Today’s Market Summarised

Reliance and Infosys pump up the markets and keep it in green for the monthly expiry.

NIFTY opened the day at 17,421 and tried to move down. But after testing yesterday’s low, the index jumped back up. However, there was consolidation seen after 17,550 could not be broken with strength. NIFTY closed the day at 17,536, up by 121 points or 0.70%.

BANK NIFTY opened the day 37,367 and saw consolidation during the day. There was an initial fall and power near closing but there was a movement of fewer than 400 points today. BANK NIFTY closed the day at 37,364, down 77 points or 0.21%. 

NIFTY REALTY(+1.9%), NIFTY PHARMA(+1.1%), NIFTY MEDIA(+1.4%) and NIFTY IT(+0.96%) closed with gains. All others consolidated.

Asian markets closed mixed today. European markets are trading in the green currently.  

News Picks

Reliance(+6%) closed as the top-gainer for NIFTY after a long time. The stock bounced back up from its levels from its September 2020 highs.

Infosys(+1.5%) and ITC(+1.5%) also moved up after falling for some days.

Kotak Bank(+1.1%) featured on the top-gainers list, perfectly continuing its bounce back from 1930 support. However, IndusInd Bank(-1.1%) and ICICI Bank(-1.2%) closed among the top losers.

Vedanta(+6.3%) once again moved up after last day’s reports of open market buying by promoter group.

Idea(+5.1%) and Indus Towers(+2.7%) continued to move up once again.

Aurionpro(+5%) announces major win in Smart Transit Space, bags order worth Rs 60 crores from the Government Of Uttar Pradesh.

Many Tyre stocks saw scattered buying through the day. CEAT(+1.3%), and JK Tyres(+1.8%), closed in the green.

Siemens(-5.3%) moved down after reporting disappointing quarterly results. The company reported a 3% decline in standalone net profit from continuing operations to Rs 323 crore in the quarter ended September.

Markets Ahead

Today NIFTY was kept up only by the power of Reliance. Out of the 121 points that the index gained today, Reliance contributed more than 110.

NIFTY closing above the 17,500 mark has given some confidence to bulls of the market. But the only thing we are seeing is consolidation. We will have to wait for December month to see if NIFTY can move back up from this consolidation phase.

Historically, October-December have been bullish months for the market. But right now, NIFTY is down 1.2% for this period. So we can expect a slight bounce back in the market next month if all goes well.

Keep a watch on U.S. and its allies including India trying to pull down oil prices. If this does not work, we can expect a continued increase in inflation rates across the world and a hike in interest rates by central banks.

Hope you had a great expiry!

Meet you all on The Stock Market Show at 7 PM on YouTube!