Today’s Market Summarised
It was a pretty eventful day for Nifty, to say the least. The index was thrown around both ways, by the bulls and bears. Luckily for traders, the trend was clear both. After opening at 13,187 with a gap-up, the index went flying up past 13,200 and the all time-high. After taking resistance near 13,250, the index quickly fell over 100 points ahead of the RBI Monetary Policy Committee meeting. At around 1 pm, the index made a turnaround and jumped more than 200 points after PM Modi said that the vaccine is just few weeks away. The index closed near today’s fresh all-time high at 13,258, up 124 points or 0.95%
Bank Nifty had an amazing rally just after opening at 29,613 with a gap-up. The index went up but could not cross 30,000 level. The index fell sharply, along with Nifty, to take support near 29,500. But just after the announcement by the Prime Minister, the index jumped over 600 points to close at 30,052, up 603 points, or 2.05%
Nifty Private Bank rallied the most today, taking up Nifty Bank with it too! Every major sectoral index closed with profits today.
All European markets are currently trading with gains for the day. Asian markets are mostly closing in green too!
Shares of Vodafone Idea fell over 2% while that of Airtel gained over 3% after TRAI published the September telecom data. Airtel had gained over 38 lakh new wireless subscribers in the month of September, more than twice of that of Reliance Jio‘s 15 lakh. Vi (formerly Vodafone Idea) lost 47 lakh subscribers in the same month.
ONGC and GAIL shares gained by 1% each, after the bullishness continued. Check out this article by marketfeed to see why investors are excited about the future of these stocks.
Indigo gained more than 5%, while SpiceJet gained 10% after the government allowed airlines to operate at up to 80% of pre-COVID flights up from the 70% level now. We had clearly talked about this in our pre-market report.
UltraTech Cement rose over 4% after the company announced an investment of Rs 5,477 crore for a mix of greenfield and brownfield capacity expansion of 12.8 million tonne per annum. The company is also planning to go net-debt free soon.
Tata Chemicals share rose over 7% after last day’s bullishness continued in the stock today. Promoter Tata Sons had bought additional 18 lakh shares of the company yesterday. Promoters increasing stake always gives confidence to other investors in the company.
While RBI’s Monetary Policy Committee meeting failed to excite markets, what surely did was PM Modi’s announced. The Prime Minister has said that the vaccine will be available in ‘the next few weeks’. Banks can see huge bullishness, as they have been underperforming all other indices. Have a look at PVR for tomorrow. Also keep an eye out on leading banks, including SBI(who was up more than 3%).
Also, with IT sector far from its all-time high and banks being bullish, I feel there is a long way to go for Nifty. FIIs continue pumping in money to the Indian markets, and a rally in Reliance above 2,000 level can give the index the fuel it needs to possibly even reach 13,500 or more.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.