Markets shot up on the first day of the week with power from IT stocks.
NIFTY opened with a gap-up at 16,529 and started moving up. The opening above the 16,500 resistance zone was a confidence booster and the index moved till 16,700. Then it lost its intraday power but never fell below 16,600 levels, marking a strong close. NIFTY closed the day at 16,661, up by 308 points or 1.89%.
BANK NIFTY started the day at 35,958 with a gap-up of nearly 1%.The index was consolidating around 36k till 11:45 pm and then it slowly moved down. BANK NIFTY ended the day at 35,826, up by 213 points or 0.60%.
All the indices closed in the green territory. Nifty Auto (+1.9%), Nifty IT (+3.8%), Nifty Media (+3.2%), Nifty PSU Bank (+3.2%), and Nifty Realty (+4%) performed well. Nifty Pharma lost its morning gains and closed flat.
Asian markets closed very well in the green today. European markets are currently trading flat to 1% gain.
Today’s Moves
Titan(+4.9%) regained an important level and closed as the top-gainer in NIFTY 50.
M&M(+4.7%) hit an all-time high after the market reacted well to its Q4 results. Tata Motors (+2.9%), and Hero MotoCorp (+1.8%) also closed well in the auto sector.
L&T (+3.7%) continued to win significant contracts that value up to Rs 1,000 to 2,500 crore and closed as the top gainer.
IT stocks shot up in the day in recovery mode. Infosys (+4.4%), TechM (+3.6%), HCL Tech (+3.5%) and TCS (+3.5%) closed in the top-gainers.
As international oil prices touch a 2-month high, Reliance (+3.4%) gained. OIL (+3.1%) also moved up after its Q4 results.
Kotak Bank (-2.2%) saw profit booking and closed as the top loser in NIFTY 50.
Jubilant Foodworks (+9.7%) after posting net profit just below expectations and IRCTC (+6.5%) gained ahead of its Q4 results.
Markets Ahead
A great start to the week with Nifty closing very well above 16,650. After many days the index broke 16,400 resistance with the help of a gap-up opening. And just like with any other short-covering days, bears panicked and pushed the market up.
The promise of inflation control from major countries is powering all the markets and it will continue as a deciding factor for many more weeks.
Investors are expecting rate hikes in the coming months also, but we may see a pause around September.
The US market will be closed today on account of ‘Memorial Day’.
Good manufacturing data and inflation data from global markets will be crucial for the recovery to sustain. Along with that, some magic by the bulls to hide all the negatives running around!
How did your portfolio react when Nifty moved from 15,750 to 16,650? Let us know in the comments of the marketfeed app!
See you all at The Stock Market Show tonight at 7 PM.
