Today’s Market Summarised
Markets bounce up and down to close the day of confusion.
NIFTY opened at 17,282 with a gap-up. By 11AM, the index was down more than 240 points to near the 17k mark. A v-shaped recovery was seen after which the index continued to be volatile. NIFTY ended the day at 17,266, up 53 points or 0.26%.
BANK NIFTY opened at 38,194 with a decent gap-up and fell. Just like NIFTY, the index was down nearly 900 points in less than 2 hours. It recovered from the 12-day low with ease and was volatile along with the rest of the market. Bank Nifty closed the day at 38,028, up 33 points or 0.09%.
Most sectoral indices closed with consolidation in the day. NIFTY PSU Bank (+0.82%) and NIFTY Metal (+0.80%) moved up the most while NIFTY Media (-1.03%) fell more than 1%.
Asian markets closed mostly in the green today. European markets are also trading in the green currently.
News Picks
Metal stocks are not giving up with Tata Steel (+3%), JSW Steel (+1.3%) and Vedanta (+1.1%) continuing to move up.
Energy and Power related stocks such as ONGC (-3%), Power Grid (-1.6%), IOC (-1.2%), Coal India (-0.62%) featured in Nifty’s Top Losers list.
Other energy stocks Tata Power (-6.7%), Torrent Power (-2.6%), IEX (-1.2%), PFC (-1.5%), Adani Power (-3.1%) also moved down.
Adani Wilmar listed at a slight gap-down at Rs 227, against the IPO price of Rs 230 and closed at Rs 268, up 16% with heavy buying.
The shares of pharma companies including Pfizer (+3%), Laurus Labs (-0.8%) and AstraZeneca (-0.4%) were in focus today ahead of quarterly earnings. There was also a report that the USFDA might start surprise inspections of their manufacturing facilities.
Cipla (+1.5%) and DivisLab (+1.8%) closed in the NIFTY top-gainer list while Lupin (-2.1%) continued its fall.
GNFC (+4.4%) is continuing the breakout, the stock is more than 15% up in the last two trading sessions.
Godrej Consumer Products (-1.2%) reported their Q3 consolidated net profit at Rs 530 crores compared to Rs 502 crores of last year.
Gujarat Alkalies & Chemicals (+2.6%) made a sharp rise after reporting Q3 consolidated net profit at Rs 200 crores against Rs 33.2 crores last year.
As HDFC Life (-0.46%) slipped to a fresh 52-week low, ICICI Prudential Life (-1.3%) touched its lowest since April and SBI Life (-1.1%) is nearing its lowest since August.
Bank of Baroda (+4.4%) extended its rally along with chemical companies SRF and Pi Industries after their results.
Markets Ahead
Markets fell heavily in the first 2 hours of the day but this was followed up by an easy recovery. NIFTY easily moved up 250 points before closing to end in green.
Reliance closed with a green candle for the first time in February, and pushed up NIFTY by 32 points. This was even as other energy stocks fell on the day.
Metal stocks continued to show strength and Pharma is also picking up pace now. Bank Nifty’s candles show that it is still having some strength. A confirmation of strength will only be seen if the index can cross today’s high near 38,222.
Are you holding any Bank stocks? Any expectations for Bank Nifty might go in the Month of February? Let us know in the comments down below!
See you on The Stock Market Show at 7PM!
