Today’s Market Summarised
The market opens with a huge gap-up followed by an afternoon fall.
NIFTY opened at 16,757 with a gap-up of more than 400 points! However, this was the day-high and the index failed to move above it afterwards. There was a fall in the market after 1:30 PM, and NIFTY ended the day at 16,594, up 249 points or 1.53%.
BANK NIFTY opened at 34,952 with an 1100 point gap-up. The bank index again tried to move to the highest since 3rd March but did not get support from the rest of the market. The afternoon fall pulled down the index and BANK NIFTY closed at 34,475, up by 660 points or 1.95%.
All sectors except NIFTY IT (-0.12%) and NIFTY Pharma (+0.14%) closed well in the green. NIFTY FMCG (+3%), NIFTY PSU Bank (+2.3%), NIFTY REALTY (+2.2%) and NIFTY Metal (+2.2%) gained the most.
Asian markets closed all in the green today. European markets are trading in the red currently.
News Picks
Hindustan Unilever (+5.2%), Tata Consumer (+3.5%), Britannia (+3.1%) closed in the gainers of NIFTY 50. FMCG stocks closed well in green after recovery.
Radico (+7.2%), PGHH (+5.3%), Mc-Dowell (+3.6%) and Dabur (+3.3%) also closed in green from the FMCG sector.
Coal India (-4.1%) saw profit booking in the day and closed in the top-losers of NIFTY 50. Other stocks which rallied earlier including GAIL (-4.5%), GujGas (-4.4%) and OIL (-3.3%) moved down.
BSE (+18.6%) rallied and closed near its Upper Circuit today. Other market-linked stocks including MCX (+5.2%), CDSL (+7.7%) and CAMS (+1.1%) also moved up.
Jindal Steel’s (+4%) steel sales increased by 8% (YoY) to 5.90 lakh tonnes in February. The stock along with Tata Steel (+4.2%), JSW Steel (+3.7%) and others moved up.
BGR Energy (+10%) closed in the upper circuit after winning large orders worth Rs 4,400 crores. It has a market cap of Rs 600 crores.
Markets Ahead
Our markets opened with a huge gap-up today. This was following the European markets rallying 5-8% yesterday.
There seems to be a lot of happiness in the market currently. But today, the European markets have moved slightly back down. Anyway, 16,000 looks like a good support now for the market in the coming days.
Standard&Poors said they expect the Indian economy to grow 9.5% in FY22 and 7.8% in FY23. This has also brought back some confidence to investors.
Reliance once again gained back and helped push the NIFTY up. Hindustan Unilever is bouncing back from the demand zone created around the Covid-crash and may see more strength in the coming days.
Do not forget that the conflict in Ukraine is not completely done. There is no ceasefire yet. But markets have factored all that in currently. Crude oil prices have cooled back down to near $110/barrel. If no further escalations are seen, we may get to see this gradual recovery continuing throughout the next week.
See you on The Stock Market Show at 7 PM!