Today’s Market Summarised

The first monthly expiry after new SEBI-Margin rules reduced leverage across the market. Towards the end, Reliance AGM introduced high volatility in the market.

Nifty opened the day at 15,733 and mostly moved sideways with volatility. Just after 12 PM, there was a breakout above the day-high and 15,760. From here, there was some bullishness in the market but 15,800 zone was a good resistance. Nifty tested it, then closed the day at 15,790, up 103 points or 0.66%.

Bank Nifty opened at 34,700 and then moved sideways mostly. Even with the afternoon craziness from Reliance AGM, Bank Nifty was also volatile. 34,935 the highest point of the day, and there was good volatility after 2 PM. After all this, Bank Nifty closed at 34,827, up 253 points or 0.73%.

Nifty IT(+2.8%) performed extremely well in the day. Nifty PSU Bank and Media fell more than 1% each, while all other indices consolidated.

All Asian and European markets are in the green, with small profits.

News Picks

Mukesh Ambani talked about Reliance’s plans to enter and heavily invest in the green energy sector. He also talked highly of the growth seen in Jio, Retail and such.

Announced a cheap 4G phone in partnership with Google and more. Saudi Aramco will invest in the O2C business this year, and Reliance has added Aramco Chairman as an independent member of the board. Shares closed 2.35% down after high volatility.

IT stocks were performing well from when the day started. Infy(+3.73%), TCS(+3.44%) and TechM(+2.23%) closed as Nifty 50’s top-gainers. 

Other IT stocks including CoForge(+3.4%), Mphasis(+3.2%), Mindtree(+2.1%), HCLTech(+1.7%) and TechM(+2.2%) gained.

TCS launched a product called Quartz for markets to help exchanges and financial institutions innovate with Tokenized Assets. The stock was moving up from the market opening itself and closed 3.4% up.  

Telecom stocks Vodafone Idea(-4%) and Bharti Airtel(-1%) closed in the red with Reliance’s strong presentation of Jio.

UTI AMC(+12.7%) shot up near the end with high volumes and hit fresh all-time highs. The stock has so far gained 71% since getting listed in Oct 2020 and looks like there is more to go.

Two new stocks got listed in the market today. Shyam Metalics listed at 23% above IPO price and Sona Comstar at 24% above its IPO price.

Maharashtra Government said they will review unlock plans as Delta Plus Covid cases rise. PVR(-2%), INOX(-1.1%), Phoenix Mills(-1.3%) closed in the red.

CBI raids CG Power’s office, and CG House in NCR and Mumbai. CG Power fell suddenly after the news but managed to cut the losses and closed 0.3% down.

SBI Card and Fabindia will launch Fabindia-SBI Card. The stock closed 4% up. Looks like it is moving up from a good support zone.

Sugar stocks Balram Chini(+7.6%), Dalmia Sugar(+14.6%), Renuka Sugar(+4.8%) and Triveni(+6.55%) once again moved in the day. 

Markets Ahead

Reliance was bearish from the beginning of the day after breaking the 2,200 mark. From here it slowly kept falling and hit a low at 2,140. The resultant effect? Nifty was dragged down by 43 points by Reliance alone!

From when the AGM started at 2 PM., Reliance fell 1.5% by market close. Meanwhile Nifty moved 0% at the same time as big players kept it volatile and steady at the same time. Funnily, stocks other than Reliance were the most volatile in the day.

In between all this, Infy and TCS together contributed 71 points to Nifty. Remember Infy’s buyback starts tomorrow and it is a stock that has always given shareholders maximum returns.

The June expiry series has ended nearly 450 points up from the May expiry for Nifty. Meanwhile, Bank Nifty has ended 250 points down. Expecting more participation from the index tomorrow and going forward to July.

Watching SBI Cards also for a good move back up in July after the June fall.

Hope you had a great day in the market!

Catch you all on The Stock Market Show tonight!