An expiry day of slow-paced up move. Reliance makes a strong close.
NIFTY opened with a gap-down at 16,481 and moved up more than 1% from there. The up-move was slow and boosted by Reliance. The index marked a day high near 16,650. NIFTY closed the day at 16,628, up by 105 points or 0.64%.
BANK NIFTY started the day at 35,470 and fell into consolidation mode for the whole day. The index was mostly moving in a 180-pts range and ended the day at 35,613, down by just 7 points or 0.02%.
NIFTY IT ( +1.8%) recovered from yesterday’s fall. Nifty Media (+1.1%), Nifty Metal (+1.1%), Nifty PSU Bank (+1%) also closed with good gains.
Asian markets closed mixed today. Germany and France are trading nearly 1% up while the UK market is down 1%.
Today’s Moves
Reliance (+3.4%) is racing towards its 52-week high and closed as the Nifty 50 Top Gainer.
Oil related stocks such as ONGC (+1.8%), OIL (+2.2%), Hind Petro (+1.1%), BPCL (+1%) also moved up.
Paints stocks- Asian Paint (+1.9%), Berger Paints (+3.5%), Kansai Nerolac (+2.3%) moved up as Saudi Arabia’s plan to increase oil output caused a fall in oil prices.
All the Nifty IT stocks except TechM (-0.05%) closed strong. HCL Tech (+2.1%), INFY (+2%), LTTS (+3.4%), LTI (+3.1%), Mind Tree (+1.9%), Mphasis (+2.1%), and TCS (+2%) moved.
Nifty Auto is continuing to see profit booking. Eicher Motors (-1.7%), Hero MotoCorp (-3.4%), and Tata Motors (-1.2%) closed in the red after reporting sales data.
Ashok Leyland (+2.5%) saw good buying after it launched the industry’s first 8-wheel truck known as AVTR 2620.
Markets Ahead
Nifty was moving slowly up today, powered by our dear Reliance.
Talking about Reliance, the stock is just 4.5% away from its 52-week high. Hoping for a breakout in other energy stocks also.
In between all this, Saudi may increase oil production to combat the global energy crisis.
Bank Nifty went through a beautiful consolidation phase today and we all know what happens if the consolidation continues for more days.
Nifty IT has covered yesterday’s fall and the 29,850 level is acting as a resistance. A 2.5% jump in TCS just after today’s opening was really interesting and major IT stocks will be on the watchlist for a few more days.
News of ‘Maharashtra CM Uddhav Thackeray’s meeting with Covid19 task force in the wake of a sudden increase in the cases’ had no impact on the market today.
How was this expiry day? We have four more expiries this month and hope to see everything goes well.
Share your experiences in the comments down below!
See you all at the Stock Market Show at 7 PM!