Markets fail to hold bullish sentiment and fall towards closing.
NIFTY opened with a gap-down at 16,599 and took support near the 16,500 zone. It looked like a bullish day till 2 PM, with consistent moves till yesterday’s high. NIFTY fell to the day-low as banking stocks fell towards the end and closed the day at 16,584, down by 76 points or 0.46%.
BANK NIFTY started the day at 35,665 and slowly moved up. The index did not have enough to even reach yesterday’s high. After breaking the trendline, there was a sharp crash after 3 PM. BANK NIFTY ended the day at 35,487, down by 339 points or 0.95%.
NIFTY Realty (+2%), NIFTY Media (+1.5%) and NIFTY Metal (+1.3%) closed more than 1% in the green. NIFTY PSU Bank (-1%) and NIFTY Bank (-0.95%) closed 1% in the red.
Asian markets closed mixed today. European markets are currently trading mixed.
Today’s Moves
ONGC moved up 5% in the day after it planned to increase expenditure on exploration. Along with OIL(+6%) and ONGC (+5%) also said they are not expecting more taxes on crude oil.
Other energy stocks including NTPC (+.3%) and Coal India (+3%) moved up 3% each from NIFTY 50.
Mahindra & Mahindra (+3.6%) continued to move up after brokerage re-ratings and all-time high breakout.
SunPharma(-3.12%) moved down after announcing surprise losses for the 4th quarter.
Kotak Bank (-2.9%), HDFC (-2.5%), SBI (-1.3%) and Axis Bank (-1.2%) were among the top-losers of NIFTY 50 from the financial sector.
Poultry stock Venkey’s (+3.4%) gained after Malaysia banned exports of 3.6 million chickens a month until their domestic prices and production stabilize.
Market linked stocks including CDSL (+11.9%), BSE (+9.7%), CAMS (+9.3%) and MCX(+5.8%) gained today.
Tata Elxsi (+3.7%) gained after tying up with Lenovo to deploy solutions for enterprises.
Markets Ahead
The GDP growth data for the last financial year will be published today and market participants remained cautious because of this.
The Meeting of the Union Cabinet is scheduled to be held tomorrow, do watch important updates from there as well.
The U.S. market futures had fallen sharply towards 3 PM, which triggered selling in our markets as well. Do keep a watch on the rebound of energy stocks as the global energy crunch worsens.
The FMCG index is also showing strength, touching its highest since last November. Watch how these stocks will react as other sectors like IT are recovering.
Did you catch the last hour fall in the market, or get trapped by it? Let us know in the comments down below!
See you all at the Stock Market Show at 7 PM!