Today’s Market Summarised
The rally in NIFTY does not seem to be stopping. After opening the day at 12,161, Nifty went up strongly but took resistance near 12,200. After consolidating, the index went back up creating higher highs and touched 12,260 mark. Imagine, where was Nifty just 3 months ago? Today it has even touched a day-high of 12,280 and closed at 12,263.55, up 143.25 points or 1.18%.
Bank Nifty opened the day with a red candle at 26,307 and went up the whole day. At around 2 pm, the index of bank saw a quick dip of over 300 points. But within no time, this was covered and Bank Nifty scaled further highs. After taking resistance at 26,850, Bank Nifty closed at 26,798, up 485 points or 1.85%.
Nifty Private Bank along with Nifty Bank did the best today. Nifty Pharma was the worst performing sector today.
Most Asian markets are trading in red today. All european markets are trading in red today.
Reliance was among the top gainers after Saudi’s investment authority pumped in Rs 9,555 crores to Reliance Retail Ventures Ltd. Share prices closed at Rs 2,029.15, up 3.79%.
IndusInd Bank continued its strong uptrend and closed at Rs 738.65 per share, up 3.39%.
HDFC Bank shares hit a fresh all-time high in a time when all banks are struggling. Share closed at Rs 1,307.65, up 3.03%.
Shares of Dalmia Bharat closed at 892.95, up 2.33% after the company reported a 544 per cent year-on-year rise in consolidated net profit at Rs 232 crore for the quarter ending September FY 21.
Shares of M&M closed at Rs 613.60, up 1.91% after the company reported. over 20,000 orders for the new Mahindra Thar.
State-owned Coal India Ltd’s e-auction sales nearly tripled to 16.8 million tonnes (MTs) in October, amid a strong demand resumption for coal from the power sector and share prices closed at Rs 121.80, up 1.63%.
Shares of Maruti crashed 2.61% to Rs 6907 after the company’s Japanese parent Suzuki Motor Corp expected a double-digit decline in net profit and revenue for this current fiscal, as the company is unlikely to recover the sales lost during the June quarter in India and Japan due to the pandemic. Maruti Suzuki India contributes over 50% to Suzuki’s revenue and bottomline.
Manappuram Finance registered Q2 profit of 5.3% lower at Rs 405.6 crores, with revenues 16.6% higher at Rs 1,565.6 crores (YoY). Share prices closed at Rs 162.40, up 1.88%.
Nifty is all set to scale higher highs. With the positive results coming in from the financial space, Banking stocks are all set to recover. Reliance has started in its upward journey as well, with the latest round of funding giving investors renewed confidence in the stock. IT and Pharma stocks are also expected to rally soon with the weaker dollars helping their profit numbers. So the question now is, will Nifty touch its all-time highs, and go beyond?
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.