Today’s Market Summarised
Indian indices turn bullish following the global market rally.
NIFTY opened the day at 17,047 with a gap-up and moved down slightly. In the first few minutes of trade, the index took support at 17,000 and shot back up. From the day-low, a rally of more than 250 points was seen. With a slight correction near the end, NIFTY closed the day at 17,176, up by 264 points or 1.56%.
BANK NIFTY opened the day 36,087 with a gap-up and was bullish. It was in a mood to move up from the start and stayed bullish. BANK NIFTY closed the day at 36,618, up 882 points or 2.47%.
All sectoral indices closed in the green. Nifty Metal(+3.1%) and Nifty Bank(+2.4%) rallied the most.
All major Asian markets closed in the green today. All European markets are trading well in the green currently.
News Picks
Hindalco(+5%) shot up in the day after saying aluminium prices are up. Tata Steel(+3.6%) and JSW Steel(+2.7%) also followed the stock to close in the top-gainers of NIFTY 50. Also, the Govt is planning to increase customs duty on primary aluminium to 10% from the current 7.5%, which might boost aluminium sales.
Other metal stocks including Hind Copper(+10%), National Aluminium(+7.1%), SAIL(+4.7%) and Jindal Steel(+3.1%) also rallied.
Multiple banking stocks featured in the top-gainers including Axis Bank(+3.6%), ICICI Bank(+3.5%), Kotak Bank(+2.7%) and SBIN(+2.4%). All stocks from Bank Nifty closed in green.
Intellect Design(+2.4%) moved up after getting a deal from SBI deal.
Vodafone Idea(-5%) saw profit booking in the day after many days of rally. Meanwhile, beaten-down stocks from the last few days including PVR(+4.7%), Indigo(+4.6%) and DLF(+3.9%) moved up.
Gujarat Govt is set to consider removing liquor restrictions in Gift Gandhinagar to attract investors. UBL(+2%) and McDowell(+2%) moved up.
Dilip Buildcon(+6.9%) wins orders worth Rs 2683 crores.
Heavy Industries Ministry says BHEL(+1.9%) is increasing business rapidly. The company to supply ammunition to the defence sector. Stock prices moved up.
ADF Foods(+11.5%) shot up after winning an order from Patanjali to distribute their products in the EU and UK.
Markets Ahead
NIFTY reacted with strength to the bullishness shown in global markets. The European markets are in the green today as well after moving up 2% each yesterday.
Finance Ministry says FIIs have raised concerns on the transition to T+1 settlement. Wondering if the heavy selling for the past many months were following this concern. Since the government has acknowledged this situation, maybe they are also currently trying to solve the issue.
If it was, and we also see net buying by Foreign Investors in the cash market today, we can make a calculated guess that their buying would continue.
Only a few stocks from NIFTY 50 closed in the red today. A strong close above 17,200 would be necessary for short-term confidence in the market. And for Nifty to turn bullish, we would need a move above 17,600.
Do you think FIIs will turn net buyers today? Will the bullish rally continue? Let us know in the comments section of the marketfeed app.
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