Today’s Market Summarised
NIFTY opened at 17,297, up by 75 points. There were no major moves with Nifty consolidating in a 75-pts range. It is very good to see the Nifty staying strong in the resistance zone around 17,300. NIFTY ended the day at 17,325, up by 103 pts or 0.60%.
BANK NIFTY opened at 35,931, up by 221 pts or 0.62%. Bank Nifty was also in a consolidation mood, but with a little more volatility. 35,670 is currently acting as a major level for the index. BANK NIFTY ended the day at 35,847, up by 136 pts or 0.38%.
Nifty Finserv (+1%), Nifty Pharma (+1.5%), and Nifty Realty (+1%) closed with notable gains. Nifty Media fell 1.2%.
Japan and Hong Kong closed with 1% gains. European markets are currently trading with 1-2% gains.
News Picks
Bharti Airtel (+3%) continued the breakout, gearing close to its 52-week high. Indus Tower (+2.5%) also moved up.
Adani Group portfolio stocks saw buying during the day. Adani Ports (+3.3%), Adani Power (+14%), Adani Wilmar (+8.4%), and ATGL (+1.8%) moved up.
Pharma stocks moved up as the regulator allowed a hike in drug prices. Divis Lab (+3.2%), Cipla (+2.1%), IPCALAB (+6%) and Torrent Pharma (+3%) gained today.
HDFC(+3%) surged after breaking the recently formed downward trendline of last week.
Hero MotoCorp (-7%) fell sharply on reports of the I-T Dept finding bogus claims of over Rs 1,000 crore.
Energy related stocks ONGC (-3%), IOC (-1.3%), BPCL (-0.35%), IEX (-2.1%), Coal India (-2.7%) featured in the Nifty 50 Top Losers list.
Max Financial (+5.2%) moved up as CLSA maintains its buy call on the stock
Hotel stocks such as Ind Hotel (+3.7%) and Chalet (+2.1%) moved up with rising demand.
Ultra Cements (+2.6%), ACC (+3.3%), Ambuja Cements (+3.6%), India Cements (+1.9%), JK Cement (+5.3%), Shree Cements (+1.9%), JK Lakshmi (+7.1%) rose on price hike expectations.
Escorts (-3.5%) continued the fall as the open offer made by Japan’s Kubota ended yesterday.
Ruchi Soya (+15.8%) rocketed in the morning due to the FPO effect.
PNC Infra (+4.7%) was selected as the lowest bidder for a project worth Rs 1,575 crores.
Fertiliser stocks NFL (+7.8%), RCF (+13%), Fact (+4.8%) and GSFC (+6.4%) closed with good gains.
Markets Ahead
Both Nifty and Bank Nifty consolidated for the day, but volatility was seen in many stocks. Nifty made the highest close in many weeks above 17,300.
HDFC and HDFC Bank helped the market today, contributing more than 55 pts to the index. The movements in HDFC need to be watched since it is still in a downward trend.
Ukraine and Russia are having negotiation talks today. Not many confirmed updates on this are not available now. Anyway, the news effects of the Russia-Ukraine conflict are cooling off.
China has put its Shanghai city under a two-stage lockdown yesterday and France is reporting the highest daily rise in Covid hospitalisation since February 1.
Nifty 50 rebalancing is scheduled for 31st March. Major changes to other indices will also be done on the same day.