Today’s Market Summarised

Nifty opened with a slight gap-down at 13,548 and made big red candles in the first many minutes. The index fell more than 100 points and took support at 13,450, then reversed to shoot back up. The opening range level was broken, and Nifty closed at 13,565, up just 9 points, or 0.07%.

Bank Nifty moved very violently, after yesterday’s strong consolidation. PSU Banks fell heavily in the morning to pull down Bank Nifty to 30,345 but soon took support and went back up. Unlike Nifty, Bank Nifty could not go above the opening range and closed at 30,691, down 54 points, or 0.18%.

Media stocks gained the most today, just like yesterday. Metals index also performed well in the day. PSU Banks and FMCG stocks came under profit booking.

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

News Picks

While yesterday was the day of SunTV, ZEEL was up 7%, pushing up the Media Index. This came after SunTV CFO’s words inspired confidence into the stock, hoping to have a major rebound in advertising revenue. We had discussed this in yesterday’s article.

Auto stocks bounced back today after investors gained more confidence in the stock. Eicher Motors was one among the top-gainers in Nifty 50 today.

After a growth expectation of around 25 per cent for FY22, and the opportunity to apply for a banking licence, the Bajaj Twins(Bajaj Finance and Bajaj Finserv) went up sharply today. They were the top gainers in Nifty 50.

FMCG stocks came under selling pressure after last day’s sharp uptrend. They were among the worst-performers today.

Burger King India again closed at a 20% Upper Circuit today. Share prices closed at Rs 162, more than double of the IPO issue price of Rs 60. Are you invested in the stock? Let me know in the comments down below.

PSU Banks came under selling pressure, with SBIN among the top-losers. Canara Bank also fell more than 4%.

Mrs Bectors Food’s IPO has been fully subscribed today. You can read all about the IPO here, on marketfeed here.

JSW Steel performed well today after the company said it has raised money through issuing of bonds.

Markets Ahead

Broader markets again outperformed Nifty today. The Nifty mid-cap index ended 0.5% higher while the small-cap index rose 0.2%. This stands in line with what we talked about yesterday, how the mid-caps and small-caps may be performing better than NIFTY in upcoming sessions.

FIIs are not letting the market fall! Every time DIIs push the market down, FIIs come in and sweep up the stocks. I find this funny that every time the markets fall, they bounce back up with greater speed. And every 2 days, the index which benefits also changes. Last week you may have remembered how the PSU Banks rallied, then Oil stocks rallied and even FMCG stocks rallied. So do watch out for the movement of smart money in and out of every sector.

13,400 is looking like a really strong support, just like 13,600 is looking like a really strong resistance. Will NIFTY consolidate within this range?

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