Category: Post Market Analysis

Today’s Market Summarised

Nifty traded in a range of under 120 points today. But inside this range, there was a lot of movement. With the Finance Minister’s announcement mid-day, the index made multiple direction changes.

After opening at 12,705, the index quickly touched a day high of 12,742 and corrected. It was unable to cross yesterday’s high. At 12:30 pm, the index fell as the announcement by Finance Ministry made investors cautious. Nifty gained back to close 12,690.80, down 58.35 points or 0.46%. The index has made a red candle after 7 days of trade.

Bank Nifty opened the day with a gap-down at 28,637. PSU Bank Index fell the most The index of banks started falling from the opening level and struggled throughout the day. Bank Nifty took support at 28,000 and closed the day a little better at 28,278, down 566 points or 1.96%.

Nifty Bank Performed the worst today, after 8 days of gains. Out of this, Nifty PSU Bank fell even more than its private counterpart. Nifty FMCG gained the most today, with most other sectors ending flat.

Most Asian markets closed in red today. Major European markets are also trading in the red today.

News Picks

Shares of Apollo Hospitals closed at Rs 2,110, down 3.89% after the company net profit down 30% to Rs 60 crores year-on-year (YoY). Revenue was down 3% to Rs 2,760 crores (YoY).

Major corrections were seen across all sectors, with banks being hit the most. Despite this, the Finance Minister’s press conference did bring in some cheer. The sectors set to directly benefit the most are realty, cement and fertilisers. These stocks jumped after the announcement. but quickly cooled down.

Shares of Petronet jumped to Rs 243.60, up 1.10% after the company announced its looking into projects in Sri Lanka.

Cochin Shipyard shares fell from green to close at Rs 334.80, down 0.03%. The company announced a net profit of Rs 106.7 crores, down 48% YoY.

Shares of Jubilant Foodworks closed at Rs 2,339.20, up 0.49% for the day. It announced a net profit increase of 5% YoY to Rs 76.9 crores, while revenue fell 18% YoY.

Coal India was among the top losers today after it announced its Q2 Results. Consolidated net profit dropped 16% YoY to Rs 2,951 crores. Share prices closed at Rs 122.10, down 2.98% and the stock price is near its all-time lows.

Grasim jumped 2.97% to Rs 826 after fertilizer stocks went up following the Aatmanirbhar 3.0 announcement. The company’s board approves sale of fertilizer operations to Indorama for Rs 2,650 crores.

Markets Ahead

The Aatmanirbhar 3.0 package announced today will see a total of Rs 2.65 lakh crores to be spent on creating and incentivising new jobs, as well as providing tax relief and support to the real estate sector. Tourism has not received a boost, nor has aviation. Keeping everything aside, the announcements made for realty seem to be very interesting. Even though the highly leveraged industry of building houses and apartments may take some time to recover, associated sectors like steel, paints and cement are expected to do well. Keep an eye out for stocks at good levels. We are writing an in-depth article soon on today’s announcement.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

Today was the right example of a volatile market. Nifty traded in a range of 200 points, with the index changing directions more than once.

After opening the day at 12,666 with a gap-up, Nifty went up more than 100 points to take resistance at 12,770. After taking this resistance, the index fell as profit booking started to kick in. In fact, Nifty fell so sharply that it fell almost 200 points in a few hours. But after taking support at 12,571, Nifty bounced back up at 1:30 pm to close near the day-high at 12,749.15, up 118.05 points or 0.93%.

Bank Nifty opened the day above 28,650 with a gap-up today. The index tracking banks was not as strong as other indices but did go up sharply. The level of 29,000 was crossed for just a few minutes, but it took a strong resistance and fell more than 800 points. Bank Nifty pulled up the markets when it recovered, and closed at 28,845, up 239 points or 0.84%.

Nifty Pharma and Nifty Metal performed the best today. Nifty PSU Bank performed the worst.

Most Asian markets closed in green today. Major European markets are also trading in the green today.

News Picks

Infy closed at Rs 1,122.50, up 2.88% after the company launched Infosys applied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade artificial intelligence (AI) for their businesses.

Shares of IndusInd Bank closed at Rs 787.95, down 5.66% as the stock peaked after multiple days of uptrend.

