Today’s Market Summarised

Indian indices see a fall tracking other global markets.

NIFTY opened at 17,454 with a big gap-down and fell more. It took support at the day-low of 17,300 multiple times and tried to move back to the day-high. With weakness near the closing again, NIFTY ended the day at 17,374, down 231 points or 1.31%.

BANK NIFTY opened at 38,600 after a gap-down and tried moving up. The index was very clearly trading sideways but in a range of more than 400 points. With some afternoon selling, the index moved down to the day-low. Bank Nifty closed the day at 38,517, down 493 points or 1.27%.

All sectoral indices closed in the red yesterday. NIFTY IT (-2.7%), NIFTY PSU Bank (-2%) and NIFTY Realty (-2%) fell more than 2% each. 

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

News Picks

Only a few stocks from the NIFTY 50 closed in green today.

IT stocks fell sharply in the day following global tech stocks seeing pressure. TechM (-2.9%), Infosys (-2.7%), HCL Tech (-2.2%) and Wipro (-2.1%) closed among the top-losers of the day.

LTI (-5%), LTTS (-4.2%), Coforge (-3.9%),  MindTree (-3.9%) and Mphasis (-3.5%) also fell heavily from the NIFTY IT sector.

Grasim (-3.3%) fell sharply in the day ahead of its quarterly results tomorrow.

Zomato (-6%) fell in the day even after narrowing losses to just Rs 99.8 crore in Q3. The company posted weak revenue growth for the quarter. InfoEdge (-6%) also fell sharply since it has a good holding in Zomato.

Tata Chemicals (-4.7%) consolidated Profit After Tax jumped 69.4% to Rs 340 crores. The stock saw profit booking and fell.

LIC bought 2 lakh shares of Adani Total Gas (+1.1%) on Feb 9th. Adani Wilmar (-1.3%) stopped its rally and consolidated today.

MOIL (+4.5%) jumped up towards closing time after reporting Q3 standalone net profit Rs 124 crores, more than double from last quarter.

Markets Ahead

All was looking good for our markets till yesterday. NIFTY had regained losses and moved back up above some immediate resistance lines.

The fall in the U.S. market yesterday was triggered by higher US inflation data and fears over higher-than-expected rate hikes by the U.S. Federal Reserve.

After gaining 2.4% last week, NIFTY will be closing this week 0.9% in the red. NIFTY Metal has now gained over 10% in the last weeks.

Dow Jones Futures are still trading in the red. Over the weekend, we can expect a gap-up or gap-down opening in the market by Monday. 

How did your week go? Let us know in the comments section of the marketfeed app!

See you in The Stock Market Show at 7PM!