Today’s Market Summarised
Markets move down for the day despite an afternoon recovery attempt.
NIFTY opened at 17,755 with a gap-down and moved down. The index found support around 11 AM and flew back up but could not break the low from yesterday. A sharp fall was seen after this and NIFTY ended the day at 17,639, down by 168 pts or 0.94%.
BANK NIFTY opened at 37,500 and kept playing around that zone. It created a day-high near the 38k mark around noon but failed to continue the rally. A similarly fast fall was seen followed by consolidation in the index. BANK NIFTY ended the day at 37,557, down by 75 pts or 0.20%.
NIFTY METAL (-1.6%), NIFTY IT (-1.2%) and NIFTY MEDIA (-1.2%) moved down. All other indices consolidated.
Major Asian markets closed mostly in the red. European markets are trading mixed currently.
News Picks
Axis Bank (+2.3%) closed as the top-gainer in NIFTY 50 after Fitch Ratings said the company will benefit from the acquisition of Citi India’s retail business.
Adani Ports (-3.8%) closed as the top-loser in NIFTY, seeing a slight correction after a week-long rally.
Titan (-3.2%) fell after saying its jewellery business reported a 4% YoY fall in revenue for the last quarter.
HDFC (-2.8%) and HDFC Bank (-2.2%) corrected to near levels before the news of the merger with profit booking kicking in.
Defence stocks BDL (+8.7%), BEL (+6.5%) and HAL (+1.9%) were among stocks that gave good moves.
Godrej Consumer Products (+3.8%) jumped up after saying it saw double-digit sales growth for the last quarter.
Markets Ahead
Markets opened with a gap-down following the U.S. Federal Reserve once again saying they are looking at strict measures to reduce inflation.
Just like we expected yesterday, BANK NIFTY was limited by the Open Interest data. A breakout above the 38,000 mark would have made today a solid bullish day for the index.
NIFTY IT also declined for the second day in a row following the U.S. tech stocks fall. Metal index broke a 4-day winning streak.
Reliance, HDFC and HDFC Bank need to stabilise for the market to show strength again.
The market seems to have regained its composure. BANK NIFTY continuously respected the 36,500 support in the afternoon. If global markets help, we can see our markets start to recover and retake the 18,000 zone again.
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