Today’s Market Summarised
Markets consolidate and close in red after yesterday’s breakout.
NIFTY opened at 18,089 and moved down. The index consolidated around the 18k mark before hitting a fresh day-high at 1:30 PM. European markets opened in the red and pushed down our markets as well. NIFTY ended the day at 17,957, down by 96 pts or 0.53%.
BANK NIFTY opened at 38,759 and fell more than 700 points. After a slight recovery, the index fell to near the 38k mark by closing time. BANK NIFTY ended the day at 38,067, down by 567 pts or 1.47%.
NIFTY AUTO (+1.2%) and NIFTY FMCG (+1.2%) closed well in the green. NIFTY Bank (-1.4%) and NIFTY FINSERV (-1.5%) closed in the red today.
Major Asian markets closed mostly in the green. European markets are trading in the red currently.
News Picks
Adani stocks continued their rally with Adani Ports (+3.6%) closing as the top-gainer in NIFTY 50.
Adani Enterprises (+3.5%) hit a fresh all-time high with AWL (+5%), ATGL (+4.1%), Adani Power (+10%) and Adani Green (+3.7%) also moving up.
NTPC (+3.3%), PowerGrid (+2.4%) and ONGC (+2.2%) closed in the top-gainers list from energy stocks.
Tata Power (+8.5%) and Torrent Power (+4.7%) saw strong breakouts near market closing.
Polycab (+7.5%), Havells (+6.6%), Voltas (+3%), Blue Star (+3%) and Dixon (+5.3%) were among the electronics related stocks that moved up. Blue Star said today that the prices of ACs in the country may soon rise further by 2-3%.
Tata Motors (+2.5%) led the gains for auto stocks after news of 3 new EV announcements this month.
HDFC Bank (-2.9%) and HDFC (-2.1%) cooled down after yesterday’s rally. Bajaj Finserv (-2.2%), Kotak Bank (-1.8%), IndusInd Bank (-1.4%) and Bajaj Finance (-1.3%) closed as the top losers from finance stocks.
SBI Cards (-4.2%) fell sharply after investor Carlyle Group sold its entire stake in the company for around Rs 2,600 crores.
Markets Ahead
Markets have been stretched after yesterday’s rally in the HDFC group stocks. Today’s slight correction is an indication of the temporary tiredness in the index.
Still, Bank Nifty is above the 38k mark for the first week since mid-February. Keep a watch on the FMCG index recovery as well.
Adani Stocks are on fire currently with most of them giving massive rallies in the last few weeks. Adani Enterprises jumping to fresh highs every day has pushed Gauta Adani to the title of Asia’s richest man!
Which stock is the best performing in your portfolio? Let us know in the comments down below!
See you at The Stock Market Show at 7 PM!