Today’s Market Summarised
Indian markets fall as a reaction to a global correction.
NIFTY opened at 17,077 with a gap-down and could not recover. It broke the 17k mark and moved down before recovering at 1 PM. Overall it was a bearish day with the market unable to move back to green. NIFTY ended the day at 17,038, down by 162 points or 0.94%.
BANK NIFTY opened at 36,077 with a gap-down. The index could not show real recovery and crashed down more than 400 points from the day-high. Even with the afternoon recovery, BANK NIFTY ended the day at 36,028, down by 376 points or 1.03%.
Most sectoral indices closed in the red. NIFTY Finserv (-1.4%) and NIFTY BANK (-1%)closed well in the red, while NIFTY MEDIA (+0.07%) stayed flat.
Asian markets closed mostly in the red today. European markets are trading in the green currently.
Today’s Moves
Hero MotoCorp(+3.85%) moved up sharply after announcing its first electric scooter yesterday.
Bajaj Finance (-7.24%) crashed despite better Q4 results. The stock featured as the top loser in NIFTY 50 along with Bajaj Finserv(-3.94%).
Tyre stocks Apollo Tyres(+2.96%), and Balkrishna Industries(+2.90%) continued their up-move despite markets slowing down.
UTI AMC (-7.51%) crashed after net profits for Q4 fell by more than 60% on higher expenses.
Mahindra Logistics (+8.7%) moved up 7.34% after the Q4 result. Net profit was up 107% compared to last quarter.
Markets Ahead
Global markets turned spoilsport and pushed down our indices today. Yesterday’s bullishness was lost as the U.S. markets closed in deep red, and affected us too.
Today, Reliance hit a fresh 52-wek high at Rs 2,828 and fell nearly 2% from there. It is interesting to note that HDFC Bank is consolidating near it 52-week low. We need to watch for a reversal in the stock soon.
Nifty’s 17,050, 17,000,16,950 and 16,900 levels need to watched in the coming days.
Nifty IT is not showing no signs of recovery and the index is trading nearly 25% down from its all-time high. The index once again has taken support at a trendline.
European markets shooting back up after the opening fall. So there continues to be hope for such a move in our markets tomorrow!
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See you all today at 7 PM on The Stock Market Show.