Today’s Market Summarised
Markets move down for the first day of the week
NIFTY opened at 17,330 and was very volatile. It tried to take support at the purple zone but after some time it changed to a resistance zone. After a tough afternoon fall, NIFTY ended the day at 17,117, down 169 points or 0.98%.
BANK NIFTY opened at 36,573 and quickly broke the previous day’s low. This was not taken back easily and the index fell even below the 36k mark afternoon. BANK NIFTY ended the day at 36,018, down by 410 points or 1.13%.
NIFTY Metal closed well in the green today. Nifty FMCG(-1.7%), Nifty Auto(-1.2%), Nifty PSU Bank(-1.2%), and Nifty Finserv(-1.1%) are the underperformers.
The Asian markets closed mixed today. European markets are trading in the green now.
News Picks
Coal India(+3.26%) gained in the day along with some other energy stocks. The stock gained after the Coal Minister said they have no plans to raise royalty.
Hindalco(+2.28%) moved up and closed in the top-gainers of NIFTY 50 as aluminium prices increased again worldwide. National Aluminium(+5.18%) also moved up.
Other metal stocks including Vedanta(+5.71%), Welcorp(+4.06%) and Jindal Steel(+2.19%) also moved up.
FMCG stocks fell after concerns of inflation and upcoming price hikes in the sector. Britannia, Tata Consumer and Hindustan Unilever fell 2-3%.
GAIL(-4.63%) dropped 7 points after factoring in the Rs 5/share dividend. BSE shares priced halved after the record date of 2:1 bonus issue.
Indigo(-4.38%) share prices crashed after domestic airline data indicated a fall in market share from 55% in January to 51% in February.
Valiant Organics closed in the 20% Upper Circuit with high volume buying.
Markets Ahead
The market situation currently looks good with NIFTY in a consolidating mood. Even the 1% fall today keeps the index about the 200-Day Moving Average and the 17,000 mark.
The crude oil moving up to a 10-day high has a negative impact on the market. Crude Oil now trades at over $109/barrel.
Reliance is trading comfortably above the trendline and might give more moves soon. Looked strong today as well.
BANK NIFTY has also barely closed above the 36k mark. The bigger support now looks to be 35,500 for BANK NIFTY and the 16,950 mark for NIFTY.
How did your Monday go after the 3-day weekend? Let us know in the comments below!
See you on The Stock Market Show at 7 PM!