Today’s Market Summarised

Nifty was like a very confused kid today, running around for candies. The number of times the index changed directions was honestly funny for me.

Nifty opened the day with a gap-up at 12,906, but fell as expected very soon. It kept on falling and pulling all indices down. The index first took support near 12,800, but fell again after consolidation. But just after noon, the index reversed and it reversed fast. After gaining more than 200 points, Nifty closed near the day-high at 12,987, up 128.60 points, or 1%. Expiry day remained, as volatile as always and it was a traders paradise.

Bank Nifty opened the day at a gap-up 29,278. The index went down, and touched a day low of 28,820. Bank Nifty quickly reversed to give a beautiful rally, which over the day backed by private banks.

Metals were clearly the best performing sector from today. Every major sectoral indice closed with gains, after the market reversed.

Asian markets have closed in the green today. European markets are currently mixed today.

News Picks

HDFC Bank and HDFC both closed above 2%, after trading in red till noon. These are two of Nifty’s heavy-weights, and together they moved NIFTY by about 50 points.

Steel stocks kept on skyrocketing with JSW Steel and Tata Steel each touching their fresh 52-week highs. The Union Cabinet on Wednesday approved the infusion of ₹6,000 crore equity in National Infrastructure Investment Fund’s (NIIF’s) debt platform in the next two years. This move will help the entity raise ₹1.10 lakh crore by 2025 for financing infrastructure projects. This will definitely boost steel consumption in the country.

Grasim and Hindalco, both of Aditya Birla Group’s companies both closed among top gainers in Nifty. Can watch the companies owned by the group for movements in the coming days.

Adani Ports continued its upward journey with an almost 3% rally. Did you know that Adani and JSW Groups are now involved in troubles in Goa? Read about it here.

Markets Ahead

European markets have started moving down, probably will close in to red today. Metals really pushed the market up, and changed the mood of the entire index. Banks also went up, courtesy of mainly PSU Banks.

The steel rally may go on, considering the NIIF Investment mentioned above. The index trying to close above 13,000 also shows the bullishness of the market. In November month’s contract series, Nifty has gained 11.5% while Banks have moved more than 20%.

Let us see where markets are headed tomorrow.

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