Today’s Market Summarised
Markets see sharp consolidation in the day, with Nifty closing flat.
Nifty opened at 17,586 and moved down slightly. In general, the market moved sideways trading in a less than 90 point zone. After consolidation, Nifty closed the day at 17,546, down 15 points or 0.09%.
Bank Nifty opened the day with 37,227 and closed with a red candle in the daily charts. The index found support at 36,880 and closed near the day low. Bank Nifty closed the day at 36,944, down 290 points or 0.78%.
Nifty Media(+13.57%) shot up in the day once again with ZEEL rallying. Nifty Realty also moved up 8.45% as funds flowed into midcaps. Nifty Metal and Nifty Auto gained just over 1% each.
Asian markets closed mixed in the day. European markets are trading well in the green today.
Stocks in the Nifty Metal index gained back with Coal India, Hindalco and JSW Steel featuring in the top-gainers.
Nifty IT hit an all time high with TechM and HCL Tech closing among the top-gainers.
Banks and financial institutions including HDFC, Kotak Bank, ICICI Bank, HDFC Bank and Axis Bank closed among the top-losers of the day.
ZEEL continued its breakout and closed 31% up in the day after merging with Sony Pictures India. SunTV also gained 4.5% along many other media stocks.
Realty stocks continued their breakout with the index hitting a 11-year high. Godrej Properties and DLF gained over 11% with IbulHsgFin and LIC Housing Finance both nearly 6% in the green each.
Hotel stocks, theatre stocks and others linked to re-opening of the economy closed in the green. PVR, Inox Leisure, IRCTC, Indian Hotels and others closed with good gains.
Nifty consolidated in the day after breaking yesterday’s high, showing that there is no real bearishness currently in the market.
But India VIX, which tracks volatility in the market did not move down.
Global markets have started recovering from their recent fall with all European markets strongly in the green. We can expect news from the FOMC Meeting tonight from the U.S. which may cause volatility tomorrow.
Pressure from the Evergrande issue has reduced with the property developer saying they will make payments on their bonds.
Eagerly watching the international markets tonight and keeping a watch on the support and resistance zones of Bank Nifty. Keep an eye on 36,500 on the lower side and 37,500 on the upper side.
Hoping you were able to catch some moves in the media and realty index today. Let us know in the comments section of the marketfeed app if you did!