Today’s Market Summarised
Market falls and loses gain after the initial gap-up opening.
NIFTY opened with a gap-up at 17,202 and tried to move up. The initial gains were quickly lost and the market went on to consolidate till near 3 PM. A big fall was seen towards the close and NIFTY closed at 17,063, down by 29 points or 0.17%.
BANK NIFTY opened at 37,664 with a gap-up. The index failed to break the 37,800 resistance and went on to a sideways trend. Just near closing time, the index of banks fell to day-low along with the rest of the market. Bank Nifty closed at 37,392, up 20 points or 0.05%.
NIFTY REALTY (+3.1%) and NIFTY PSU BANK (+1%) closed with good gains in the day. Other sectoral indices consolidated.
Asian markets mostly closed in the green today. European markets are trading flat to red currently.
News Picks
Kotak Bank (+2.4%) continued to feature in the top-gainers list of NIFTY 50. IndusInd Bank (+1.2%) also moved up.
With gold prices increasing, Titan (+1.8%) moved up in expectation of higher profits for the company.
Realty stocks saw bullishness in the day, bouncing back from their recent lows. DLF (+6.1%), Sobha (+5.3%), Prestige (+4.8%), Sunteck (+4.5%) and Oberoi Realty (+4.5%) shined.
Sugar stocks bounced back sharply with bullishness across the whole sector. Balrampur Chini (+2.6%), Eid Parry (+6%), Shree Renuka (+9.5%) and Dalmia Sugar (+3.7%) were the biggest stocks to move.
China Foreign Ministry says that some countries putting sanctions on Russia over Ukraine is not the best way to solve problems
Welspun India (+5.4%) traded in green after approving the raising of funds up to Rs 500 crores by issuing NCDs or Commercial Papers.
PNC Infra (+11.4%) moved up after winning a large order worth Rs 4300 crores.
Indiabulls Housing (-3%) and Dhani (-10%- LC) continued their fall after the raids in offices on Monday. IB Real Estate (+1%) slightly gained back.
Adani stocks mostly closed in the green today. Adani Enterprises (+1.2%), Adani Transmission (+4.6%), Adani Power (+4.1%), Adani Wilmar (+9.7%) and ATGL (+3.4%) moved up.
Markets Ahead
All European countries are moving into offensive and strict diplomatic conversations with Russia. Many countries, including the European Union are set to announce even more big sanctions on Russia next week.
Meanwhile, Russian Ambassador to Washington said that the sanctions against Russia will hurt Global Financial and Energy Markets.
The situation is going on and on with things getting better at one moment and even more worst the next. Even still, the intraday falls market is seeing is lesser now. NIFTY closed nearly flat today despite the heavy fall near the end.
NIFTY is still trading above the key support level of 17,000 and 16,800. India VIX which indicates the volatility in the market, is still near its 9-month high. Dow Jones Futures are currently trading well in the green after the U.S. market fell yesterday. If all goes well, even our markets may open with a gap-up tomorrow.
The latest options data indicate that NIFTY might close tomorrow between 17,230 and 16,950. What do you think of this? Let us know in the comments section of the marketfeed app!
See you at The Stock Market Show at 7 PM!
