Today’s Market Summarised
After seeing how the US markets performed yesterday, if I told you Nifty would close in green, that too up by more than 1%, would you have believed it? But that it exactly what happened today. After opening with a gap-up at 11,815, Nifty fell sharply till 11,720 more than 90 points. But from that low, Nifty only went up and up. By making consisten higher highs and higher lows, and taking resistance at 11,900, Nifty closed at 11,889, up 121.65 points or 1.03%.
Banks turned out to be the best performing sector of the day. Bank Nifty opened at 24,313 and went down, but after Kotak Mahindra Bank’s results pushed positivity into the index, the index went up to take resistance near 24,800 and closed at 24,769, up 694 points or 2.88%.
Nifty Bank, Nifty Pharma and Nifty Auto were the best performing sectors of the day. Nifty IT performed the worst.
Asian markets closed in mild red or flat for the day. European markets are trading in flat to red, at the time of writing.
News Picks
Shares of Tata Motors closed at Rs 136.65, up 2.21% in anticipation of good results for last quarter. Consolidated net loss stands at 307 crores vs 187 crores last year. The results are still better than estimates.
Bharti Airtel has announced its Q2 results with a net loss at Rs 763 crores against 15,930 crores last quarter. Revenue is up 8% QoQ to Rs 25,790 crore.
Kotak Mahindra Bank was the obvious top gainer of the day. It showed bulllishness from the start and kept going up after the amazing Q2 results declared yesterday. The bank single-handedly kept Bank Nifty in green throughout the first half of the day, and the bullishness even inspired other banks to come to green. Shares of Kotak closed at Rs 1,587.65, up 12.05% for the day.
Shares of Amaraja Battery closed at Rs 786.75, up 3.48% for the day. During market hours, the company had announced its Q2 results with net profit down 10% Year-on-Year to Rs 200 crore.
Two wheeler stocks recovered after yesterday’s sharp fall. With the current market conditions, do you feel it will fall even more considering the lower sales numbers? On the other side, industry sources have said that Tata Motors recorded 100% growth in car bookings & 90% growth in Passnger Vehicles retails during Navaratri year-on-year.
Hero Motocorp and Harley Davidson have announced a partnership for Indian market. We had discussed about the rumoured deal more than a month ago, here on marketfeed.
Shares of recently listed Angel Broking hit its 20% upper circuit and closed there itself at Rs 298.50. Q2 results of the company put revenue up 80.4% at Rs 309.9 crore year-on-year. Net profit was up 3.9 times at Rs 74.5 crore YoY.
Markets Ahead
Very surprisingly, Nifty made a turn-around from its slight bearish trend during the day. Thoughh, after the index closed the day open levels successfully, it was a confirmed trend in our heads. Not considering the initial bit, it was a clear trending day in the market today. Global factors don’t seem to be affecting Nifty as much as normal due to the many results coming out in between. ICICI Bank and Axis Bank are also set to announce their results soon. Will Bank Nifty cross 25,000 soon? Let us wait and watch tomorrow.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.