NIFTY opened the day at 17,556 with a gap-down. It was mostly a day of consolidation as the index traded in a 120-point zone. Even towards the closing time, yesterday’s high could not be broken. NIFTY closed the day at 17,605, up by 27 points or 0.16%.
BANK NIFTY started the day at 38,588 and showed strength. After the initial rally, it cooled down and then continued to make a fresh day-high just like yesterday. Bank Nifty ended the day at 39,038.5, up by 340 points or 0.88%.
NIFTY Realty and NIFTY Media outperformed in the day, while all others mostly consolidated.
Major Asian markets closed in the red. European markets are trading slightly in the red.
Today’s Moves
Apollo Hospital (+3.43%) closed as the top-gainer in NIFTY after bouncing back from the Rs 4,000 support.
IndusInd Bank (+2.88%) outperformed and reach back near its 9-month high after a positive brokerage report from Jefferies.
BPCL (-1.24%) fell for the 6th day in a row as reports came out that the divestment process is unlikely to continue this year.
Divislab (-1.12%) reached back near its 52-week low, down more than 10% in the last 10 days.
Adani Enterprises (+3.43%) gained after Adani Media Networks, a wholly owned subsidiary of Adani Enterprises acquired an indirect stake in NDTV.
Media stocks including SunTV (+5.27%), Network18 (+2.63%), and ZEEL (+2.78%) gained after Adani’s interest in the media sector. NDTV (+5%) closed in the upper circuit.
Chennai Petro (+2.9%) closed in the green after the company approved the proposal for a joint venture with Indian Oil and other investors.
RBL Bank (+17%) shot up towards the end of the day with large trade block trades worth 1.5% of total equity happened at Rs 124.50. The company’s board had cleared raising of Rs 3,000 crore yesterday.
CanFin Homes (+6.81%), Bandhan Bank (+5.59%), IDFC First Bank (+5.54%), PEL (+4.11%), Indiabulls Housing (+4.07%), and Federal Bank (+3.78%) closed in the green from midcap stocks.
Markets Ahead
The markets have moved up again after the green candle yesterday. Banks outperformed and gave good moves.
What is more interesting to me is how midcaps and small-caps are performing. Their rally has mostly been missed in between all the big stocks moving up. But today’s moves when NIFTY consolidated have created more buzz around those stocks.
RBL Bank and all the midcap banks gave a really good move today.
Now that NIFTY is back near the trendline with the last two day’s moves and 17,600 has been broken, we can expect more rallies if the global markets remain favourable.
What do you expect from the market this week? A rally in large-caps or consolidation? Let us know in the comments of the marketfeed app!
