Today’s Market Summarised

Nifty opened the day almost flat at 14,550 and as we mentioned in our pre-market report, Nifty consolidated well within our range and closed just below 14600. After falling in the opening minutes, the index regained and eventually broke day’s high. Nifty closed at 14,595, up by 0.21% or 30 points.

Today, Bank Nifty was in a clear consolidation mode, mimicking just like the movements made yesterday. However, the index touched an all-time high today of 32,718 and was moving between 32,450 & 32,700. Bank Nifty closed at 32,519, down 54 points or 0.17%.

Nifty Energy gained the most today and was followed by Nifty Pharma. Nifty metal shed the most points and was the top losing sector today.

European indices are trading with minor gains at the time of the Indian market close.

News Picks

NIFTY ENERGY is up by 1.37% today. The index comprises mainly petroleum and power generating stocks along with ADANI GREEN and RELIANCE. ADANI GREEN was up by 5% today after ACME Trade and Investment acquired 2,00,96,000 equity shares in the company. In fact, Adani Trading Services LLP, a promoter entity of Adani Green sold a similar number of shares on the same day. As fuel price hiked once again, we can see BPCL up by 3.5% and IOC up by 2.23%. Heavyweight RELIANCE is also up by 1.1%

After witnessing a sell-off, TCS is back on the top gainer list. TCS was up by 2.9% today whereas all other major IT stocks witnessed selling pressure right from the start of the day and ending in the top losers section. HCLTECH was the top loser and was down by 2.6%. Also, TECHM down by 1.5%, INFY down by 1.2% and WIPRO down by 1%.

UPL ended as the top gainer today. The stock after falling below 500 yesterday, made a strong come back and closed at 509 or, up by 3.6%.

Shares of INDUSINDBK went by 2.86% after SEBI granted the bank’s promoters extension until February 18 on warrant subscription.

LT went up by 1.7% as the company won significant orders worth rs 1000-2500 crore

FMCG majors ITC & BRITANNIA gained more than 1% each at the end of the day.

DIXON shot up during the day and even broke 15100 after the company announced that on Feb 2nd, the board might consider a stock split. DIXON TECH closed the day at 15,100 and up by 3.8%.

Markets Ahead

It was the weekly option expiry day and the market moved respecting the OI levels. We had talked about how Nifty might end between 14,500 and 14,600 this week, and it was amazingly respected.

SAIL prices falling 10% was very unfortunate, with the government announced Offer for Sale. There are many such offer for sales coming up in PSUs, so do stay alert.

Reliance has moved up more than 1% today, and may see further up movements to 2000 and above.

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