Today’s Market Summarised

NIFTY opened with a big gap-up at 13,666 which was a fresh all-time high. The index remained sideways with a bearish look and touched the day low near 1 pm. From the low near 13,600, the index jumped back up 90 points and finally closed near 13,682, up 114 points or 0.85%.

Bank Nifty opened in the day’s high at 30,933 and immediately started falling. For the index of banks, it was a day of consolidation. After trading within a 350 point range, Bank Nifty closed at 30,698, up just 7 points or 0.02%.

Realty stocks outperformed in the day, with the realty index going up more than 5%. Metals followed along. PSU Banks performed the worst today.

European markets are all currently trading in the green. Asian markets have all mostly closed with gains.

News Picks

While the Bajaj Twins moved up yesterday, today was the day of HDFC. The lending major went up more than 3% today. This is probably after the government’s plan to increase liquidity for the Non-Banking Finance Companies(NBFC).

Realty stocks rallied on hopes of helpful reforms in the upcoming central budget. DLF and Godrej Properties were among the top gaining stocks. Housing Finance companies including HDFC, Indiabulls Real Estate and LIC Housing Finance also went up.

Burger King India went up 20% again today. Share prices, currently standing at Rs 192, has more than tripled from the issue price of Rs 60.

Following on heels of Burger King’s success, Jubilant FoodWorks(master franchisee of Dominos Pizza) jumped more than 4% today.

Ashok Leyland on Wednesday introduced two passenger bus models  – the 70-seater Falcon Super and 26-seater Gazl – in Saudi Arabia. Stock prices went up by more than 5% today.

The Union Cabinet has approved a subsidy of Rs 3,500 crore. 60 lakh tonne of sugar to be exported. Can strongly watch sugar stocks in the coming days. Shares of Eid Parry closed nearly 1.5% up.

RBL Bank closed more than 1.9% up after Infosys said that the bank will move to its Finacle Cloud Platform.

Bharti Airtel moved up towards the end of the day after the government said the 4G telecom spectrum auction will be held in March 2021.

Markets Ahead

Even while Nifty was bullish today, Bank Nifty was bearish and made a red candle. This is because lower weighted sectors like Realty went up more than 5%, and almost all sectoral indices were in green.

Don’t forget that the sugar stocks may see good movement in the coming week. With more and more such announcements like above yet to come, sectors like Realty will also see further up-trend.

A major open interest shift from 13,500 to 13,600 was observed today on the Put Option side. The highest open interest in Call side is at 13,800. This suggests that NIFTY is highly likely to consolidate between 13,600 and 13,800 for tomorrow.

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