Today’s Market Summarised
NIFTY recovers along with other global indices as Ukraine says no longer insisting on NATO membership.
NIFTY opened at 16,078 with a small gap-up. After some initial volatility, the index started moving up and up. Resistance was found at 16,300 and then again at 16,400 near last Friday’s high. NIFTY ended the day at 16,345, up 331 points or 2.07%.
BANK NIFTY opened at 33,259 and took support at the 33k mark. The index had a strong day in the market along with other sectors. It kept on rallying till the closing time when it tested the 34k level. Bank Nifty closed at 33,815, up by 657 points or 1.98%.
For the second day, all sectoral indices except NIFTY METAL (-0.34%) closed in green today. NIFTY Realty (+3.05%), NIFTY Auto (+2.5%), NIFTY Media (+4%) gained back the most.
Asian markets closed mixed for the day. European markets are trading in massive greens currently, with the German index trading 5% up.
News Picks
Stocks like Asian Paints (+5.5%), Reliance (+5.3%), Bajaj Finance (+5%) and M&M (+4.8%) featured in the top-gainers of NIFTY 50 with a comeback rally.
ONGC (-2%) and PowerGrid (-2%) saw profit booking for the second straight day as the rest of the market recovered.
Auto stocks gained back led by Ashok Leyland (+7.5%), M&M (+4.8%), Maruti (+3.2%) and Tata Motors (+3.6%).
RateGain Travel Technologies (+6.6%) gained after American travel shopping company Expedia selected it as a preferred connectivity partner.
India plans to resume regular international flight operations by the end of March. SpiceJet (+5.9%) and Indigo (+6.9%) moved up.
Markets Ahead
NIFTY has recovered after closing above the 16k mark yesterday. Out of today’s 300+ points rally in the index, nearly 90 points was contributed by Reliance alone.
Reliance is going all out to make the most in the current crude oil shortage. They are planning to push back planned maintenance to serve extra diesel demand.
Also, the review meeting on oil prices is going on in New Delhi. We may get a petrol price hike soon, but it would be great if taxes are reduced to match with this.
Mutual Funds data for the month of x has been published. There has been a net inflow of nearly Rs 19,705 crores to equity mutual funds, but this may be boosted due to tax-saving Mutual Funds near the end of the financial year.
Continue to invest in a staggered manner to take advantage of this market fall, also while safeguarding your capital.
Let me know your investment strategy in the comments down below!
See you on The Stock Market Show at 7 PM!
