Today’s Market Summarised
Nifty rebounds more than 400 points from the day’s low!
After opening the day at yesterday’s low 14,478 with a gap-down, Nifty moved down immediately. 14,500 was a good support and opening below this scared the market. Nifty fell more than 120 points to take support at 14,350. From here the market shot up like a killer was chasing it. Nifty went up 300 points at first, then took a break then shot up more. Nifty closed the day at 14,744, up 186 points or 1.28%.
Bank Nifty opened the day at 33,616 with a gap-down and went down till 33,350. It then shot up and tried to cross 34,000 but failed on the first try. After consolidating, the index moved up again after 1 pm to touch the day high. Bank Nifty closed the day at 34,161, up 304 points or 0.90%.
All sectoral indices except Nifty Realty closed in the green. Nifty FMCG(up 2.43%) and Nifty Metal(up 2.08%) outperformed in the day.
Major Asian markets closed in the red. European markets opened with a gap-down and are trying to move up.
After falling nearly 3% yesterday, NTPC rebounded to close as Nifty’s top gainer in the day.
FMCG stocks performed well in the day, with Nifty FMCG going up nearly 2.5%. Hindustan Unilever gained 4.37%, followed by Jubilant Foodworks, PGHH, UBL and ITC(all up 2.4%-2.7%).
UPL shares gained more than 4% to close the week in green despite yesterday’s sharp fall.
With global ratings firm UBS upgrading Tata Steel and JSW Steel ratings, both shares closed up 4% in the day. Ger
With Jan-Feb 2021 ad volumes up 21% Year-on-year, media stocks went up in the day. SunTV and Zeel went up 3-4% in the day.
Shares of Reliance went up 3.63% today, going up nearly 5.6% from the day low to high. The stock contributed nearly 51 points to Nifty’s rally.
PNC Infra gained more than 2% after the company won an order worth Rs 1,400 crores. Market cap of the company is Rs 6,200 crores.
Stocks of Future Group crashed after the Delhi High Court upheld the stay on Reliance Future deal, in a big win for Amazon.
Easy Trip Planners opened with a 13% listing gain in the day and consolidated.
Pheonix Mills fell nearly 3% in the day after Mumbai civic body made a negative Covid test report mandatory for entry into malls.
Looking at the week, only Nifty FMCG ended with gains in the week with power from ITC. Nifty Realty and Nifty FMCG lost more than 5% in the week. Bond yields have cooled off in the US.
Prestige shooting up near the end of the day to close 4% up was interesting. Will definitely keep an eye out on the stock for Monday. Looking into Adani Wilmar’s IPO application as well.
If visitors don’t have a negative Covid-19 test report, they will have to get a Rapid Antigen Test done at the shopping mall in Mumbai from 22 March. This does not sound good in a condition where businesses are trying to get back up, but Covid is spreading like anything and preventing a second wave is important.
On a positive note, Moody’s upgraded India’s GDP growth to 12%.
It is the weekend again, and definitely was a fun week in the market for intraday traders. Swing traders will be hoping for more positivity going ahead and investors will have enjoyed the dip. Hope you are one of the happy bunch this week.
So have a cup of tea and enjoy your weekend. Take a bit of rest from the highly volatile market this week, and bring some serenity into your life.
Catch you all on The Stock Market Show tonight!