Today’s Market Summarised
NIFTY closes in the red for 3rd straight day with mostly consolidation.
NIFTY opened the day at 17,300 with a gap-down and moved with volatility. The index took support at 17,225 and started moving up, and went up nearly 150 points to the day-high. With consolidation near the end, NIFTY closed the day at 17,325, down 43 points or 0.25%.
BANK NIFTY opened the day at 36,797 and consolidated. It kept moving sideways in a wide 200+ point zone till noon. A breakout was seen breaking the opening level but the index could not sustain above 37,000. Bank Nifty closed the day at 36,893, down by 31 points or 0.08%.
NIFTY MEDIA (+1.5%) and NIFTY PHARMA (+1.06) were the only indices moving more than 1%, while all others consolidated.
Major Asian markets closed mostly in the red today. All European markets are trading flat currently.
News Picks
Powergrid (+3.8%) once again shot up after some days of consolidation. It closed as the top-gainer in Nifty 50. The company will consider interim dividend tomorrow.
Divislab (+2.7%) and Dr Reddy’s (+1%) closed in the top-gainers of Nifty 50 as pharma stocks gained.
Lupin’s(+6.6%) Goa manufacturing plant receives Inspection Report from USFDA without any regulatory action. The stock moved up. Pfizer India(+6.2%) moved up following the rally of the parent company’s stock in the U.S and reported that its vaccines could stop 70% Omicron hospitalisations in South Africa.
Axis Bank(+0.98%) closed in the green after positive management commentary while most other banking stocks consolidated. Kotak Bank(-1.7%) saw selling.
ITC(-2.5%) closed as NIFTY 50’s top-loser with an analyst meeting currently underway.
NMDC(-6%) moved down after a dividend payout of Rs 9/share. Hind Zinc(-7.9%) also moved down after payout of Rs 18/share dividend.
Indian Hotels(-2.5%) said cancellations have increased over the last 2 weeks due to Omicron. LemonTree(-2.8%), Chalet(-1.9%), TAJGVK(-1.5%) also moved down.
Shriram Transport(-6.2%) moved down after pressure from the merger announcement yesterday.
ABFRL(+6.4%) will acquire the exclusive online and offline rights to the global brand ‘Reebok’ for the Indian market.
BSE(+8.5%) continued its amazing breakout after the announcement of the NSE IPO. Stock is up more than 50% in the last 30 days. CDSL(+5%) also moved to all-time highs.
Markets Ahead
NIFTY was pulled down on the day by Reliance, ITC and the Bajaj twins – Finance and Finserv. The Bajaj stocks are favourites among foreign investors along with HDFC which all moved down today. Reliance is near its 3-month lows after today’s fall.
Bank Nifty was highly volatile even in its consolidation today. The Futures closed around the 37k mark.
India’s November Wholesale Food Inflation came out at 6.7% vs 3.06% in October, indicating increasing prices of items. It is at a level 14% higher than last year, much more than the forecast of 12%.
NIFTY struggled to gain back in the day. Futures took resistance near 17,400. There was also a Tsunami warning in the morning after a 7.3 strong earthquake hit Indonesia, which was withdrawn later.
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