Tata Power said that the company will not be adding any coal capacities and that it intends to become a zero-carbon company by 2050. Share prices went up marginally to close at Rs 57.25, up 1%.

Shares of Tata Steel jumped in trade to close as one of the top gainers after sources said the company is likely to finalise the sale of its European operations this week. Prices closed at Rs 473.95, up 7.25%.

Shares of Hindalco closed at Rs 204.05, up 6.08% today. The company has so far gained more than 20% since last Monday, and had posted a 60% YoY fall in net profits to Rs 387 crores.

Bajaj Finance rallied in the early hours of trade to go up 5-6%. This soon corrected and share prices closed at Rs 4,268.80, up 1.43%. It was yesterday’s top gaining stock. Meanwhile Bajaj Finserv closed the day at Rs 6,944.80, up 3.85%.

Coal India announced its Q2 Results just after the market closed. Consolidated net drops 16% YoY to Rs 2,951 crores; board approves interim dividend at Rs 7.50/share.

Markets Ahead

The major reason for Nifty to move back from the mid-day correction was the government’s announcement of the new production-linked incentive scheme. The new scheme with a package of Rs 2 lakh crores aims to make India ‘The World’s Manufacturing Hub while participating in the Global Value Chain’. What this means is that India will help industries become better, but will try not to appear as a selfish country in the global scenario. I think this is a big plus for the Indian economy, a much-needed one at the time when major companies are shifting their manufacturing facilities out of China. The main sectors targeted are Auto components, Pharma, Advanced Chemistry, AC, LED manufacturing, Solar, Telecom and Textile. Your next multibaggers may lie in these sectors.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

European markets closed 5-7% up, SGX Nifty touched 12,800 and amazing sentiments around the Covid-19 vaccine progress. Nifty was expected to open with a huge gap-up, but that did not happen. In fact, after a lower than expected gap, Nifty even formed consecutive red candles in the first minutes of the day.

Nifty opened the day at 12,557, but quickly fell to take resistance near yesterday’s high. But after taking this support, Nifty went up strongly making fresh all-time highs along the way. The index took resistance near 12,620 and fell sharply around 1:45 pm to 12,520. From this level, Nifty went back up to make even higher highs in the day. Nifty touched an all-time high of 12,642 today, and closed at 12,631.10, up 170 points or 1.36%

Bank Nifty opened the day above 28,000 today. After opening at 28,051, Bank Nifty went up to touch a day-high of 28,800. The index fell after 1.50 pm, pulling Nifty down. The index recovered a bit and consolidated towards the end of the day to close at 28,606, up 1071 points or 3.89%.

Nifty Financial Services came in as the top gainer today, beating Nifty Bank which came in a close second. Nifty Pharma and Nifty IT crashed today, and was among the top losers.

Most Asian markets closed in green today. Major European markets are trading mixed today.

News Picks

A general trend was followed in the market today. IT and Pharma stocks fell sharply after Covid-19 vaccine announcement pushed up financial stocks in India. They have been in a long-term uptrend. Meanwhile, Banks and financial institutions who had been underperforming performed well today.

Indigo gained 9.15% to Rs 1,627 after the news, along with many others. Indigo had last day placed an order for multiple jet engines, click here to read about it.

PVR and Inox share prices also jumped, after the vaccine announcement.

Pfizer share prices closed at Rs 5,051, up 2.59% today. The company’s US parent had announced a vaccine coming soon, but stock prices fell over the day after opening at the 20% Upper Circuit.

Shares of Cipla crashed to Rs 722.2, down 5.37% today along with other major pharma companies. The company had last day asked its employees to be prepared for a cyber attack.

IndusInd Bank touched a day high of Rs 870, but fell to Rs 832, up 7.29% today. The stock has been a constant uptrend.

Bajaj Finance and Bajaj Finserv were among the top gainers and lead the rally for NBFCs along with HDFC.

