green today. 

IndusInd Bank(+2.9%), Larsen and Toubro(+1.6%) closed in the green even though they could not sustain the morning gains. Both companies had reported better than expected earnings yesterday.

Meanwhile, ITC(-5.6%) fell after reporting its results yesterday. Tata Chem also fell.

Adani Ports(-7.7%) and Adani Enterprises(-10.7%) fell heavily in the day after reporting poor results. Other Adani stocks including ATGL(-4.5%), Adani Power(-4.8%) and Adani Transmission(-4.3%) also crashed.

ONGC(-4.8%) closed among top-losers of NIFTY after crude oil prices fell 5% from last week’s high.

Coal India(-4%) also fell heavily with international coal prices temporarily moving down.

IRCTC(+11.8% from day open) moved up after its 1:5 stock split.

Shares of Punjab National Bank(-10.6%) fell heavily after reporting their Q2 results today. A fall in revenue was not appreciated by market participants even though net profits jumped up.

V Guard Industries(+4.5%) reported Q2 Consolidated Net Profit up nearly 15% YoY to Rs 59.3 crores and moved up.  Meanwhile, Lupin(-5.8%) and Marico(-1.9%) fell after their results announcement.

Markets Ahead

Markets in the day fell heavily on the day of monthly expiry. We also saw many Foreign Institutional Investors downgrading Indian Equities, which ended up in a marketwide sell-off.

NIFTY fell below the 18,000 level and kept on falling. Intraday players would have once again made heavy profits or losses as the market was trending in the morning, consolidated in the afternoon and fell near closing.

Even as the market-wide sell-off happened, NIFTY Midcap and NIFTY Smallcap did not fall as much as usual. Markets might consolidate tomorrow in India as Dow Jones Futures are now trading in the green and as the November monthly series begins.

Hope you had a great expiry day! Let’s make November even better!

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