Today’s Market Summarised
Markets continue rally with Reliance touching fresh all-time highs.2
NIFTY opened at 17,242 with a gap-up of more than 100 points. After some consolidation, the index created a fresh high for this week. It was a generally bullish session and NIFTY ended the day at 17,392, up by 256 points or 1.49%.
BANK NIFTY opened at 36,509 and mostly moved sideways. Around 2 PM, it followed the general market and gave a breakout. BANK NIFTY ended the day at 36,816, up by 501 points or 1.38%.
NIFTY AUTO (+2.2), NIFTY Finserv (+1.5%) and NIFTY IT (+1.3%) closed well in the green today.
Asian markets closed mixed today. European markets are trading mostly in the green currently.
News Picks
Auto stocks – Eicher Motors (+4.5%), Maruti (+2.7%) and M&M (+3.3%) once again featured in the top-gainers of NIFTY 50.
Coal India (+3.9%), Reliance (+2.3%) and Adani Enterprises (+4.6%) created fresh 52-week highs as energy demands across the country increased.
Jindal Steel (-2.9%) fell after news that the Enforcement Directorate (ED) is conducting search operations at two of the company’s locations in Delhi and Gurugram,
Paras Defence (+2.6%) gained after its subsidiary got shortlisted for Production Linked Incentive (PLI) scheme for drones.
ICICI Securities (-5%) fell sharply after its results announcement yesterday fell below street estimates.
Mazagon Dock (+4.2%) moved up after it launched the sixth submarine of project-75.
Jubilant Foodworks (+7.8%) moved up after its stock split day-before-yesterday.
Goa Carbon (+10% -UC) shot up after resuming the operations at Bilaspur unit.
Markets Ahead
Reliance has given a breakout in the charts and moved up to all-time highs. Similarly, other energy companies are also showing strength. We can see Adani Ent and Coal India also gaining sharply in the day.
The bullish momentum in NIFTY continued, mainly led again by Reliance and Infosys. Otherwise, it was a boring day for the index!
NIFTY IT looks like it is taking the support we discussed yesterday even with negative cues from the tech-heavy NASDAQ. This is again indicating a recovery in the index.
It was also the weekly expiry that gave a boost to volatility for NIFTY intraday. How did it go for you? Let us know in the comments section of the marketfeed app!
See you all today at 7 PM on The Stock Market Show.