Today’s Market Summarised
Indian markets move back up after the sharp fall yesterday.
NIFTY opened at 17,053 with a gap-up and moved up. By around 1 PM, the index hit a day-high and then cooled back down. Support was taken soon and the index hit closed with strength. NIFTY ended the day at 17,136, up by 178 points or 1.05%.
BANK NIFTY opened at 36,504 and fell more than 300 points in 15 minutes. Throughout the day, the index traded in a 400 point zone and moved sideways. BANK NIFTY ended the day at 36,314, down by 26 points or 0.07%.
NIFTY Auto, NIFTY IT and NIFTY FMCG closed well during the day.
Asian markets closed mostly in the green today. European markets are trading in the green currently.
News Picks
BPCL (+3.7%) closed at a 2-month high with good buying and closed as NIFTY’s top-gainer. Reliance also once again gained nearly 3% for the day.
Auto index outperformed in the day with Tata Motors (+3.6%), Eicher Motors (+3.3%) and Maruti (+3.1%) moving up more than 3% each.
Cement companies also moved up led by Shree Cements (+3.4%) and Ultratech Cements (+3.3%) in NIFTY. ACC (+7.3%) and Ambuja Cement (+4.8%) also shot up. ACC is up after posting Q4 results yesterday.
LTI (-5.5%) shares fell once again as the Q4 results of the company disappointed investors.
SAIL (-2.1%) moved down after Rakesh Jhunjhunwala’s name did not appear in shareholding, indicating he sold his stake.
Nestle India (+2%) moved up ahead of its results announcement today.
PSP Project (+5.2%) moved up after winning a large order worth Rs 948 crores.
Markets Ahead
Reliance is continuing to provide crucial support for the index. The stock is just under 1% away from its all-time high valuation!
Markets are in an important zone now. NIFTY has consolidated around this zone many times in the past. Those who are going bullish on the market can do so with a strict stoploss at 16,835 for NIFTY.
The 36,300 zone is also important for Bank Nifty. So keep an eye out if the index closes below this level.
On similar notes, expecting stability in the market, NIFTY IT is currently at support in a downward channel pattern. We can expect today’s recovery to continue for a few more days.
International markets seem to have taken the Ukraine-Russia news lightly. Even though some panic exists, a large fall like last time will not happen again unless there is a high escalation.
Also, looks like a 4th wave is coming soon in Covid. Do you think it will affect the market this time? Let us know in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.