Today’s Market Summarised

Large Cap stocks push up the market led by Reliance.

NIFTY opened the day at 18,170 with a 120 point gap-up. There was buying interest seen throughout the day even with the initial fall. The level of 18,210 was broken that day. NIFTY ended the day at 18,212, up 156 points or 0.87%.

BANK NIFTY opened the day at 38,724 with a gap-up. The index took the backseat and moved sideways throughout the day. After trading in a 250 point zone all day, Bank Nifty ended the day at 38,727, up 285 points or 0.74%.

NIFTY AUTO (+1.4%), METAL (+1.3%) and REALTY (+1.9%) outperformed on the day. All other indices consolidated.

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

News Picks

Auto stocks saw buying led by M&M (+4.6%) closing as the top-gainer of NIFTY 50. The automaker got rid of the loss-making subsidiary Ssangyong it had acquired in 2010. Mahindra Finance (+5.6%) also moved up.

Ashok Leyland (+2.7%), TVS Motors (+1.8%) and Tata Motors (+1.1%) were among the other gainers from the auto index.

With the government saying it has no intention to run Vodafone Idea (+8.4%), telecom related stocks rallied up. Bharti Airtel (+3.8%), Reliance (+2.6%) and Idea (+8.4%) moved up. Indus Towers (+3%) also moved up.

IndusInd Bank (+2.5%) showcased a recovery from its previous month fall and rallied up. ICICI Bank (+1.6%) also joined it among the top-gainers.

Metal stocks also recovered after yesterday’s fall. JSW Steel (+1.7%), Tata Steel (+1.5%) and Hindalco (+2.3%) closed among the top-gainers.

PVR (+4.9%) and RBL Bank (+4.7%) continued on their road to recovery while chemical stock SRF (+3.6%) hit all-time highs. DMART (-5%) hit a 3-month low falling 10% in 3 days after Q3 results.

Markets Ahead

India has reported 1.94 lakh new coronavirus cases yesterday, the biggest one-day increase since May 2021.

The resistance of 18,100-18,120 we discussed yesterday was crossed by a gap-up and taken as support. The markets have been showing high bullishness after crossing the 17,650 mark and is now reaching an important zone.

Infosys, TCS and Wipro will have to be watched out for in the session tomorrow. Last Thursday, we saw a big gap-down opening but the options data indicate strong supports at 18,100 and 18,200 for tomorrow.

However, the resistance is shown to be at 18,400, which may indicate that there is a higher chance of the market moving up than down from its current levels. 

How do you think the markets will open after the three major results announcements tomorrow. Let us know in the comments section of the marketfeed app!

See you on The Stock Market Show at 7 PM!