Today’s Market Summarised

Volatile day, with a sharp gain towards the closing.

NIFTY opened at 17,121 with a good gap-up of 167 pts or 1%. The 17,180 resistance was tested multiple times today and the index fell sharply towards the amazing support at 17,064. The 3 PM rally helped the market to make a safe close today. NIFTY ended the day at 17,200, up by 246 points or 1.46%.

BANK NIFTY opened at 36,530, with a gap-up of 433 pts or 1.2%. The index traded in a 325 pts range, but the movements were volatile. Check the sudden red candles it made today. The index did not participate much in the last hour rally. BANK NIFTY ended the day at 36,404, up by 322 points or 0.89%.

All the indices closed in the green. NIFTY AUTO (+2.8%), NIFTY FMCG (+1.8%), NIFTY MEDIA (+1.9%), NIFTY PSU BANK (+2.3%), and NIFTY REALTY (+3.5%) had a great day.

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

Today’s Moves 

Adani Ports (+5.8%) share gained sharply in the day to an all-time high. The Adani Group is in advanced talks for Holcim’s holding in Ambuja Cements (+2.3%).

Adani Ent (+4.8%), Adani Wilmar (+5%-UC), Adani Green (+4.5%), Adani Power (+5%-UC) and even Adani Transmission (+7.5%-UC) shot up in the day.

Bajaj-Auto (+5.6%), Hero Motocorp (+5.1%) and M&M (+4%) were among the top-gainers of NIFTY 50 as the auto index gained back to a 2-month high.

Auto-ancillary company Mahindra CIE (+12.3%) moved up on stable operational performance in the March quarter. India’s Road Minister said plans are being made to make India into an auto manufacturing hub for the world.

Tyre stocks Apollo Tyres (+6.3%), Balkrishna Industries (+5.2%) and MRF (+3.2%) also gained along with the auto sector.

Reliance (+3%) also recovered silently, while contributing more than 70 points to NIFTY.

Chola Finance (+6.8%), Indiabulls Housing (+6%), Shriram Transport Finance (+5.5%) and LIC Housing (+4.9%) outperformed the mid-cap finance sector.

Zee Learn (-19.3%) crashed after Yes Bank initiated an insolvency resolution against the company for Rs 468 crores of bad loans.

CAMS has been appointed as the Registrar and Transfer Agent for Zerodha’s proposed Mutual Fund business. Keep an eye out on the stock for the future.

Bajaj Finance is up by 3.3% ahead of the Q4 result that would announce today.

Markets Ahead

Reliance shot up in the day with the results of the oil-to-telecom giant to be announced soon. It has also quickly recovered from the fall after Future Group’s deal failed.

Right from the morning, options data indicated that a bullish move was about to come. Even with the market falling intraday, the put buildup in the market continued to be strong with very few calls being written. This indicated bullishness.

And just as this data indicated, the index shot up towards closing to fresh day-highs. The support at 16,815 from last Tuesday looks interesting in the short term.

European markets are also recovering after the fall yesterday. If the U.S. markets continue to be bullish, then we may see a gap-up opening tomorrow.

For the current bearish sentiments to go away, support in international markets will have to be seen. 

Will Reliance stock rally to dethrone Adani as Asia’s richest man? Let us know what you think in the comments section of the marketfeed app!

See you all today at 7 PM on The Stock Market Show.