Today’s Market Summarised 

Nifty opened the day flat at 11,504 today and went up to 11,536 around 10.30am. From there, markets fell slowly to break 11,480 levels at 12.30pm when European markets opened and kept on going down. Many major supports were broken along the way with pressure from global markets pulling Nifty down, as well as fear about the impact of FinCEN files leak. A major fall was seen around 2pm time too, just like the days of past few falls. Nifty closed the day at 11,250.55, down 254.40 points or 2.21%, one of the worst falls in the past months.

Bank Nifty fell 3.02% today but still was far from the worst performing sector. The index opened at 21,983 and touched the day-high of 22,100 at around 10.30am, similar to Nifty. From there, the index fell more than 800 points to close at 21,290.10, down 3.02%. The index was shaken by the FinCEN data leak which showed the involvement of global banks in illegal transactions. 

All major sectoral indices were in red today. The worst affected were Nifty Realty and Nifty Metal. Nifty IT did relatively fine with the index going down only 0.49%.

All global markets except Nikkei from Japan are trading heavily in red. European markets are trading more than 2.5% down at the time of Indian market close. We can wait for the US markets to open tonight to get a view of how tomorrow’s market might perform.

Shares of JSW Steel fell to ₹270.30, down 6.05% after strong allegations of money laundering were raised against the company in the FinCEN papers.

News Picks

Shares of Route Mobile listed with more than 100% listing gain today at ₹717 today, from IPO issue price of ₹350 . But the prices closed at ₹650 for the day.

Shares of Indiabulls Housing Finance fell 13.27% to become today’s top loser in F&O activated stocks.

Shares of Ashiana Housing fell sharply after opening with a very high gap up of 4%. All gains were erased throughout the course of the day as markets turned bearish.

IT stocks were the best performers of the day, even though the index closed in red. Some early catches were shared on our Telegram @fundfolio, including Wipro and TechM. Hope you caught these!

Markets Ahead 

The major highlight of the day was reports of major banks around the world being listed in the US Government’s Financial Crimes Enforcement Network (FinCEN)’s suspicious activities list. Almost all Indian banks have been named for suspicious transactions in the list. A huge fall is expected in the global financial space in the coming days. marketfeed will be publishing a detailed article about the report today. Signs of trends in the market reversing to bearish are being watched by us carefully. The huge falls in indices at 2pm is a very interesting phenomenon that you may have observed. Wait for market close data from NSE regarding delivery %’s and block deals to get a view of the larger picture. Keep watching this space for more.