Today’s Market Summarised
Uptrending day in NIFTY ends with high volatility.
NIFTY opened at 17,153 with a gap-up of more than 100 points. It took support near yesterday’s high and started moving up. A rally of 250+ points was seen till the day-high after which a sharp fall came. NIFTY ended the day at 17,245, up by 206 points or 1.21%.
BANK NIFTY opened at 36,240 with a gap-up and fell back to below the 36k mark. A rally of 500 points took the index to 36,500 where it found resistance and fell. Volatility towards the end saw prices flying up and down. BANK NIFTY ended the day at 36,422, up by 393 points or 1.06%.
All sectoral indices except NIFTY MEDIA(-3.1%) closed in green. NIFTY FMCG (+2.1%), NIFTY Bank (+1%) and NIFTY IT (+1%) outperformed.
Asian markets closed well in the green today. European markets are also trading in the green currently.
Today’s Moves
Hindustan Unilever (+4.5%) closed as NIFTY’s top gainer after the FMCG major reported a 5% YoY increase in net profits.
Life insurance stocks gained with HDFC Life (+4.3%) and SBI Life (+4%) leading gains in NIFTY 50. ICICI Prudential Life (+3%) also gained ahead of the LIC IPO next week.
Bajaj-Auto (-1.8%) fell after profit booking post announcing Q4 results.
Network18 (-20%) and TV18Broadcast (-17.7%) ended sharply down even after a gap-up opening. Profit booking kicked in after Reliance and Viacom18 announced a strategic partnership with Bodhi Tree Systems.
BHEL (+2.2%) moved up after signing an agreement with GE Power conversion for the development of integrated electric propulsion systems for the Indian Navy.
Markets Ahead
Today closed with NIFTY in the green, and at the highest point for the week. The index was once again boosted by Reliance which hit a fresh 52-week high.
However, even with all the support of Reliance, NIFTY has ended the monthly series in the red. With this, NIFTY has ended 5 out of 6 monthly series in the red. The monthly series is the range between one monthly index options expiry and the next.
And the midcap index has gained for the last 2 months.
Currently, we are watching for some recovery in IT stocks and some more movement in FMCG stocks. That is what we need for the market to actually turn bullish.
The current zone between 16,950 and 17,500 is holding NIFTY sideways. A strong break outside of this zone may end up turning the month of May very interesting!
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See you all today at 7 PM on The Stock Market Show.