Today’s Market Summarised
Today Nifty opened flat around 12900 taking the influence from the global markets and then consolidated in the range of 12800 to 12900 and beautifully broke the day’s high at around noon. The last candle formed by nifty was a red candle and closed at 12939, making a total movement of 65.7 points or 0.51%. A major contribution was from M&M, TataMotors and LT.
BankNifty opened with a green candle at 29107 and then consolidated in the range of 29250 – 29450, and by around 3:00 pm broke the day’s high and continuing the rally till 29790 making a total movement of 568 points or 1.95%. As mentioned in our pre-market report, news surrounding Lakshmi Vilas Bank did not affect Banknifty, Lakshmi Vilas Bank down by 19.9%.
Nifty Auto gave major support for the day where the shares of M&M hit a 52-week high of Rs 675, up 10.75 per cent in the intraday deals on Wednesday after the company said it will make new K2 series tractors in Telangana, followed by this Tata motors also got a 9.81% up movement continuing its rally.
Nifty Reality which also rallied backed by the hopes of resumption of activity in the sector and a review in the fallen demand.
Asian markets closed mostly in green today. European markets are trading in a mixed sentiment, at the time of Indian market close.
Nifty Auto helped push Nifty up with Tata Motors and M&M. Both stocks were top gainers in Nifty 50 today.
LT awarded biggest order ever for its construction and mining equipment businesses. Company to supply 46 units of Komatsu equipment to TATA Steel.
Escorts Group is planning to increase its annual tractor production capacity to meet robust demand. Group CFO Bharat Madan says retail sales have been very strong and expect to see good topline growth in next 6 months.
Credit Suisse has maintained its underperformance rating on Sun Pharma industries with a target of Rs420. The Brokerage firm believes that the market is ignoring a significant competition to Sun Pharma’s two key drugs Cequa and llumya.
Nifty closed today near to 12940, couple of days back it was trying to break 12000 and seems the breakout movement now needs some time for consolidation or a correction in order to resume the bull run.
The global markets seem to have already factored in the sentiments of Covid Vaccine, the news on Pfizer where the CEO says its “very close” to applying for emergency approval. The common opinion is that the index is making new high every day and could expect a correction/retrace soon. But the stock-specific moves like M&M, Tata Motors and LT today gave major contributions to Nifty.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.