Today’s Market Summarised
NIFTY opened at 17,600, up by 69 pts or 0.40%. The index tried to move up in the first fifteen minutes, but failed to break the 17,650 level and then moved down 200 pts to touch the day low at 17,457. After that, it was kind of consolidation in the 17,460-520 range. NIFTY ended the day at 17,475, down by 54 pts or 0.31%.
BANK NIFTY opened at 37,887, up by 139 pts or 0.37%. The index tested the resistance zone above 37,900 in the first candle, but the region said “No, better luck next time”. It fell nearly 1.5% from the day high following a trendline. BANK NIFTY ended the day at 37,463, down by 284 pts or 0.75%.
NIFTY AUTO (-0.84%), NIFTY FINSERV (-0.87%), NIFTY MEDIA (-0.77%) and NIFTY REALTY (-0.54%) closed with significant loses. NIFTY FMCG (+0.69%) made a amazing U-shape recovery.
Yesterday Japan fell 1.8% and China moved 1.4% up. Interestingly, today Japan gained 1.9% and China fell 0.82%. European markets are currently trading flat to 0.7% red.
News Picks
Nifty 50 top losers list is filled with major stocks from most of the sectoral indices. Maruti (-1.9%), Tata Motors (-1.6%), Eicher Motors (-1.2%), HDFC (-1.9%), HDFC Bank (-1.9%), Kotak Bank (-1.2%) Dr Reddy (-1.6%), and Bajaj Finserv (-1.4%) closed more than 1% down.
IGL (+3.3%), MGL (+1.5%) and GujGas (+0.88%) are continuing with the CNG price hike. Other Oil- gas-related stocks like ONGC (+3.21%), IOC (+1.4%), OIL (+1.1%), Hind Petro (+1.2%) also moved up.
The media reported that PM Modi is likely to soon review the disinvestment process, and assess progress in BPCL (-0.42%), SCI (+6.1%), and IDBI BANK (+3%).
ITC (+1.7%) closed well with after noon recovery.
Hathway(-5.1%) fell down after reporting weak Q4 results yesterday.
Markets Ahead
Nifty is continuing its weakness and today Bank Nifty also supported the down move. But Nifty taking support around 17,450 and Bank Nifty continuing in the consolidation zone is a great relief.
Nifty couldn’t sustain the gap up opening majorly due to negative global cues. And it was also expected to see selling since the market will be closed for the next four days.
It was overall a downtrend day for the weekly expiry, but volatility was seen in indices and major midcaps.
Satellite Imagery taken by Maxar Technologies from April 11 revealed that Russian forces continue moving into Eastern Ukraine. This brought the concerns of the Russia-Ukraine war again. Ukraine said that no humanitarian corridors on Wednesday as the situation is’ too dangerous’.
However, the next four day-holiday is a good opportunity for stock market participants to free up their minds, take some rest, and spend time with dear ones. What are your plans? We would like to know more and see you all today at 7 PM on The Stock Market Show.