Today’s Market Summarised

With the US elections happening today, and results being counted, Nifty was highly volatile. Nifty opened the day at 11,802 and made a good strong green candle. This first green candle alone was as large as yesterday’s whole day’s movement. Nifty kept moving up and down with high volatility. After Donald Trump’s tweets on how he was going to move the Supreme Court, to ban counting votes after midnight, Nifty crashed sharply from 11,920 to 11,753. This was quickly recovered, as well. 11,920 was tested multiple times, Nifty closed the day at 11,908.50, up 95 points, or 0.80%.

Bank Nifty opened the day with a gap-down at 25,582 and was not that enthusiastic. While Banks looked tired in the initial parts of the day, it recovered after noon to create fresh highs at 25,900 levels. Bank Nifty closed the day at 25,771.60, up 88.80 points or 0.35%.

Nifty Realty continued its downtrend today, while IT and Pharma did the best. Most other sectoral indices remained flat, although highly volatile.

Most major Asian markets are trading in green today. All major European markets are also trading with profits ahead of the final US elections results.

News Picks

IndusInd Bank continued its uptrend to close at Rs 678.05, up 4.86% today. It was Nifty 50’s top gaining stock of the day.

Reliance finally broke out of its downtrend and got into the top-gainers list. Last week, we had written an article on why Reliance is falling as it is. You can read it here. Share prices closed at Rs 1,913.20, up 3.39%.

Shares of Adani Enterprises jumped to Rs 351.85, up 2.04%. During market hours, the company had announced a net profit at Rs 436 crores, up strongly from last year’s numbers. Stock prices have hit fresh 52-week highs.

UPL was today’s top loser after share prices keep falling and falling. As you may know, KPMG had resigned as the auditor of the company’s Mauritius arm. Share prices closed at Rs 401.35, down 3.76%.

SunPharma shares closed at Rs 504.65, up 3.92%. Yesterday the company had posted a net profit increase of 70% YoY to Rs 1,813 crores, beating all estimates.

Shares of SBI jumped to Rs 207 from Rs 198 intraday after the bank reported net profit up 51% YoY to Rs 4,574 crores. Net interest income(NII) is up 13% to Rs 28,181 crores.

Markets Ahead

For more than a week now, we had been talking about how US elections would bring about volatility into the Indian markets and the volatility reached its peaks today. Even one single tweet by Trump sent markets flying down today. The election is likely to have a disputed result and tomorrow’s market will be extremely difficult. It is also the weekly expiry tomorrow, and we will continue to see a lot of volatility. Stop losses and their importance would have been made clear to a lot of traders today. Keep a watch out for our Top Global News article at 8 pm today, to know about the final developments in US.

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