Today’s Market Summarised
Weakness again across the market as global scenarios look weak.
NIFTY opened at 17,010 with a gap-down and moved with volatility. The index moved up in the first half but moved down in the afternoon. Finally, the index ended up in red for the day. NIFTY ended the day at 16,953, down by 218 points or 1.27%.
BANK NIFTY opened at 35,803 with a gap-down and showed strength after this. The index traded around the 36,000 mark for a long time and closed around that zone. BANK NIFTY ended the day at 36,082, up by 37 points or 0.10%.
All sectors except NIFTY BANK(-2.1%) closed in the red. NIFTY REALTY, NIFTY METAL fell the most.
Asian markets closed in the red today. European markets are also trading in the red currently.
Today’s Moves
Coal India (-6.51%) fell sharply after the Coal Minister said there is sufficient coal available across the country.
BPCL(-6.00%) fell after Vedanta’s head said that the company is withdrawing its application for BPCL divestment. Petrol price across the world is also moving down, so IOC also fell.
Tata Steel(-4.27%), Hindalco(-3.48%), National Aluminium(-4.47%) and SAIL (4.24%) fell after the commodity prices across that world started cooling off.
Jubilant Foodworks(-5.88%) and Cummins India(-5.82%) also fell sharply in the day. Cummins India fell after the Government changed rules to reduce the use of Generator sets.
Reliance-owned Network18(+6.88%) moved up to near 52-week highs with good volumes.
Meanwhile, Reliance Industries fell 2.28% after the company said it’s backing out of the Future Group deal. All Future Group stocks crashed 5-20% to their lower circuits due to this news.
Realty stocks crashed sharply during the day led by DLF(-4.13%) and Sobha(-6.58%). Most stocks in the realty index crashed by more than 3%.
Markets Ahead
NIFTY moved down again for the day and went near its lowest since 19th March. The weakness again in IT stocks and the general market is causing worries for investors.
Currently, our market is continuing to be plagued by multiple issues. FIIs or Foreign Institutional Investors continue to heavily sell their holdings across all sectors. Bond prices in the country are increasing as concerns of high inflation continue.
Along with this, as a nail in the coffin, came the disappointing Q4 results of top companies including Infosys and HDFC. This is reducing investor confidence in the market.
Make sure to keep quality stocks in your portfolio, as when markets turn bearish, the poor ones tend to underperform. Also keep a watch on the Q4 results of all stocks, as this quarter has not been kind to investors and companies alike!
With Reliance results coming out on Friday, you can continue to expect some volatility in the stock. Do you have it in your portfolio? Let us know in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.
