Today’s Market Summarised

Nifty fell sharply in the day after opening with a huge gap-up.

Nifty after opening with a gap up started to rise and hit a fresh all time high at 16,701. The move was majorly powered by Reliance and INFY. Nifty tried to break 16,700 multiple times, but started falling slowly and continuously. The NSE index opened 77 points up, majorly contributed by 2.7% gap up opening of HDFC Bank. Nifty moved down till 16,535 and closed at 16,568, 45 pts or 0.28% down.

Bank Nifty opened above 36,200 with a gap up of 0.99%. But just after the opening, major banking stocks started to move down, taking Bank Nifty to the day low at 35,432. It managed to close above 35,500 at 35,554, down by 312 pts or 0.87%.

Nifty IT showed some bullishness in the initial stage, but closed flat.

Asian markets closed in the green with China and Taiwan indices gaining nearly 1% up. All the major European markets are currently trading in small red.

News Picks

Eicher Motors(+2.9%) closed as the Nifty 50’s top gainer.

Three stocks from Bajaj family, Bajaj Finance(+2%), Bajaj Finserv(+1.8%), Bajaj Auto(+0.67%) also topped in the list.

FMCG stocks continued yesterday’s up movement with Tata Consumer(+1%), Nestle(+0.95%), Britannia(+0.66%) closing as Nifty 50 gainers. Other FMCG stocks including UBL(+6.2%). MCDOWELL(+9.7%), Jubilant Food(+3.8%) also closed in the green.

Cement stocks like UltraTech(+2.6%), Ambuja Cements(+1.9%), Ramco Cements(+1.5%), ACC(+2%) India Cement(+1.5%) ended the day in the green. Grasim also moved 1.3% up.

HDFC Bank opened with a gap up of 2.7% after RBI gave permission to issue credit cards. But after the profit booking the stock closed flat. Other banking stocks, Kotak Bank(-2.1%), ICICI Bank(-1.8%), IndusInd Bank(-1%) also closed in the red.

Major metal stocks WelCorp(-3.8%), NATIONALUM(-2.5%), VEDL(-2.3%), Hindalco(+2.2%), Jindal Steel(-1.6%), SAIL(-1.2%), closed in the red.

IDEA(+12.1%) is in discussion with bond holders to refinance over Rs 6,000 crores of debt that is due in the next four-six months. Indus Tower(+1.8%) and IDFC First Bank(+1.1%) also moved up after the news.

HAL(+4.9%) moved up after it placed an order of Rs 5,375 crore for 99 F404-GE-IN20 engines and support services with GE Aviation, USA to power the Tejas Light Combat Aircraft.

Canara Bank(+2.9%) has opened its QIP to raise up to Rs 2,500 crore and set the floor price of the issue at Rs 155.58 per equity share.

Apollo Hospital(-2.6%) witnessed profit booking after yesterday’s rally.

BHEL(+3.2%) moved up after it invited bids for multi-crystalline solar modules for a 6.5 MW rooftop solar project.

IRCTC(+1.8%) is considering revamping the private train tender process to attract more bids.

Markets Ahead

Markets opened with a gap up with the power of HDFC Bank. But the strength could not be continued and we saw general profit booking.

After the huge contribution by HDFC Bank in the morning, at the end only Reliance was the heavyweight keeping Nifty up.

With today being the weekly expiry, volatility was expected and that is exactly what we got.

Tomorrow is a holiday on behalf of Muharram, and it could be the right opportunity for us to take a moment and relax. But don’t forget to study some stocks and identify some charts too!

How did the weekly expiry go for you? Did you get a chance to catch the fall in Bank Nifty? Let us know in the comments of the marketfeed app.

Catch you all at The Stock Market Show sharp at 6:30 PM!