Today’s Market Summarised
NIFTY crashes till 17,000 before taking support and closing more than 450 points in the red.
NIFTY opened with a small gap-down at 17,578 and fell. After breaking Friday’s low, the index moved down to 17,000 by 2PM. From this level, buying started and a decent recovery was seen. NIFTY closed the day at 17,149, down 468 points or 2.66%.
BANK NIFTY opened at 37,603 and fell more than 300 points. The index tried to bounce back from 37,000 but failed to do so. A further fall of more than 600 points was seen. Bank Nifty closed the day at 36,947, down just 626 points or 1.67%.
All sectoral indices closed in the red. NIFTY Realty (-5.9%), NIFTY METAL (-5.2%) fell more than 5% each! NIFTY Media (-4.5%), NIFTY IT (-3.4%) and NIFTY Auto (-2.6%) also fell heavily.
Asian markets closed mixed in the day. European markets are all currently trading in the red.
Cipla (+2.8%) closed as NIFTY’s top-gainer after Credit Suisse upgraded the stock to outperform.
ONGC (+1.25%) gains as the subsidiary says Brazil deep sea gas block is commercially viable.
Bandhan Bank (+4.1%) gained after Q3 net profits jumped 46% YoY.
JSW Steel (-6.6%), Tata Steel (-6%), Hindalco (-5.5%) fell sharply from the metal sector.
HDFC AMC (-4.6%) fell after net profit came at Rs 360 crores, down 3% YoY and slightly below estimates.
A day of heavy fall again in the market. NIFTY crashed to near the 17k mark with selling all around.
When the market opened flat despite SGX NIFTY being in red, there was a hope of buying in the market. But this was erased after the index quickly broke Friday’s low.
Bank Nifty closed below the 37k mark. NIFTY has wiped out all the gains from January. In fact, it is in red for the month. A fall of 1200 points in NIFTY in just a week!
Reliance falling 4% after a stellar Q3 net profit was interesting. The next key level to look out for as support is 17,000 and then 16,850. A close above 17,650 will be looked at a sign of recovery by the market.
How did the day go for you? Let us know in the comments section of the marketfeed app!
See you on The Stock Market Show at 7 PM!