Today’s Market Summarised
NIFTY opened at 17,584, down by 90 pts or 0.51%. The index was too weak till afternoon and touched a day low at 17,442. A sudden jump after that helped Nifty to cut the losses but failed to break the day high near 17,600. NIFTY ended the day at 17,530, down by 144 pts or 0.82%.
BANK NIFTY opened at 37,407, down by 206 pts or 0.55%. The index was trying to recover from the opening itself, unlike Nifty. Bank Nifty shot up 1.5% in one hour after 1:45 pm, but 37,900 is acting like a super resistance for the index. BANK NIFTY ended the day near Friday’s close at 37,747, up by 133 pts or 0.36%.
NIFTY METAL (-2.7%), and NIFTY REALTY (-2.7%) fell the most today. NIFTY IT (-1.4%), NIFTY MEDIA (-1.5%), and NIFTY PSU BANK (-1.2%) closed more than 1% down.
Japan fell 1.8% while China (+1.4%) recovered from yesterday’s fall. European markets are currently trading 0.5-1% down.
News Picks
Nifty 50 top gainers list is dominated by banks with Axis Bank (+1.5%), Kotak bank (1.21%), ICICI Bank (+0.5%), and IndusInd Bank (+0.47%) moving very well in the afternoon.
Bandhan Bank closed 3.2% up. But Federal Bank(-1.6%), IDFC First Bank (-1.9%), and PNB (-1.8%) ended in the red.
Nifty Metal stocks took a huge hit today due to falling global metal prices. Hindalco (-5.9%), Coal India (-5.3%), Tata Steel (-2.7%) featured in the Nifty 50 top losers list.
Other metal stocks HindCopper (-2.7%), Hind Zinc (-2.3%), JSW Steel (-1.5%), Jindal Steel (-2.2%), NMDC (-2.4%), National Aluminium (-3.5%), SAIL (-1.7%), VEDL (-4.7%) also moved down.
Nifty IT continued to see heavy selling with COFORGE (-3.8%), INFY (-1.3%) LTTS (-4.3%), LTI (-2.4%), MindTree (-4%), Mphasis (-2.3%), Tech M(-2.3%), and Wipro (-2.1%) closing in the red.
PVR (+2.3%) moved up as KGF Chapter 2 movie reported good advance booking.
Most of the Tata group stocks moved down today. Tata Motors(-3%), Tata Steel (-2.7%), Tata Power (-2.7%), Tata Chem (-3.1%), Tata Elxsi (-3.4%), Tata Consumer (-1.1%), and Tata Communication (-1.4%) ended with loss. TCS (-0.14%) closed flat after reporting Q4 results yesterday. Tata Motors reported weak JLR global wholesales.
Just Dial (+10%), MAZDOCK (+8.8%), and Cochin Ship (+5.3%) did not respond to market mood.
Markets Ahead
Nifty opening below 17,600 was a clear sign of morning fall and it happened. 17400-450 is the region to be watched as it is acting as support again.
Today we were watching Bank Nifty closely because it was slowly cutting the losses while others moved down. Bank Nifty is still in the consolidation zone with 37,900 acting as a good resistance for many days.
More than 1% sudden recovery in France and Germany was the major triggering factor for today’s afternoon movement in the market.
Rising inflation & risk of a policy rate hike are affecting the market adversely. Reports say that German banks- Deutsche Bank and Commerzbank fell after an undisclosed investor sold stakes of more than 5%.
How was your trading today? Standing away from the market or finding your own way? Post your thoughts in comment session below.
See you at The Stock Market Show at 7 PM!
