Today’s Market Summarised
Markets move up after gap-up opening and volatility.
NIFTY opened at 17,450 with a big gap-up and fell. Eventually, it crossed back up and made a fresh day-high. The index consistently failed to stay above the 17,500 mark and fell slightly near closing. NIFTY ended the day at 17,498, up by 173 pts or 1%.
BANK NIFTY opened at 36,205 and took support. Even with the initial positivity, the index could not even stay above 36,400. After some afternoon consolidation, BANK NIFTY ended the day at 36,334, up by 486 pts or 1.36%.
NIFTY Media (+2.2%), NIFTY Finserv(+1.9%), NIFTY BANK (+1.3%), NIFTY REALTY (+1.5%) and NIFTY AUTO (+1.2%) closed with notable gains. Nifty Metal fell 2.17%.
Asian markets mostly closed in the green. European markets are trading mainly in red.
News Picks
Bajaj Finserv (+3.8%) and Bajaj Finance (+3%) closed in the top-gainers of NIFTY 50, touching multi-month highs.
HDFC Life (+3.6%) and ICICI Bank (+2.1%) were among other financial stocks in the top-gainers list.
In fact, HDFC Bank (+1.7%), HDFC (+2%), HDFC Life (+3.6%) and HDFC AMC (+3.3%) saw good gains in the day.
Tata Consumer Products (+3%) said it will be merging Tata Coffee (+9.3%) business with itself. Both stocks moved up.
ONGC (-5.2%) fell sharply after the government sold off a 1.5% stake in the company for around Rs 3,000 crores.
Metal stocks closed among the top-losers of NIFTY 50. Hindalco (-5%), JSW Steel (-4.8%) and Tata Steel (-2%) fell. Along with this, National Aluminium (-3.5%), Jindal Steel (-2.8%) and Vedanta (-2.8%) saw profit booking.
Ukraine Presidential Adviser says Russia will keep some forces near Kyiv to prevent Ukraine from transferring forces East.
Indian Govt approves HFCL (+3.1%), ITI (+2.7%), TEJAS (+5%-UC), for PLI Scheme in Telecom Sector. All stocks moved up.
Dilip Buildcon (+3.5%) moved up after winning order worth Rs 1589 crores, while GR Infra (+3.7%) won 5 new orders worth Rs 5,700 crores
Auto stocks remained stable and in fact, moved up after the Government made six airbags mandatory in all passenger cars.
Zomato moved up 10% in the day.
Markets Ahead
NIFTY is slowly and steadily moving up after breaking the 17,000 mark on March 17th. The key support for the index has moved up to 17,050, with the 200-day moving average at that level currently.
Reliance is continuing its upward rally and is just 3% away from its all-time high. The stock has gained 20% in 3 weeks. The next stock coming up for a similar trendline breakout looks to be HDFC.
The U.S. has said that Russia is “repositioning” forces near Ukraine’s Capital and not withdrawing. Russia has also said that there is no progress in the talks between Ukraine.
For now, markets look to be stabilising with constant upward moves. Did you catch this move in NIFTY? Let us know in the comments section of marketfeed app!
See you at The Stock Market Show at 7 PM!