Today’s Market Summarised

After making two consecutive red candles, NIFTY is back with a lot of power. Needless to say, global markets rallying helped a lot. Nifty opened with a gap-up at 14,250 and made a few red candles, but soon started its uptrend and did not look back. The 14,300 range was respected for a short while, but the continued rally from IT, FMCG and Auto stocks pushed the index up. Nifty closed the day at 14,347, up 209 points or 1.48%.

Bank Nifty was among the worst gaining sector today. After opening with a gap-up at 32,225, the index consolidated with a bearish bias. After trading in a very tight range of just over 200 points, Bank Nifty closed the day at 32,084, up 128 points or 0.40%.

IT index gained the most today and was closely following by Auto. Metals were the only sector which ended in the red today.

Asian markets closed strongly in the green today. Europe is trading mixed at the time of Indian market close.

News Picks

IT stocks closed strongly in the green today. TCS(up nearly 3%) is coming up with its results after market hours, and this is why the rally had power. Wipro, Infy and HCLTech also saw a strong jump in share prices.

Auto stocks went up today with the positivity from Mahindra increasing prices of personal and commercial vehicles by around 1% effective January 8. Maruti was the top gainer for the day.

Steel stocks corrected after yesterday’s rally, with Hindalco and Tata Steel leading the top-losers chart.

Shares of Hindustan Unilever Ltd went up sharply after noon pushing FMCG Index to higher highs. This happened even while ITC featured among the top losers list. ITC is still down after the government’s proposal to ban the sale of loose cigarettes.

Markets Ahead

Eagerly waiting to see how the TCS results will turn out today, kicking off the Q3 result season.

Another bullish week has come to an end, with just FMCG index ending with losses. Metal(up 8.3%) and IT(up 7%) were consistent gainers through the week.

The Auto index has also hit its highest since September 2018, after metals hit that level yesterday. A lot of money is flowing into the market, and we may see a huge FII buying number today. Do not forget that the rally is happening worldwide and that it will keep on going until global cues reverse.

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

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