Today’s Market Summarised
Markets end the day nearly flat after morning bearishness.
NIFTY opened at 16,949 with a gap-down and slowly moved up. After a lot of afternoon consolidation, the index saw buying in the last hour of trade. NIFTY ended the day at 17,069, down by 33 points or 0.20%.
BANK NIFTY opened at 36,682 and gained 300 points in the first candle. After a lot of consolidation, the index gave a breakout towards closing time.BANK NIFTY ended the day at 36,163, up by 75 points or 0.21%.
NIFTY IT (-1.5%) closed well in the red again followed by NIFTY AUTO (-1.2%). All other sectors closed with consolidation.
Asian markets which were open today closed mixed. European markets are trading in the red currently.
Today’s Moves
IndusInd Bank (+4%) shot up and closed as the top gainer of NIFTY after publishing its Q4 results. The bank reported higher net profits.
Coal India (+2.6%) shot up on the day after the company reported a 27% increase in production for April.
Bajaj Auto (-2.8%) closed in the top losers of NIFTY after April sales fell. Eicher Motors also moved down.
Tata Chem (+9.8%) and CanFin Home (+8.4%) closed sharply in green after publishing their results last day.
Dixon (-9.1%) moved down sharply after its partner Xiaomi’s assets were seized by the Enforcement Directorate. Meanwhile, competitor Amber Enterprises gained.
Solara Active Pharma (-20%) crashed after MD & CEO resigned. Net sales also fell.
Kitex shares moved up towards 52-week highs ahead of their Q4 results today.
Markets Ahead
IT stocks have failed to recover even after many tries. The NIFTY IT index has fallen to a 9-month low.
This is not a one-off event. Global tech stocks are also having a bearish phase with the tech-heavy NASDAQ falling 4% last day alone. The U.S. index is at more than a 1-year low.
NIFTY is still stuck in the 16,950 to 17,450 zone.
Last day’s fall now looks like institutional selling. With the fact that NIFTY was unable to make up Friday’s fall and IT stocks not showing strength, there is a temporary indication of bearishness in the market.
Tomorrow is a market holiday on account of Eid, and hence we have a 4-day trading week. Eid wishes to everyone celebrating!
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See you all today at 7 PM on The Stock Market Show.