Markets Ahead

While European markets rallied, one thing to have kept in mind was that they were nowhere near all-time highs. Nifty was already at its all-time high and hence did not see a rally of 5-7%. Financial services and Banks continued on their uptrend, with huge rallies. IT and Pharma stocks crashed and crashed hard. This was because, after their huge post-covid rallies, a correction came in these sectors as information of Covid-19 vaccine came in from Pfizer. Good companies from underperforming sectors did well today, including major NBFCs, PVR and LT. We can expect a further rally in the coming days, but only for these fundamentally strong underperforming companies.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

Global markets were expected to rally after the Presidential Election in US was called for Democratic candidate Joe Biden. Nifty was expected to rally along with it too, but the events that unfurled today was unexpected.

Nifty opened the day at 12,399, just 31 points away from the all-time high of Nifty. After the first candle took perfect resistance at 12,340, the second one effortlessly broke this level. By 9:20 am today, Nifty made its fresh all-time high after the Covid-crash in March.

By 10 am, profit booking kicked in and the index took support near 12,367 level twice. Just after noon, Nifty started moving up after the European markets also opened with a big gap-up. A fresh high of 12,474 was made and the index closed at 12,461, up 197 points or 1.61%.

Unlike Nifty, Bank Nifty’s lowest point was in the first candle itself. After opening at 27,095, the index of banks went up quickly pushing Nifty up, as well. After facing profit booking in the morning, the index traded sideways for a bit before continuing its journey upwards. Bank Nifty made a fresh-high after the Covid-crash and closed near that level at 27,534, up 735 points or 2.74%.

Nifty Private Bank once again performed the best today. Only Nifty media closed flat for the day, while Nifty Bank and Nifty Financial Services came in next. Metals also did well today.

All major global indices rallied today, and are closing in green.

News Picks

Divi’s Laboratories closed as Nifty 50’s top-gainer today. It had posted a 45.63% year-on-year (YoY) growth in consolidated net profit at Rs 519.59 crore. Share prices closed at 3,423.75, up 5.76%.

Bharti Airtel rallied after Airtel Africa said it plans to sell 4,500 telecom towers to reduce $3.5 billion debt. Shares of the company closed at Rs 471.80, up 4.87%.

BPCL closed at Rs 375.55, up 3.61% after the government said November 16th would be the final date for the company’s divestment.

Shares of Tata Motors closed at Rs 141, up 1.44% after the company said it plans to increase its SUV offerings in India.

Ashok Leyland in its conference call today said that company’s debt stands at Rs 3,076 crores vs Rs 4,284 crores last quarter. This was in between the reported Rs 147 crore loss for the September quarter due to weak demand for commercial vehicles in the wake of the pandemic and overcapacity in the transport sector.

Shares of Balkrishna Industries closed at 1,493, up 2.81% after the company announced highest ever quarterly sales volume in Q2.

Shares of Cipla crashed 2.91% to Rs 767 even after the company announced better than expectted.

ICICI PRUlife raises Rs 1,200 crores through NCDds. The stock was up more than 1% today.

Markets Ahead

How long will this rally in Global Markets continue? As IT lost its fire early in the morning, it held Nifty back. But as expected, IT went even up towards the end of the day and consolidated. Joe Biden winning the election does not totally mean that his actions will be followed, right now. The President Elect will swear in as President of The United States of America only in January, and till then there is no hope for a stimulus or even a policy change. The easing of H1-B visa will help a lot of Indians with relevant skills get entry in to the US. This hiring from an Indian talent pool will help IT companies like Wipro and TCS reduce their costs of salaries. So do watch the space, do watch Bank Nifty scaling highs and of profit-booking in the market.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

The rally in NIFTY does not seem to be stopping. After opening the day at 12,161, Nifty went up strongly but took resistance near 12,200. After consolidating, the index went back up creating higher highs and touched 12,260 mark. Imagine, where was Nifty just 3 months ago? Today it has even touched a day-high of 12,280 and closed at 12,263.55, up 143.25 points or 1.18%.

Bank Nifty opened the day with a red candle at 26,307 and went up the whole day. At around 2 pm, the index of bank saw a quick dip of over 300 points. But within no time, this was covered and Bank Nifty scaled further highs. After taking resistance at 26,850, Bank Nifty closed at 26,798, up 485 points or 1.85%.

Nifty Private Bank along with Nifty Bank did the best today. Nifty Pharma was the worst performing sector today.

Most Asian markets are trading in red today. All european markets are trading in red today.

