Today’s Market Summarised
A volatile Thursday even while NIFTY closes flat!
NIFTY opened the day at 17,375 with a big gap-up. But from here, the index could not sustain and fell. Support was found at 17,200 twice and moved down. Buying in the last 30 minutes helped NIFTY close the day at 17,248, up 27 points or 0.16%.
BANK NIFTY opened the day at 37,094 with a gap-up and fell. The index tried to take support at 36,800 but fell sharply after breaking it. After a last hour fall and bounce back, Bank Nifty closed the day at 36,548, down by 240 points or 0.65%.
NIFTY IT(+1.1%) was the only index to close in green. NIFTY MEDIA(-1.7%) and PSU Bank(-0.95%) fell while most others closed slightly in the red.
Major Asian markets closed in the green today. All European markets are trading well in the green currently.
News Picks
Bajaj Finance(+2.6%) bounced back along with Reliance(+1.2%) from their support and closed among the top-gainers of NIFTY 50.
Infosys(+2.1%) moved up in the day gain on an extension of digital innovation deal with Australian Open. Wipro(+1.2%) and HCL Tech(+0.94%) also moved up from the IT sector.
Hindalco(-1.7%) closed as the top-loser of NIFTY 50 with selling from the morning. Most other NIFTY METAL stocks consolidated.
TVS Motors(-5.5%) fell after a gap-up opening after the company said yesterday that it would make electric bikes in partnership with BMW.
Syngene International(+0.26%) announces extension of collaboration with Amgen.
Subros(+4.5%) won an order from Indian Railways for supply of coach air-conditioners in a recently concluded tender.
LT(+2.4%) wins contracts of Rs 2,500-5,000 crores for its power transmission and distribution business.
FluoroChem(-8.4%) moved down after reporting a fire at its Halol unit in Gujarat.
Markets Ahead
A volatile trading day in the market. The U.S. markets moved up after yesterday’s announcement of holding interest rates the same. Even all Asian and European markets are now in the green. But our markets saw selling pressure from institutional players looking to book profits.
NIFTY traded fairly calmly in the highs and lows of the last 3 days. It was only Bank Nifty which moved down heavily. Infosys and Reliance stocks kept NIFTY stable.
NIFTY IT index indicates a breakout from their current consolidation channel towards the closing of the day. With the current recovery being seen in NASDAQ, we can expect a move in Indian IT stocks also in the coming sessions.
How was the weekly expiry today? Did you capitalize on the volatility or get trapped in it today? Let us know in the comments section of the marketfeed app!
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