Today’s Market Summarised
Markets get a fresh breakout with the help of HDFC Twins merger!
NIFTY opened at 17,816 with a big gap-up following the HDFC merger news. The index quickly shot up nearly 300 points and fell down 226 points by noon. There was a fresh move after 1 PM which helped NIFTY close above 18k. NIFTY ended the day at 18,053, up by 382 pts or 2.17%.
BANK NIFTY opened at 37,861 with a 700 points gap-up. A quick up-move of nearly 1,000 points was seen after which it cooled down. The index moved back up in the afternoon and BANK NIFTY ended the day at 38,635, up by 1486 pts or 4%.
All sectoral indices closed in the green today. NIFTY BANK (+4%) and NIFTY Finserv (+4.6%) shot up the most followed by NIFTY METAL (+2%).
Major Asian markets closed mostly in green. European markets are trading in the green currently.
News Picks
HDFC Bank (+10%) and HDFC (+9.2%) closed as the top-gainers in NIFTY after announcing a merger today. You can read all about it here.
HDFC Life (+3.9%) moved up after the parent HDFC (+9.2%) said they are planning to increase its stake in the company.
Godrej Agrovet (+18.3%) moved up along with Ujjivan Small Finance Bank (+10.7%), Railtel (+9.8%), GSFC (+9.4%) and NCC (+9.3%) from NIFTY 500.
Adani Ports (+4.1%) reached its highest level since October 2021 with a good breakout. Adani Enterprises (+1%) is at an all-time high level.
Kotak Bank (+3.3%) moved up after ICICI Securities (+2.4%) gave a buy call on the stock.
Metal stocks saw healthy breakouts with SAIL (+4.1%), Vedanta (+3.8%), National Aluminium (+3.2%) and Jindal Steel (+3.1%) leading the moves.
Markets Ahead
NIFTY closed at a 1-month high with huge power from HDFC Bank and HDFC. Hoping you know about the entire situation by now.
The merger is said to be really beneficial for HDFC as it stands now. Even though confusions exist, we can see that investors in the market have taken this positively.
IHS Markit India’s March manufacturing PMI at 54.0 vs 54.9 in February.
The move today has given fresh confidence to bulls in the market. Just as we expected, once the 200-day Moving Average was crossed, NIFTY has been seeing more and more strength.
Expecting NIFTY to be confused tomorrow as HDFC stocks cool back down but the index is above 18k mark. The index is just 3% away from its all-time highs!
Many stocks are buzzing right now. Keep an eye out as market goes into recovery mode.
See you at The Stock Market Show at 7 PM!