News Picks

Reliance was among the top gainers after Saudi’s investment authority pumped in Rs 9,555 crores to Reliance Retail Ventures Ltd. Share prices closed at Rs 2,029.15, up 3.79%.

IndusInd Bank continued its strong uptrend and closed at Rs 738.65 per share, up 3.39%.

HDFC Bank shares hit a fresh all-time high in a time when all banks are struggling. Share closed at Rs 1,307.65, up 3.03%.

Shares of Dalmia Bharat closed at 892.95, up 2.33% after the company reported a 544 per cent year-on-year rise in consolidated net profit at Rs 232 crore for the quarter ending September FY 21.

Shares of M&M closed at Rs 613.60, up 1.91% after the company reported. over 20,000 orders for the new Mahindra Thar.

State-owned Coal India Ltd’s e-auction sales nearly tripled to 16.8 million tonnes (MTs) in October, amid a strong demand resumption for coal from the power sector and share prices closed at Rs 121.80, up 1.63%.

Shares of Maruti crashed 2.61% to Rs 6907 after the company’s Japanese parent Suzuki Motor Corp expected a double-digit decline in net profit and revenue for this current fiscal, as the company is unlikely to recover the sales lost during the June quarter in India and Japan due to the pandemic. Maruti Suzuki India contributes over 50% to Suzuki’s revenue and bottomline.

Manappuram Finance registered Q2 profit of 5.3% lower at Rs 405.6 crores, with revenues 16.6% higher at Rs 1,565.6 crores (YoY). Share prices closed at Rs 162.40, up 1.88%.

Markets Ahead

Nifty is all set to scale higher highs. With the positive results coming in from the financial space, Banking stocks are all set to recover. Reliance has started in its upward journey as well, with the latest round of funding giving investors renewed confidence in the stock. IT and Pharma stocks are also expected to rally soon with the weaker dollars helping their profit numbers. So the question now is, will Nifty touch its all-time highs, and go beyond?

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

It has finally happened, ladies and gentlemen. Nifty has successfully closed above 12,000 for the first time since February 20. It has not only crossed 12,000, it has even closed above 12,100.

Nifty opened the day at 12,065, with a big gap-up tracing positivity in the global markets. After trading sideways for a while, Nifty resumed its upwards journey. The index traded in a range of 90 points today, and was relatively calm. It did not even test 12,000! Nifty closed the day at 12,120.30, up 211.80 points or 1.78%.

Bank Nifty opened the day at 26,179, with a gap-up tracing Nifty. After trading sideways, Bank Nifty took support at 26,000 and moved up through the day. After touching a day-high of 26,375, Bank Nifty closed at 26,313, up 541 points or 2.10%. 2 out of the top 5 gainers from Nifty 50 were banks.

Nifty Metal was the best performing index today. Nifty Media and Nifty PSU Bank also did well with the help of SBI and PVR respectively. Realty continued to be the worst performing sector.

Asian markets are all trading in green. European markets are also currently in green, at the time of market close.

News Picks

Hindalco kept going up with renewed strength, with the current coal auctions going ahead with full steam. It was Nifty’s top gaining stock, closing at Rs 187.35, up 6.15%.

Shares of SBI jumped 5.63% to Rs 218.65 after the company posted a 52% YoY jump in net profits yesterday. This is despite asset quality of the bank remaining a worry.

Reliance share prices closed near its day high at Rs 1,955, up 2.18% after bouncing back from lows. After market hours, a fresh investment of ₹9,555 crore (approximately $1.3 billion) was confirmed from Saudi Arabia’s Public Investment Fund in to Reliance Retail Ventures Ltd.

Share prices of Steel Authority of India Ltd(SAIL) jumped over 10% to Rs 38.25 after the company reported October sales was up 21% YoY to 1.34 million tonnes.

SRF share prices jumped to Rs 4,868, up 9.56% after the company announced a net profit increase of 57% YoY yesterday.

Shares of Hindustan Petroleum jumped 9.91% to Rs 205.25 after the management announced buyback at Rs 250/share. The company’s chief also remarked today that they were highly undervalued, with price to book ratio under 1.

Shares of PVR and Inox jumped after Maharashtra government announced re-opening of theatres from today.

