Today’s Market Summarised
Today was the right example of a volatile market. Nifty traded in a range of 200 points, with the index changing directions more than once.
After opening the day at 12,666 with a gap-up, Nifty went up more than 100 points to take resistance at 12,770. After taking this resistance, the index fell as profit booking started to kick in. In fact, Nifty fell so sharply that it fell almost 200 points in a few hours. But after taking support at 12,571, Nifty bounced back up at 1:30 pm to close near the day-high at 12,749.15, up 118.05 points or 0.93%.
Bank Nifty opened the day above 28,650 with a gap-up today. The index tracking banks was not as strong as other indices but did go up sharply. The level of 29,000 was crossed for just a few minutes, but it took a strong resistance and fell more than 800 points. Bank Nifty pulled up the markets when it recovered, and closed at 28,845, up 239 points or 0.84%.
Nifty Pharma and Nifty Metal performed the best today. Nifty PSU Bank performed the worst.
Most Asian markets closed in green today. Major European markets are also trading in the green today.
Infy closed at Rs 1,122.50, up 2.88% after the company launched Infosys applied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade artificial intelligence (AI) for their businesses.
Shares of IndusInd Bank closed at Rs 787.95, down 5.66% as the stock peaked after multiple days of uptrend.
Tata Power said that the company will not be adding any coal capacities and that it intends to become a zero-carbon company by 2050. Share prices went up marginally to close at Rs 57.25, up 1%.
Shares of Tata Steel jumped in trade to close as one of the top gainers after sources said the company is likely to finalise the sale of its European operations this week. Prices closed at Rs 473.95, up 7.25%.
Shares of Hindalco closed at Rs 204.05, up 6.08% today. The company has so far gained more than 20% since last Monday, and had posted a 60% YoY fall in net profits to Rs 387 crores.
Bajaj Finance rallied in the early hours of trade to go up 5-6%. This soon corrected and share prices closed at Rs 4,268.80, up 1.43%. It was yesterday’s top gaining stock. Meanwhile Bajaj Finserv closed the day at Rs 6,944.80, up 3.85%.
Coal India announced its Q2 Results just after the market closed. Consolidated net drops 16% YoY to Rs 2,951 crores; board approves interim dividend at Rs 7.50/share.
The major reason for Nifty to move back from the mid-day correction was the government’s announcement of the new production-linked incentive scheme. The new scheme with a package of Rs 2 lakh crores aims to make India ‘The World’s Manufacturing Hub while participating in the Global Value Chain’. What this means is that India will help industries become better, but will try not to appear as a selfish country in the global scenario. I think this is a big plus for the Indian economy, a much-needed one at the time when major companies are shifting their manufacturing facilities out of China. The main sectors targeted are Auto components, Pharma, Advanced Chemistry, AC, LED manufacturing, Solar, Telecom and Textile. Your next multibaggers may lie in these sectors.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.