Today’s Market Summarised

Nifty opened at 11,730 and went up to take a good resistance near yesterday’s high. What you can get here is a clear understanding of how supports and resistances work. After negative sentiments started to flow in to the market from Europe, Nifty weakened and went on a free fall. But where did it fall till? Remember how multiple times we have discussed about a strong support at 11,680? Well that is exactly where Nifty took support today. Later, Nifty consolidated to close at 11,729.60, down 159.80 points, or 1.34%. Nifty traded in a range of close to 250 points today.

Bank Nifty opened the day at 24,655 and went up till, again, nearly yesterday’s high. The resistance at 24,700 worked beautifully and Bank Nifty fell and fell throughout the day. But the index took support at the crucial level of 24,000 and bounced back to close at 24,232.50, down 537 points, or 2.17%.

All major sectoral indices closed in red today. Nifty Bank was one of the worst performers of the day, along with Nifty Financial Services. Nifty Auto, although in red, closed only marginally in red.

Major Asian markets closed in red. European markets are also trading in red, at the time of writing. 

News Picks

Shares of Bharti Airtel hit Upper Circuits and went up after it registered highest ever quarterly revenue yesterday. But the share prices came down to close at Rs 447.75, 3.32% and still ended as Nifty’s Top Gainer for the day. The company said today that they cannot continue for long with this current tariff plans.

Shares of Aditya Birla Fashion and Retail’s stock fell 4.60% to Rs 157.90 after CAIT (Confederation of All India Traders) raised objections over the company’s plans to raise Rs 1,500 crore from Flipkart, alleging that the proposed deal violates the government’s FDI policy.

The allotment status of Equitas Small Finance Bank IPO is out here.

Titan reported a net profit of Rs 198 crores, down 38% YoY. This result was in line with estimates. Stock prices recovered from deep lows to close at Rs 1,218, down 1.12%.

Piramal Enterprises reported a net profit of Rs 628 crores, up 14% YoY while revenue is up 1%. Share prices closed at Rs 1,278.25, down 1.58% after the announcement came during market hours.

Shares of Marico closed at Rs 363, up 1.82% after the company announced its Q2 results. Net profits is up 7.9% YoY, while volumes were up greatly.

Shares of Delta Corp jumped up in trade today at Rs 115.50, up 6.65%. This jump came after the Goa goverment approved opening of casinos from November 1st.

Markets Ahead

Nifty went up strongly yesterday, despite poor global cues. That was because the local cues were strong, with the additional inflow of Morgan Stanley’s capital and Kotak Bank’s great results. Today, the bearishness in global markets continued and without any strong local cues, Nifty followed suit. So yes, as we talked in the morning article here on marketfeed, Nifty did in fact fall today.

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