Steel shares hit high today, with Tata Steel leading the game. Tata Steel went up 5.35% to Rs 425.50.

Markets Ahead

Surprisingly, Nifty has closed above 12,100 today. The US Election scene is still confusing, with no fixed winner declared till now. Nifty is so close to turning green for the week. With the all-time high around 12,450, the index is only 2-3% away. Can we see Nifty scaling higher highs this month? Diwali has traditionally been a good time for the markets and we can definitely hope to see Nifty touching even 12,200 soon.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

With the US elections happening today, and results being counted, Nifty was highly volatile. Nifty opened the day at 11,802 and made a good strong green candle. This first green candle alone was as large as yesterday’s whole day’s movement. Nifty kept moving up and down with high volatility. After Donald Trump’s tweets on how he was going to move the Supreme Court, to ban counting votes after midnight, Nifty crashed sharply from 11,920 to 11,753. This was quickly recovered, as well. 11,920 was tested multiple times, Nifty closed the day at 11,908.50, up 95 points, or 0.80%.

Bank Nifty opened the day with a gap-down at 25,582 and was not that enthusiastic. While Banks looked tired in the initial parts of the day, it recovered after noon to create fresh highs at 25,900 levels. Bank Nifty closed the day at 25,771.60, up 88.80 points or 0.35%.

Nifty Realty continued its downtrend today, while IT and Pharma did the best. Most other sectoral indices remained flat, although highly volatile.

Most major Asian markets are trading in green today. All major European markets are also trading with profits ahead of the final US elections results.

News Picks

IndusInd Bank continued its uptrend to close at Rs 678.05, up 4.86% today. It was Nifty 50’s top gaining stock of the day.

Reliance finally broke out of its downtrend and got into the top-gainers list. Last week, we had written an article on why Reliance is falling as it is. You can read it here. Share prices closed at Rs 1,913.20, up 3.39%.

Shares of Adani Enterprises jumped to Rs 351.85, up 2.04%. During market hours, the company had announced a net profit at Rs 436 crores, up strongly from last year’s numbers. Stock prices have hit fresh 52-week highs.

UPL was today’s top loser after share prices keep falling and falling. As you may know, KPMG had resigned as the auditor of the company’s Mauritius arm. Share prices closed at Rs 401.35, down 3.76%.

SunPharma shares closed at Rs 504.65, up 3.92%. Yesterday the company had posted a net profit increase of 70% YoY to Rs 1,813 crores, beating all estimates.

Shares of SBI jumped to Rs 207 from Rs 198 intraday after the bank reported net profit up 51% YoY to Rs 4,574 crores. Net interest income(NII) is up 13% to Rs 28,181 crores.

Markets Ahead

For more than a week now, we had been talking about how US elections would bring about volatility into the Indian markets and the volatility reached its peaks today. Even one single tweet by Trump sent markets flying down today. The election is likely to have a disputed result and tomorrow’s market will be extremely difficult. It is also the weekly expiry tomorrow, and we will continue to see a lot of volatility. Stop losses and their importance would have been made clear to a lot of traders today. Keep a watch out for our Top Global News article at 8 pm today, to know about the final developments in US.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

Nifty was surprisingly range-bound today, ahead of the US Presidential Elections. After opening with a significant gap-up at 11,739, Nifty entered into a range-bound area of trade. With multiple sectors going up and down together, Nifty remained within the ranges of 11,773 and 11,835 between 10.15 am and market close. Nifty closed the day at 11,810.95, up 141.80 points, or 1.22%. The resistance of 11,800, has changed and proved itself to be a strong support in the 15min chart.

Bank Nifty advanced today, as expected. After opening near yesterday’s high at 25,132, the index quickly shot up in the first few minutes with support from all major banks. The index took perfect resistance near 25,500 and fell, but gradually regained this and went up throughout the day. Bank Nifty pushed the Nifty 50 index up, while IT stocks and Reliance pushed it down. Bank Nifty closed the day at 25,682, up 790.30 points or 3.17%.

Nifty Realty was the only sector which was heavily down today. Nifty Bank and Nifty Financial Services was again the top performing sectors today. Nifty Metal also performed well.

