Today’s Market Summarised

Nifty opened at 11,680 with a slight gap-up today. The index went up making multiple green candles, but took resistance at 11,750 near yesterday’s high. From there the index fell sharply making lower lows and fell almost 210 points! After 1 pm, Nifty recovered a bit to close at 11,642, down 28 points or 0.24%.

Bank Nifty opened the day at 24,102 and up to take resistance near yesterday’s high at 24,279. The index fell from the highs beautifully, almost 700 points. The index tracking banks closed the day at 23,900, down 191 points, or 0.79%.

Metals went up after lunch to become one of the best performers. Realty also performed well today. Auto was the worst performing sector today.

All Asian markets are trading in losses. European markets are also trading in losses, at the time of market close.

News Picks

Shares of Vodafone Idea moved positively today even after yesterday’s bad results. Shares closed at Rs 8.75, up 4.79%. The company said they are not shy to take first step towards tariff hike. They are also expecting Rs 6,400 crores from Vodafone PLC on certain arrangement for AGR dues.

Reliance share price jumped in late market hours to close at Rs 2,054.50, up 1.36% for the day. The company is all set to release their Q2 results very soon, and any result is sure to cause volatility on Monday.

BPCL share prices jumped up 3.70% to Rs 354.45. Today the company said it is trying to close the divestment plan by the end of this financial year. The company had announced good results yesterday.

Angel Broking jumped 8.47% to Rs 353.35, after Kuwait Investment bought 4.3 lakh shares. IPO investors would be very happy with the stocks movements over the last few days.

Shares of TVS Motors jumped to Rs 455.50, up 7.85% after the company announced better than expected earnings yesterday. Margins have also been improving.

Blue Dart shares closed at Rs 3,696.30, up 13.82% after the company announced a profit jump of 190% YoY.

Shares of IOC jumped to Rs 79.55, up 1.47% after consolidated profits jumped 1187 % to Rs 6,025.8 crore vs Rs 468 crore YoY. Revenue is down 14% to Rs 1.16 lakh crore.

Telangana Govt has rolled out an EV Policy with a 10-year roadmap. Companies will get incentives such as exemption from road tax & registration. Carmakers like Tata Motors and MG Motors are ready with their India specific electric cars already.

Markets Ahead

Nifty was very volatile today, as expected. And it will continue to be. High volatility is leading to high premiums for options, as well making them very desirable to sellers. Watch out for Reliance results coming out today, along with the US Presidential Election on Tuesday. Yes, I know that I have been saying this many times. But I cannot stress the importance of this even more. Nifty may fly in either direction next week after the election, I think we are all done with the consolidation.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.