Today’s Market Summarised
The afternoon session for the markets turns bearish after a gap-down opening.
NIFTY opened at 16,415 with a nearly 267 point gap-down. The index moved in a 140 point zone for the whole day sideways. By closing time, markets moved up to opening range. NIFTY ended the day at 16,411, down by 271 points or 1.63%.
BANK NIFTY started the day at 34,676 and fell a further 300 points. With a lot of volatility, the index moved in a zone of 450 points. BANK NIFTY ended the day at 34,591, down by 641 points or 1.82%.
All sectoral indices closed in the red. NIFTY REALTY(-3.56%), NIFTY IT(-2.27%) and NIFTY Finserv(-2.25%) fell the most.
Asian markets closed mostly in the red. European markets are trading in the red currently.
Today’s Moves
Hero Motocorp(+2.47%) touched a 40-day high and once again closed in the top-gainers list.
Bajaj Finance(-4.90%) and Bajaj Finserv(-3.53%) continued to see good selling once again.
Vedanta(-11.06%) closed in the red after accounting for a Rs 31.50/share dividend/.
Even with a sharp rise in net profits for the quarter, Chola Finance(-10.97%) fell. Voltas(-7.62%) fell after disappointing profit numbers.
Catholic Syrian Bank(+9.97%) had a breakout in the last 30 minutes of the day.
Realty stocks fell heavily in the day as housing loan rates are set to increase. Sobha(-6.20%), Phoenix Ltd(-5.03%) and Prestige(-4.08%) fell sharply.
FMCG index stayed stable in the day with ITC(+1.76%), Britannia(+0.94%) and PGHH(+2.03%) closing in green. Marico fell 3%.
Markets Ahead
U.S. markets fell to its worst day since 2020 as investors adjusted to their perception of interest rate hikes. This surprised global markets which thought that the worst was over.
I am sure including today’s selling, foreign institutional investors have sold of many thousands of crores of stocks for the week.
FII holdings in NIFTY 50 stocks are at a 9-year low.
Watch out for FMCG stocks which are staying stable. However, news specific movements could still rock these stocks.
It is still the results season and we are seeing crazy movements. It looks like the move is totally random, as always and not depending on the quality of the result.
NIFTY crossing the 16,650 level on the downwards side indicates bearishness. Meanwhile, Infosys and Bajaj Finance are at important support zones.
Rumours of Axis Bank mutual fund scam are also running around. Bank of England has also flagged a risk of recession.
How did this week go for you? Let us know in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.
