Today’s Market Summarised

Nifty made a big green candle in the first five minutes after opening 11,895 but the bearishness took over just after. After touching the day high of 11,939, Nifty fell and took support at 11,850. After oscillating the whole day, Nifty closed in red at 11,896.45, down 41.20 points or 0.35%. It was an easy day for traders today.

Bank Nifty opened the day at 24,470 and tried testing 24,700 and fell soon. Bank Nifty kept jumping between clear levels and gave clear scalping opportunities. After touching the day low near 24,250, Bank Nifty closed at 24,484, down 151 points or 0.61%.

Nifty Media and Nifty Metal performed the best today, while Nifty Pharma and Nifty IT. 

General Asian markets and European markets are in red today. This bearishness was reflected in Nifty as well.

News Picks

Bharti Infratel posted a result after market hours with a profit of Rs 733 crore, down 24% YoY. Shares of the company closed at Rs 196.20, up 1.79%. Watch out for a volatile opening tomorrow. Revenue up 2% YoY To Rs 3,695 crore. 

Alembic Pharma posted a net profit of Rs 330 crore, up 32% YoY.

Share prices of SBI Cards closed at Rs 829, down 7.41%. This came after the company reported net profit of Rs 206 crores, down 46% YoY. Net Interest Income (NII) is up 5.1%.

Asian Paints reported a net profit of Rs 851.9 crores, up 1.2% for the Q2 FY21. This beat all street estimates. Share prices closed at Rs 2,095.75, down 0.88%. Paint stocks have been rallying for the past few months, will this be a reversal point after profit-booking?

BAJAJ Auto reported a Q2 net profit at Rs 1,138.2 crore, down 19% YoY below all street estimates. 

Shares of IOC went up Rs 78.05, up 2.70% after the board said they are considering raising up to Rs 20,000 crore in FY21 via bonds/debentures on Oct 30.

Shares of Aurobindo Pharma closed at Rs 779, down 3.37% after the company’s US subsidiary got a warning from the US FDA.

Net profits of Ambuja Cement jumped 92% YoY to Rs 440 crore, beating street estimates. Cement stocks have been doing good lately. The company announced Rs 17/share interim dividend.

HDFC AMC reported a net profit of Rs 340 crore, down 8% YoY. Revenue was up 9%. Results were announced after market hours.

Markets Ahead

The US Stimulus looks like it won’t be coming. With the presidential debate coming tonight, do keep watch for any swift movements in US markets. This may affect our markets when they open tomorrow as well. The results season are also expected to keep our markets volatile. If you look at the chart of SBI Cards today, you will understand what I am referring to. Stay invested in safe stocks that you can hold with a peace of mind.

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