All major Asian markets are in green today. All major European markets are also trading with profits after opening flat.

News Picks

Reliance shares continued to be on a negative trend, as negativity surrounding the company increased. Seemingly false news of Mukesh Ambani’s health is also circulating around the market. Shares of Reliance closed at Rs 1,850, down 1.44% for the day.

Shares of UPL closed at Rs 417.05, down 6.35% after the mystery surrounding KPMG’s exit as auditor of the company’s Mauritius arm. Today, KPMG failed to give more details to SEBI regarding their exit.

Shares of Hindalco featured among the top gainers today after the company posted wins in the coal auction for Chakla Coal Block. Trading ended at Rs 179.75, up 5.27%.

Banks continued to perform, with 3 out the Top 5 Gainers coming from Banks & NBFC space. Will this bullishness continue in the coming days of the week?

SunPharma posted a net profit increase of 70% YoY to Rs 1,813 crores, beating all estimates. Share prices closed at Rs 485.60, up 3.45% for the day.

Shares of CadilaHC closed at Rs 437.65, up 6.57% after the company posted strong Q2 profits yesterday. Shares touched the 10% upper circuit level intraday, but soon came down to closing price.

Dabur reported a year-on-year net profit increase of 19.3% to Rs 482.9 crores. Shares of the company closed at Rs 515.40, up 1.81% for the day.

Shares of Muthoot Finance closed at Rs 1,190.15, down 3.87% after the company posted a profit of Rs 931 crores, up 3% YoY.

Markets Ahead

European markets are sharply up, along with Nifty. Is there a big correction incoming in global markets? Reliance is getting beaten down, and investors can wait and watch for the stock to take a good support. Do not forget that the weekly expiry is in two days, and the exit-polls from tomorrow’s elections will send Nifty flying in either direction. If there is a disputed result, global markets will surely react in a negative way. Bank Nifty reaching post-covid highs is also definitely an achievement, and we can probably look into more rallies ahead.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

It was indeed a very volatile day in the market today. Two competing forces fighting for power; Reliance and Bank Nifty. But in the end, Bank Nifty won the tug-of-war.

Nifty opened the day at 11,679 with a slight gap-up today with the positive sentiment of Bank Nifty. But just after opening and taking resistance near 11,680, the index started falling due to the steep fall in Reliance. Nifty took support at 11,550 near yesterday’s low at around 10 am. Then for the rest of the day, it was a competition between Reliance and Banks today and it seems like banks won. After being volatile, Nifty shot up after 1:30 pm to touch a day-high of 11,725. Just before the close, Nifty corrected to end the day at 11,669.15, up 26.75 points or 0.23%.

Calling Bank Nifty ‘Star of The Show’ would be an understatement today. Not even for a bit did the index dip into red today. After opening at 24,282 with a good gap-up, Bank Nifty consolidated for a bit, but then quickly shot up making higher highs. The index effortlessly crossed many resistance levels, even crossing 25,000 easily to touch a day high of 25,140. Towards the end of the day, Bank Nifty corrected to close at 24,892, up 991 points or 4.15%.

Bank Nifty and Nifty Financial Services were the stars of the day. Nifty Realty also did well, moving up from the moving average line plotted by us on The Stock Market Show last day.

All major Asian markets are trading in the green today. All European markets are surprisingly trading in the green, even after the lockdown announcements.

News Picks

Reliance’s fall was the major event of the day, with shares closing the day at Rs 1,877.45, down 8.62%! The partly paid-up shares, Reliance PP, was locked at 10% lower circuit for most of the day. This big jump came after investors panicked following the quarterly results which showed core businesses of the company falling. We will be writing an in-depth article analysing the results, and the possible reasons for the fall in Reliance. Talking about Nifty, this fall in Reliance pulled down the index by 136 points today. So if Reliance was flat, Nifty would have tested 11,850 today.

The HDFC Twins jumped in the afternoon, mainly because results of parent company HDFC was still awaited. The Non-Banking Financial Company reported a net profit of Rs 2,870.1 crores, down 27.6% year-on-year, but still above estimates. Net Interest Income(NII) jumped 20.7% YoY to 3,647 crores. Shares of HDFC closed at Rs 2,040.80, up 6.10% while that of HDFC Bank closed at Rs 1,215.25, up 2.68%. 

