Today’s Market Summarised
Highly volatile Wednesday ends with NIFTY just slightly in the red.
NIFTY opened at 17,408 with a small gap-up. There was some profit booking in the morning, but after taking support from 17,250, the index moved up to find resistance near 17,500. A sharp sell-off after 2 PM took the index 200 points down till near the day-low. NIFTY closed the day at 17,322, down 30 points or 0.17%.
BANK NIFTY opened at 38,310 and fell in the first 2 hours. After taking support near 37,800, buying in private banks helped the index jump nearly 700 points to the day-high. The last hour fall affected Bank Nifty as well, just like the rest of the market. Bank Nifty closed the day at 37,953, down 216 points or 0.53%.
Nifty PSU Bank(-1.1%) and Realty(+1.1%) closed with 1% change while others consolidated.
Asian markets closed mixed today. European markets are also trading in the green currently.
News Picks
Oil stocks ONGC(+2.6%), IOC(+2.3%), BPCL (+1.4%) moved up with rising global crude prices caused by Russia-Ukraine issues. Hind Petro(+3%) also shot up.
Divislab (+3.2%) gave a breakout along with some other pharma stocks like Dr Reddy (+0.9%), Lupin (+1.7%) and Cipla (+1.2%).
NBFC stocks like M&MFin(+5.5%), HDFC (+1%), SRTRANSFIN (+1%) moved up after RBI extended the new NPA rule implementation deadline to September 2022. PNB Housing (+10.4%) also moved up.
Other NBFC stocks failed to hold opening gains.
Burger King India (+6.1%) said it is reducing discounts and planning to increase prices. Peer stocks like Jubilant Foodworks moved down
Vedant Fashions lists a premium of 7.5% at Rs 931, against the issue price of Rs 866/share. Closed the day at Rs 933.5.
Markets Ahead
The market was trying to recover in the normal way today. But the Russia-Ukraine tensions continue. NATO Secretary-General said that Russia said they are prepared for discussion, but we are prepared for the worst. Also said that the number of Russian troops on Ukrainian borders continues to increase. This pushed down our markets.
UK January inflation comes in at a 30-year high, January CPI up 5.5% YoY. This is expected, just like our inflation data as well.
Reliance is still looking bullish after yesterday’s breakout. HDFC is also trying to break its bearish phase and move back up.
Auto stocks are trying to gain strength. Keep an eye out for them in the upcoming days.
Keep an eye out for the escalating tensions in Europe and Russia!
See you on The Stock Market Show at 7 PM!
