Today’s Market Summarised
Profit booking pulls down the market with NIFTY losing yesterday’s gains.
NIFTY opened flat at 17,776 and moved down. It tried to take support at yesterday’s low but fell after breaking this level. Sharp selling was seen in the last 2 hours. NIFTY closed the day at 17,560, down 219 points or 1.24%.
BANK NIFTY opened at 39,283 and took resistance at yesterday’s high. It kept taking resistance at this level of 39,400 and fell more than 500 points from here after 1 PM. Bank Nifty closed the day at 39,010, down 320 points or 0.81%.
NIFTY IT, NIFTY Realty and Finserv saw profit booking in the day.
Most Asian markets closed mixed for the day. European markets are all trading in the red currently.
News Picks
Two-wheeler stocks Hero Motocorp(+2.93%) and Bajaj Auto(+2.44%) hit their highest levels since November. TVS Motors(+4.97%) and Ashok Leyland(+1.57%) also moved up while M&M(-1.51%) fell after the January auto sales data.
HDFC(-3.26%) fell with profit booking after its Q3 results announcement yesterday.
NTPC(-3.19%) closed lower with dividend of Rs 4/share being factored in.
Godrej Properties(-6.42%) fell sharply in the day after announcing a net profit up 171% at Rs 39 crore.
IT stocks saw profit booking after bouncing back this week. LTTS(-3.93%), MindTree(-3.76%), Mphasis(-3.64%) along with Infosys(-2.72%) and TechM(-1.93%).
Tata Power(+0.5%) to set up stations at 150 Apollo Tyres outlets.
GAIL(+1.17%) touched a 2-month high after Q3 standalone net profit came at Rs 3,290 crores, more than double from last year.
Sugar Production in Oct-Jan jumped 5.5% YoY and helped stocks like Balrampur Chini(+7.21%) move up.
Barbeque-Nation Hospitality(+3%) moved up after reporting Q3 consolidated net profit Rs of Rs 14.2 crores vs loss of 90 lakhs last year.
Markets Ahead
Our markets have calmed down after the multiple days of gap-up rallies. With today’s red candle, NIFTY has no more gaps to cover.
On the first weekly expiry of February, Infosys and HDFC pulled down the market. They had contributed well in the last few days of the rally.
Auto stocks are showing strength in the last many days. Also, SBI is continuing to trade near the all-time high zone. Its results will be out on Saturday.
Did you make or lose money in the Budget week of 2022? Let me know in the comments section down below!
See you on The Stock Market Show at 7PM!
