Today’s Market Summarised
Nifty’s 17k and BNF’s 35k save the market today!
NIFTY opened at 17,181, up by 28 pts. Heavyweights such as HDFC Bank, INFY, HDFC started to drag down the index just after the opening. But once again, 17k acted as strong support for Nifty. It was a clear U-turn recovery after 12 pm, powered by Reliance and Bank Nifty. NIFTY ended the day at 17,222, up by 69 pts or 0.40%.
BANK NIFTY opened at 35,488, up by 78 pts. The index fell sharply for the first 30 mins. The 35,000 level was strong enough to protect the index and it bounced back 700+ pts from there. BANK NIFTY ended the day at 35,710, up by 300 pts or 0.85%.
NIFTY IT (-0.35%) and NIFTY PHARMA (-0.33%) closed with a 0.3% cut. Nifty PSU Bank (+1.2%) closed more than 1% up.
The Asian markets closed mixed in the day. European markets are currently trading in the green.
News Picks
Bharti Airtel (+3.3%) closed as the Nifty 50 top gainer after announcing the acquisition of a 4.7% stake in Indus Tower (+3.3%).
Coal India (+2.7%) is now able to meet 98% projected coal demand of power plants. The stock moved 2.7% up.
From banking stocks, Axis Bank (+2%), ICICI Bank (+1.5%) and SBIN (+1.3%) entered the top gainers list.
Two multiplex chains- Inox (+11.3%) and PVR (+3.3%) moved up after announcing their merger. Investors will get three shares of PVR for every 10 shares of INOX Leisure.
GAIL (+3%) has decided to consider the buyback of its shares on March 31.
Sagar Cements (+1%) opened with a huge gap-up as the board approved the issuance of shares to Premji Invest affiliate.
Escorts (-5.5%) moved down as the open offer made by Japan’s Kubota Corporation to acquire an additional 28.42 percent stake in the company ends today.
Most of the stocks from Nifty IT closed in the red. Coforge (-1.9%), HCL Tech (-1.3%), LTI (-1.8%), Mind Tree (-1.1%) fell more than 1%.
Reliance (+1%) is now just 5% below its 52-week high.
Aster DM(+10.5%) moved up after its plan to invest Rs 500 crore in Tamil Nadu.
Tata Elxsi (+7%) continued the breakout, 18% up in two days. Guj Alkali (+10.7%) hit a fresh 52-week high today.
Markets Ahead
Both Nifty and Bank showed a U-turn recovery today, with 17k and 35k acting as strong supports. Nifty formed a double bottom pattern near 17k and moved up, similar to March 22. But the index is still trading below the recovery trendline of the month.
Reliance stayed strong even during the opening fall of other heavyweights. It has recovered 20% in the last 3 weeks.
According to the latest reports, today’s talks between Russia and Ukraine have made no major breakthrough so far.
The current Fiscal Year is near the end and top investors are changing their stake in portfolio stocks with lakhs of shares exchanging hands. It looks like a time to make our own portfolio analysis!
See you at The Stock Market Show at 7 PM!