Today’s Market Summarised

Once again a day of heavy profit booking in the market.

NIFTY opened the day at 18,447 with a small gap-up. However,  the 18,450 region acted as a strong resistance and the index started falling. Nifty tried to bounce back after taking support at 18,330, but considering the whole day, it was a failed attempt. Nifty has filled the two gaps it made above 18,200. After falling 240+ pts from day high to day low, NIFTY closed the day at 18,266, down 152 points or 0.83%.

BANK NIFTY opened the day flat at 39,607 and unlike Nifty it was a less trending day for Bank Nifty. It tried to break the 39,730 resistance level multiple times, but there was no support from HDFC Bank, ICICI Bank and Kotak Bank. BANK NIFTY closed the day at 39,518, down just 22 points or 0.06%.

NIFTY REALTY, NIFTY METAL closed more than 2% down. NIFTY PHARMA(-1.4%), NIFTY AUTO(-1.1%) and NIFTY FMCG(-1.3%) also moved down. NIFTY PSU Bank(+1.5%) and NIFTY MEDIA(+1%) closed in the green.

Asian markets closed mixed in the day. European markets are all trading flat currently.

News Picks

Bharti Airtel(+4%) moved up after TRAI subscriber data and reports that the government is asking whether telecoms want to opt for a four-year moratorium on spectrum payments and adjusted gross revenue (AGR) dues. Idea(+6%) and Indus Tower(+2.7%) also moved up sharply.

In August, Jio added 6.94 lakh subscribers and Bharti Airtel added 1.38 lakh subscribers. However, Vodafone Idea continued to lose subscribers with 8.33 lakh customers leaving the network.

SBI(+2.4%) and IndusInd Bank(+0.64%) closed among the top-gainers in the day. Other financial stocks including Axis Bank(+0.4%) and Bajaj Finance(+0.28%) closed slightly in the green.

Major stocks including Hindalco(-3.9%), Titan(-2.9%) and Hindustan Unilever(-2.6%) saw profit booking in the day.

IRCTC(-18.7%) continued its sharp fall from yesterday and saw heavy selling. IEX(-6.6%) also fell.

Chemical shares fell sharply after Navin Fluorine(-9.3%) reported earnings. Deepak Nitrate(-12.6%), Navin Fluorine(-9.3%), Tata Chem(-4.2%), Aarti Industries(-8%) and Pi Industries(-6.3%) closed in the red.

BHEL(+4.7%) defied the rest of the market and closed with bullishness. 

ZEEL(+3.5%) closed in the green after the media company started the due diligence process for merger with Sony Pictures Networks.

Along with SBI(+2.4%), other PSU Banks including Canara Bank(+2.4%), Union Bank(+5%), Bank of Baroda(+3.1%), Indian Bank(+2.7%) hit fresh 52-week highs.

Uttarakhand Flood Update: Tata Motors(+1%) says production has resumed production at the Uttarakhand plant

Nestle India(-0.47%) failed to hold the gains it had in the morning after results announcements yesterday.

PM Modi said that India is planning to have over 200 Airports, Helipads in the next 3-4 years. Which name will come to your mind when talking about airports? Adani Enterprises(+1.3%) closed in the green.

Jubilant Food(-8.4%) posted Q2 consolidated net profit at Rs 120 crores against Rs 76 crores last year. 

Markets Ahead

The profit booking mood in the market resumed and it’s pulling down the stocks which have given good returns in the last 2-3 months. The Midcap and Smallcap indices are seeing heavy profit booking on the side.

NIFTY has taken support at 18,200 and bounced back. The general market is looking like it has bottomed out near this zone. However, midcap and smallcaps continue to remain bearish.

Infosys, Wipro and major IT companies also saw profit booking. Keep a watch on stocks that have been showing strength in between the fall. Have an eye out on PSU Banks especially SBI in the coming days.

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