Bharti Airtel outperformed today, as expected. If you checked out our live feed on the new marketfeed app, you would have seen both HDFC Bank and Airtel giving good returns. Shares of the company closed at Rs 457.40, up 5.45%. There is news circulating that Airtel may sell stake in its fiber assets to raise funds. Also, the company is said to have added more customers than Jio in the previous quarter.

IndusInd Bank shares jumped 7.28% in trade today to Rs 628.35, after the company declared good results on Friday after market hours. 

Shares of Wockhardt Pharma jumped in trade as the company got selected to supply Covid-19 vaccine in the UK. Share prices closed at Rs 295.50, up 1.41% when the rest of pharma stocks were trading in the red.

Tractor manufacturer Escorts reported a 130% YoY increase in net profit to Rs 230 crores. Share prices jumped from red to close at Rs 1,228.20, up 2.27%.

Markets Ahead

The big-tree of Nifty, Reliance, has fallen. Who is next? There are many speculations running around the market as to why Reliance fell. But as we discussed above, it can be attributed to the fall in revenues in core petrochemical business. Banks outperforming, and even holding up Nifty was indeed a marvellous sight today. Surprisingly, global markets are trading in green even though the news from Europe is not that good. The next factor of volatility left is the US elections, which are scheduled to happen tomorrow. marketfeed is writing an article on how the markets might react, depending on whether Trump or Biden gets elected. Watch for even more volatility in Reliance, and in Nifty tomorrow.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

Today’s Market Summarised

Nifty opened at 11,680 with a slight gap-up today. The index went up making multiple green candles, but took resistance at 11,750 near yesterday’s high. From there the index fell sharply making lower lows and fell almost 210 points! After 1 pm, Nifty recovered a bit to close at 11,642, down 28 points or 0.24%.

Bank Nifty opened the day at 24,102 and up to take resistance near yesterday’s high at 24,279. The index fell from the highs beautifully, almost 700 points. The index tracking banks closed the day at 23,900, down 191 points, or 0.79%.

Metals went up after lunch to become one of the best performers. Realty also performed well today. Auto was the worst performing sector today.

All Asian markets are trading in losses. European markets are also trading in losses, at the time of market close.

News Picks

Shares of Vodafone Idea moved positively today even after yesterday’s bad results. Shares closed at Rs 8.75, up 4.79%. The company said they are not shy to take first step towards tariff hike. They are also expecting Rs 6,400 crores from Vodafone PLC on certain arrangement for AGR dues.

Reliance share price jumped in late market hours to close at Rs 2,054.50, up 1.36% for the day. The company is all set to release their Q2 results very soon, and any result is sure to cause volatility on Monday.

BPCL share prices jumped up 3.70% to Rs 354.45. Today the company said it is trying to close the divestment plan by the end of this financial year. The company had announced good results yesterday.

Angel Broking jumped 8.47% to Rs 353.35, after Kuwait Investment bought 4.3 lakh shares. IPO investors would be very happy with the stocks movements over the last few days.

Shares of TVS Motors jumped to Rs 455.50, up 7.85% after the company announced better than expected earnings yesterday. Margins have also been improving.

Blue Dart shares closed at Rs 3,696.30, up 13.82% after the company announced a profit jump of 190% YoY.

Shares of IOC jumped to Rs 79.55, up 1.47% after consolidated profits jumped 1187 % to Rs 6,025.8 crore vs Rs 468 crore YoY. Revenue is down 14% to Rs 1.16 lakh crore.

Telangana Govt has rolled out an EV Policy with a 10-year roadmap. Companies will get incentives such as exemption from road tax & registration. Carmakers like Tata Motors and MG Motors are ready with their India specific electric cars already.

Markets Ahead

Nifty was very volatile today, as expected. And it will continue to be. High volatility is leading to high premiums for options, as well making them very desirable to sellers. Watch out for Reliance results coming out today, along with the US Presidential Election on Tuesday. Yes, I know that I have been saying this many times. But I cannot stress the importance of this even more. Nifty may fly in either direction next week after the election, I think we are all done with the consolidation.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.