Today’s Market Summarised

Nifty was surprisingly range-bound today, ahead of the US Presidential Elections. After opening with a significant gap-up at 11,739, Nifty entered into a range-bound area of trade. With multiple sectors going up and down together, Nifty remained within the ranges of 11,773 and 11,835 between 10.15 am and market close. Nifty closed the day at 11,810.95, up 141.80 points, or 1.22%. The resistance of 11,800, has changed and proved itself to be a strong support in the 15min chart.

Bank Nifty advanced today, as expected. After opening near yesterday’s high at 25,132, the index quickly shot up in the first few minutes with support from all major banks. The index took perfect resistance near 25,500 and fell, but gradually regained this and went up throughout the day. Bank Nifty pushed the Nifty 50 index up, while IT stocks and Reliance pushed it down. Bank Nifty closed the day at 25,682, up 790.30 points or 3.17%.

Nifty Realty was the only sector which was heavily down today. Nifty Bank and Nifty Financial Services was again the top performing sectors today. Nifty Metal also performed well.

All major Asian markets are in green today. All major European markets are also trading with profits after opening flat.

News Picks

Reliance shares continued to be on a negative trend, as negativity surrounding the company increased. Seemingly false news of Mukesh Ambani’s health is also circulating around the market. Shares of Reliance closed at Rs 1,850, down 1.44% for the day.

Shares of UPL closed at Rs 417.05, down 6.35% after the mystery surrounding KPMG’s exit as auditor of the company’s Mauritius arm. Today, KPMG failed to give more details to SEBI regarding their exit.

Shares of Hindalco featured among the top gainers today after the company posted wins in the coal auction for Chakla Coal Block. Trading ended at Rs 179.75, up 5.27%.

Banks continued to perform, with 3 out the Top 5 Gainers coming from Banks & NBFC space. Will this bullishness continue in the coming days of the week?

SunPharma posted a net profit increase of 70% YoY to Rs 1,813 crores, beating all estimates. Share prices closed at Rs 485.60, up 3.45% for the day.

Shares of CadilaHC closed at Rs 437.65, up 6.57% after the company posted strong Q2 profits yesterday. Shares touched the 10% upper circuit level intraday, but soon came down to closing price.

Dabur reported a year-on-year net profit increase of 19.3% to Rs 482.9 crores. Shares of the company closed at Rs 515.40, up 1.81% for the day.

Shares of Muthoot Finance closed at Rs 1,190.15, down 3.87% after the company posted a profit of Rs 931 crores, up 3% YoY.

Markets Ahead

European markets are sharply up, along with Nifty. Is there a big correction incoming in global markets? Reliance is getting beaten down, and investors can wait and watch for the stock to take a good support. Do not forget that the weekly expiry is in two days, and the exit-polls from tomorrow’s elections will send Nifty flying in either direction. If there is a disputed result, global markets will surely react in a negative way. Bank Nifty reaching post-covid highs is also definitely an achievement, and we can probably look into more rallies ahead.

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