Today’s Market Summarised
Markets end the week slightly lower with Russia-Ukraine tensions easing.
NIFTY (-0.16%) opened at 17,241 with a small gap-down and moved up. In the afternoon, the index tried to move up and broke the day-high. News of aggressive actions by Russia pulled down the market after 2 PM. NIFTY closed the day at 17,276, down 28 points or 0.16%.
BANK NIFTY (+0.18) opened at 37,372 with a gap-down and moved up. Even though it was bullish, the index could not sustain above the 37,800 mark. It fell along with the rest of the market and took support at 37,500. Bank Nifty closed the day at 37,599, up 67 points or 0.18%.
Only NIFTY Bank and NIFTY Finserv closed in green. NIFTY REALTY closed more than 1% down while others consolidated.
Asian markets closed mixed today. European markets are trading slightly in the green currently.
News Picks
Coal India (+2.61%) closed as the top-gainer in NIFTY, recovering from its post-result fall on Monday. It moved higher after reporting strong supply numbers.
SBI Life (+2.14%) moved up in the day and closed in the top-gainers list. The stock was flat yesterday while peers HDFC Life and ICICI Prudential Life moved up.
ONGC(-2.24%) slipped after closing among the top-gainers yesterday. Reliance(-0.78%) also slightly moved down as international crude oil prices broke their bullish trend.
Cipla(-2.06%) continued to fall in the week after reports of promoters selling the stake. The stock is nearly 5% down from last Friday’s price. Divi’s Lab(-2%) also fell in the day.
Ambuja Cement(-5.96%) fell to a 7-month low after reporting a 55.5% decline in net profit to Rs 431 crore for the December quarter. UltraTech Cement(-1.84%), Ramco Cement(-2.67%), ACC(-2.05%), JK Cement(-2.16%) and Shree Cement(-1.51%) closed in the red.
Many tyre stocks are near their 52-week lows after the fines on the industry last month and synthetic rubber prices increasing. Apollo Tyres(-2.76%), Balkrishna Industries(-1.46%) and CEAT(-1.04%) were among those that fell today.
Dilip Buildcon(-5.04%) continued its fall to fresh 52-week lows falling more than 60% from October levels. The stock has been falling after the CBI investigation and bribery case.
VBL(+2.49%) closed at its highest level since November 12th, keep an eye on it for the upcoming sessions. You can read more about the stock here.
Markets Ahead
NIFTY moved back up after Monday’s sharp fall. It was all going well for the market today before the announcement that Russian President Vladimir Putin will personally oversee military ballistic and cruise missile drills tomorrow.
Even news like these has reduced effect now, with NIFTY limiting its fall. European markets are also all still trading in the green. Markets have recognized it as nothing but a negotiation tactic ahead of the Russia – U.S. Defence talks today evening.
NIFTY is seeing power from HDFC and Reliance. HDFC Bank is also looking stable, while ICICI Bank has fallen 5% this week. IT stocks closed in the red mostly after NASDAQ’s fall yesterday. They might reverse and show strength on Monday if U.S. Tech stocks gain tonight.
NIFTY might trade between 17,200 and 17,650 for the upcoming week. If the defence talks go well today, we may even see the India VIX(Volatility Index) coming down on Monday. INDIA VIX is up 20% for the week!
There is no hope for midcap and smallcap recovery currently. We need to see investors taking up NIFTY first, then a consolidation period might help smaller stocks in the market to break their bearish trend.
Hoping that the discussions between U.S. and Russia go well today. How did the week go for you? Let us know in the comments section of the marketfeed app!
See you at The Stock Market Show at 7 PM!