Today’s Market Summarised
Weakness again across the market as global scenarios look weak.
NIFTY opened at 17,253 with a gap-down and consolidated. Even though there was a bullish attempt, the index could not sustain above the 17,305 mark. The weakness at 2 PM, pushed the index to a fresh day-lows. NIFTY ended the day at 17,171, down by 220 points or 1.27%.
BANK NIFTY opened at 36,578 with a gap-down and moved down sharply. Towards the end of the day, the index of banks broke the 36,000 mark as it tried to move down. BANK NIFTY ended the day at 36,044, down by 771 points or 2.10%.
NIFTY BANK (-2.1%), NIFTY PSU Bank (-2.1%) and NIFTY METAL (-1.9%) fell most in the day where every sectoral index closed in the red.
Asian markets closed mostly in the red today. European markets are trading in the red currently.
Today’s Moves
Adani Ports (+2.7%) closed as the top gainer after its subsidiary bought a 100% stake in Ocean Sparkle (India’s largest marine services company) for Rs 1,530 crore.
M&M (+1%) moved up again and closed at a 5-month high.
Hindalco (-4.8%) closed as the top loser in NIFTY as Aluminium prices fell. National Aluminium (-3.4%) also fell.
SBI(-3%), IndusInd Bank (-2.9%) and Axis Bank (-2.6%) closed among the top losers in NIFTY 50.
ICICI Lombard (-5.9%) fell after posting Q4 results yesterday. LTTS (-3.3%) also moved down after its result.
SBI Cards (+2.4%) moved up after RBI restricted shadow banks or NBFCs from entering the credit card business without its prior approval.
Schneider (+13.3%), STL Tech (+13.8%) and Cyient (+10.3%) gained more than 10% each from the NIFTY 500 space. Cyient had published its results yesterday
Markets Ahead
NIFTY and BANK NIFTY fell for the second week in a row. This comes after the recovery in early March.
But of course, the biggest loser has been NIFTY IT, falling 11% in the last 3 weeks mostly with the fall in Infosys.
Reliance has been an off-case with the stock hitting all-time highs again. The demand and supply mismatch around the world for energy products is leading to a bullish move in such stocks.
Over the next week, we may see some weakness as the war intensifies in Ukraine. Russia is getting backed into a corner with the help of international forces including America, so I would not be surprised if they get more aggressive.
How did this generally bearish week go for you? Were you able to catch the bullish move in many stocks? Let us know in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.