Today’s Market Summarised
NIFTY opened the day with a gap-up again, at 13,910 and went up. The index got cold feet nearing the 14,000 mark and fell soon to even go below the day low and take support at 13,850. After moving back up slowly, Nifty closed the day at 13,932, up 59 points or 0.43%.
Bank Nifty was much more bullish than Nifty today. After opening just above the 31,000 level, Bank Nifty did not break its opening range when Nifty fell. After taking support at 31,000, the index gradually went back up to close near the day-high at 31,322, up 441 points or 1.43%. Private Banks helped the index go up today.
Private Banks were the best performing sector thereby pushing up Bank Nifty, as well. Realty, Auto, Pharma, Metals and Media closed in red while FMCG remained flat.
Major Asian markets were in green today, with Japanese markets up by more than 2.6%. European markets are also all in green today.
News Picks
Shares of IndusInd Bank went up more than 5.3% today. It was the top-performing stock in the day. The stock had been consolidating after last week’s profit booking. Axis Bank also went up more than 2% today.
Shares of IGL went up more than 4%, touching a new post-covid high. Last week, there was news of the Delhi Govt forcing industries to shift to piped natural gas soon. Shares of Mahanagar Gas also went up more than 2.8%.
Shares of most battery stocks including Exide closed in green today. We had written an in-depth article about the stocks which are in the Lithium-ion battery business, and it is very interesting to see these companies gain 5-10% today itself. You can check out the article here.
Shares of metal sector stocks including Jindal Steel and Coal India went down due to profit booking after last days rally.
Markets Ahead
The most interesting thing about today’s market was that not even half the sectoral indices closed in green today, despite Nifty almost touching 14,000.
Global markets are expected to cool down, and maybe Nifty will too. Positive news in the markets is all factored in, with vaccine and US stimulus out. Brexit deal has also been finalised.
But never underestimate the power of a bull market. Just when we think market may fall, it will jump back up a 100 points. The index may consolidate between 13,800 and 14,100 for the week.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.
