Today’s Market Summarised
Markets open with a huge gap-up then continue rally ahead of the 3-day weekend.
NIFTY opened with a huge gap-up at 17,203 and moved up steadily. The resistance at 17,350 pushed the index lower towards the close but NIFTY managed to stay above 17,250. NIFTY ended the day at 17,287, up 312 points or 1.84%.
BANK NIFTY opened at 36,316. But it was a surprising consolidation within a range of 300 points. 36,600 offered a good resistance to the index. BANK NIFTY ended the day at 36,429, up by 680 points or 1.90%.
All sectoral indices closed in the green except for IT. NIFTY Realty, NIFTY Finserv and NIFTY Auto closed with gains of 2-3%.
The Asian markets closed in the green today. European markets are trading in the red now.
News Picks
HDFC (+5.3%) shined in the day and closed in the top-gainers of NIFTY 50. The stock has recovered back into its support zone from last year.
Titan (+4.4%) shares hit an all-time high as analysts expected margins of the company to rise with increasing gold prices.
Steel stocks closed with gains in NIFTY 50. JSW Steel (+4.5%), Tata Steel (+3%) and Jindal Steel (+2.5%) led gains from the sector.
Infosys (-1.8%) saw heavy selling towards the end and closed as NIFTY’s top-loser.
Greaves Cotton is 8% up. Yesterday Bounce Infinity announced they would provide a battery-swapping station to the company.
Trent (+7.7%) shot up to all-time highs in hopes of strong earnings.
Angel One (+14.2%), KEI (+12.6%), IFB Industries (+13.2%) and Hemisphere Properties (+8%) shot up in the day.
Realty stocks including Prestige (+5%), Lodha (+5%) and Godrej Properties (+4.5%) gave breakouts. Brigade (+10.4%) also shot up.
Markets Ahead
The Fed rate hike of 25 basis points was in line with the expectation. Jerome Powell said that it will take time for inflation to be back to the target level of 2%. However, he added that inflation will fall in the second half of the year.
There was positivity already from optimism shared in the peace talks. As a result, global markets shot up and this led to the huge gap-up and the up-move that followed.
Nifty is now above the 200 Day-Moving Average line. And more importantly, the psychological level of 17,000 has been crossed. This gives hope to the investors.
At the same time, we saw that JP Morgan downgraded India from neutral to underweight citing lower GDP growth estimates and high inflation.
As we discussed yesterday, Reliance tested the trendline and gave a fine breakout. The stock moved up by more than 3% today.
Our markets are set for a 3-day weekend. So make sure you are chilling for the weekend while also checking out some stocks! Happy Holi!
See you on The Stock Market Show at 7 PM!