Today’s Market Summarised
The market gives a breakout on the first day of the financial year.
NIFTY opened at 17,437 with a slight gap-down and started moving up, The index traded around yesterday’s high till after 1 PM. Things got interesting after that with NIFTY shooting up more than 100 points just in the last 30 minutes. NIFTY ended the day at 17,670, up by 205 pts or 1.18%.
BANK NIFTY opened at 36,253 and quickly broke yesterday’s high. After this, the index kept taking resistance around 36,800 which was broken afternoon. BANK NIFTY ended the day at 37,141, up by 775 pts or 2.13%.
NIFTY PSU BANK (+4%) gave a breakout. NIFTY Bank (+2.1%), NIFTY Realty (+2.3%) gained more than 2% while only Pharma(-0.03%) closed slightly in red.
Major Asian markets closed mostly in green. European markets are trading in the green.
News Picks
NTPC (+5.8%) group reported record power generation and the stock shot up.
Other energy stocks BPCL (+4.1%), PowerGrid (+3.8%), IOC (+2.6%) and ONGC (+2.4%) also closed among the top-gainers of NIFTY.
Hero MotoCorp (-2.3%) opened with a big gap-down and recovered after siphoning of funds via shell firms was allegedly found in the recent raid.
BHEL (+9.1%) gave a breakout in the day along with Manappuram (+6.3%), HDFC AMC (+6%) and Indiabulls Housing Finance (+5.8%).
IOLCP (+20%), Spandana (+19.5%), Lux Industries (+15.6%), Sunteck (+11.6%), NCC (+10.9%), IB Real Estate (+10.4%)and Welcorp (+10.1%) gained more than 10% in the day.
Adani Wilmar(+5%) shares climbed to all-time highs.
Markets Ahead
NIFTY has opened the FY23 with a bang! The market has completely recovered from all war-related falls and in fact, bounced back higher.
BANK NIFTY has also touched its highest since 23rd February.
Right now, energy stocks are buzzing. Today’s breakout in this sector may continue to next week. Chemical and fertilizer stocks are also in a revival mode.
See you at The Stock Market Show at 7 PM!
