Today’s Market Summarised

Nifty closes the day at fresh levels after making new all-time highs.

Nifty opened the day at 16,318 with a small gap-up and moved with volatility. From the day-low to day-high, the index moved just under 90 points. After touching a new all-time high in the day, Nifty closed at 16,364, up 82 points or 0.50%.

Bank Nifty opened at 35,900 and mostly consolidated in the day. After falling 200 point in the first 15 minutes, the index reached almost the 36k mark by market close. Bank Nifty closed the day at 35,937, up 131 points or 0.36%.

Most sectoral indices closed flat with Nifty Media(+2.28%), Nifty IT(+1.82%) and Nifty Realty(+1.21%) moving up. Pharma stocks looked weak with the index down 1.1%.

Most Asian markets closed with consolidation. European markets were also flat with mostly consolidation.

News Picks

PowerGrid(+6.04%) moved up today after the company approved a proposal to infuse fresh equity of up to Rs 425 crore in the JV company.

TechM(+4.76%) continued bullishness and moved up along with HCLTech(+2.76%) to close in the top-gainers list. Other IT stocks including OFSS(+5.03%(+), MindTree(+4.32%), Mphasis(+3.42%) and Coforge(+3.33%). All stocks in the IT index closed in the green.

Eicher Motors(-3.74%) closed as Nifty 50’s worst-performing stock ahead of announcing its results. It is the only stock to have moved more than 1% down in the index.

Bharat Forge(+6.6%) reported Rs 153.65 crore in Q1 against a net loss of Rs 125.81 crore last year. The stock gained more than 5.7% in the day.

VIP Industries moved up 20% in the day as management and analysts turned positive after their Q1 results. 

Lupin shares fell more than 7% after its results. Other Pharma stocks including AuroPharma(-3.54%) and CadilaHC(-3.50%) moved down.

Hotel stocks including Westlife Development(+4.85%), Specialty Restaurant(+6.82%), Barbeque Nation(+1.1%) moved up after Maharashtra announced further unlock measures. Restaurants will now be allowed to operate till 10 PM.

Markets Ahead

Markets touched fresh all-time highs on the back of bullishness in L&T, ICICI Bank and IT stocks. Infosys touched fresh 52-week highs as the stock nearly touched 1,700 levels.

Midcaps and smallcaps moved up after yesterday’s fall. 

After FIIs and DIIs turned net buyers yesterday, there was a certain bullishness when the market opened today. This was seen in the midcap index along with Nifty touching all-time highs.

Yesterday, even the U.S markets were at all-time highs yesterday. Nifty has closed with a strong candle in the daily charts, but still, the week is expected to show consolidation.

HDFC Bank and Kotak Bank will have to be watched for bullishness in the coming days. The stocks along with the bullish close in Bank Nifty near 36,000 shows that there is some power in these stocks.

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