Today’s Market Summarised
Markets crash sharply in the afternoon after news of Covid-19 from China.
NIFTY opened at 17,331 with a gap-up and fell back down. However, the index moved back up after taking support and touched the resistance level of 17,380. Institutional selling and panic from China saw the index falling 320 points in just 2 hours. NIFTY ended the day at 17,102, down by 142 points or 0.83%.
BANK NIFTY opened at 36,524 and slowly moved up. By noon, the index hit an intraday high and then started showing weakness. A 750 points fall was seen from the day-high. BANK NIFTY ended the day at 36,088, down by 334 points or 0.92%.
All sectoral indices closed in the red today. NIFTY MEDIA (-2.8%), NIFTY PSU Bank (-1.6%) and NIFTY REALTY(-1.1%) closed the worst.
Asian markets closed well in the green today. European markets are also trading in the green currently.
Today’s Moves
HDFC Life (+1.9%) closed in the top-gainers list of NIFTY 50 today. HDFC Bank (+0.97%) and HDFC (+0.26%) also closed slightly in green even when the general market was bearish.
In a good move for insurers, IRDAI hiked insurers’ exposure to financial and insurance activities up to 30%. This could be the reason behind the good move in insurance stocks.
Tata Consumer (+1.5%) tried to move up in the day from FMCG stocks.
Axis Bank(-6.5%) crashed to a 1-month low after reporting its Q4 results. Meanwhile, Shriram Transport Finance (+5.2%) gained on the back of good results.
Coal India (-3.9%), Adani Ports (-3.4%) and PowerGrid (-3.3%) saw profit booking and moved down.
TV18Broadcast (-13.1%) and Network18 (-5.6%) continued their crash from yesterday.
India PM Modi in a semiconductor conference says “Aims to establish India as one of the three partners in global semiconductor supply chain”.
Tata Motors (+0.36%) was trading in the green for the most part of the day after revealing Avinya, an electric car based on Pure EV architecture. It fell along with the rest of the market after noon.
City-gas stocks IGL, MGL and Gujarat Gas fell during the day.
Markets Ahead
The last hour’s panic in the market has been attributed to Covid new variant scare in China. Our country is also expected to get the 4th wave of Covid soon.
With NIFTY closing the last 3 out of 4 months in red, it is interesting to note that the midcap index has gained for 2 months in a row now.
NIFTY IT has fallen more than 10% in the month of April.
Adani stocks are trading near their all-time highs, so keep an eye for more moves from them, especially in NIFTY’s Adani Ports.
The IRDAI rule is also interesting. Companies can have higher exposure to capital markets which may increase their profits.
Was today panic selling, or actual institutional selling? Let us know what you think in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.