Today’s Market Summarised
Nifty opens the holiday-powered week without any clear directions.
NIFTY opened at 17,740, down by 43 pts. The index was swinging up till 1: 30 pm and then it fell sharply to take support at 17,650. NIFTY ended the day at 17,674, down by 109 pts or 0.62%.
BANK NIFTY opened the week at 37,591 and slowly moved up. But 37,900 acted as a resistance and the index fell 1% from the day high. BANK NIFTY ended the day at 37,613, down by 138 pts or 0.37%.
NIFTY IT (-1.4%)m NIFTY MEDIA (+1.3%) and NIFTY REALTY (+1.1%) closed with more than 1% change.
Hong Kong (-3%) and Chinese(-2.6%) markets fell heavily. European markets are trading mixed currently.
News Picks
Grasim (+2.7%) continued the breakout and closed as the Nifty 50 gainer.
Many cement stocks such as Ambuja Cements(+6.7%), ACC (+2.8%), India Cements (+1.9%), JK Lakshmi (+3.5%), Orient Cements (+2.1%) also moved up.
Oil stocks IOC(+1.8%), BPCL (+1%), Hind Petro (+1.7%) closed more than 1% up. India’s March Diesel and Petrol sales are up 6% compared to last year even with rising prices.
Sun TV (+3.3%) broke out after 3 pm with good volumes.
Major IT stocks HCL Tech (-2.7%), LT (-2.7%), INFY (-2.6%), Wipro (-2.1%) moved down ahead of result announcements. TCS will announce Q4 results today and INFY’s results are expected this Wednesday.
Veranda Industries was listed at Rs 131/share on NSE & Rs 158/share on BSE vs the issue price of Rs137/share.
DBL (+6%) and BDL (+6.3%) showed amazing movement just after the opening.
Reports say that HAL (+3.6%) and LT (-2.6%) have emerged as the lowest bidder to make 5 polar space launch vehicles (PSLVs) for ISRO.
IDBI Bank (-0.42%) said that their Shree Renuka Sugar (+13.8%) stake is now at 9.5 per cent after the conversion of debt to equity. Oher sugar stocks EidParry (+5%), and Dalmia Bharat Sugar (+3%) also moved up.
Adani portfolio stocks Adani Green (+14.7%), ATGL (+9.8%), Adani Wilmar (+5%), Adani Trans (+8.5%), and Adani Power (+5%) skyrocketed once again. Adani Ports (+1.8%) and Adani Ent (+0.43%) closed in the green.
PayTM (+11.4%) and GAEL (+11.8%) shot up with huge volumes.
Markets Ahead
We have only three trading days this week and today’s market tricked us without giving any clear trend. The 17,650 and 17,600 levels are continuing as good supports for Nifty.
We will have to wait for IT results as it can give momentum to the market, upside or downside.
Bank Nifty is consolidating in the 37,400-950 range from April 6 and if this continues Nifty IT will be having the baton.
HDFC(-1.3%) and HDFC Bank (1.2%) is erasing its gains. Did you get trapped in the merger news breakout?
Looking deeply, we can see a good fight between bulls and bears today with 17,775 acting as a resistance and 17,650 as support. Who will be the winner? Let the market decide!
See you at The Stock Market Show at 7 PM!