Today’s Market Summarised
Markets consolidate once again after the gap-down opening.
NIFTY opened at 17,852 with a 100-points gap down. The index could not break the 17,900 level and created a day-low soon. After trading in a 120-point zone for the whole day, NIFTY ended the day at 17,807, down by 150 pts or 0.83%.
BANK NIFTY opened at 37,746 and took support near the 37,500 mark. The index tried to move up in the afternoon with power from SBI but soon fell back to the day-low again. BANK NIFTY ended the day at 37,632, down by 435 pts or 1.14%.
NIFTY IT (-1.6%), NIFTY FINSERV (-1.6%) and NIFTY Bank (-1.1%) closed in the red. NIFTY METAL (+.3%) and NIFTY PSU BANK (+2%) closed in the green.
Major Asian markets closed mostly in the red. European markets are also trading in the red currently.
News Picks
Coal India (+3.1%) moved up in the day and closed as the top-gainer of NIFTY.
SAIL (+4.4%), Tata Steel (+1.9%), National Aluminium (+3.5%) and Jindal Steel (+2.8%) helped the Metal Index close well in the green.
IOC (+2.7%), BPCL (+1.5%) and Powergrid (+1.5%) continued to perform from the energy sector. Tata Power (+5.9%), Hindustan Petro (+3%) also moved up
Marico (-4.1%) opened with a big gap-down after the company said consumption between Jan-March was low due to weak rural demand and price hikes.
Paytm (+4.6%) moved up after issuing a business update. Sees loan growth above 400%. The company said expects operating EBITDA breakeven in the next 6 quarters.
Airtel (+1.1%) and ITC (+0.06%) are approaching their 52-week highs. Indian Hotels (+6.5%), Vedanta (+3.2%), Bank of Baroda (+3.3%), Delta Corp (+2.6%), Jindal Steel (+2.8%) and IDFC (+3.8%) touched 52-week highs.
Idea (+4.3%) moved up for the 4th day in a row after Vodafone increased its stake in the company through its subsidiary.
IRCTC (-3.7%) fell after reports of the Government selling 3% stake through Offer for Sale.
Markets Ahead
Markets have been pushed back to near NIFTY’s 5-day Exponential Moving Average.
Power and energy stocks are continuing their rally while the rest of the market is trying to move back down. Adani Power closed another day at its all-time high.
BANK NIFTY is now looking like the index still has more room to move up. But the Open Interest data indicate that there is bearishness before the weekly expiry tomorrow. So after tomorrow, the move up may come on Friday.
The Federal Reserve minutes tonight may affect the NIFTY’s opening tomorrow. So keep an eye out for it!
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See you at The Stock Market Show at 7 PM!
