Today’s Market Summarised
Nifty opened the day with a gap-up with SGX Nifty boosting the index in the morning. The index consolidated heavily near 13,700 and went up to touch 13,740, fell sharply to even go below day open. It took support near yesterday’s high and went back up to close just under 13,749, up 148 points or 1.09%.
Bank Nifty also opened the day at a gap-up, just above 30,000 level. The index went up to cross more than 30,500, but fell sharply towards the end of the day. Kotak Bank was among the major bank to hit its all-time high today. Bank Nifty closed the day at 30,402, up 518 points or 1.74%.
Nifty Financial Services and Bank Nifty closed as the major gainers for the day, while Media and IT were among the top losers in the day.
Asian markets mostly closed in green today. European markets are currently in green today.
News Picks
Tata Motors almost 4% up, with Jaguar Land Rover giving growth guidance for the year and saying it was unaffected by the UK lockdowns and port shutdowns.
DLF shares spiked but could not sustain even after the company announced that it was seeing high demand for its real estate properties.
ONGC and IOC shares closed more than 2.4% up after crude prices increased worldwide.
Shares of Bharti Airtel went up almost 2% while that of Vodafone Idea fell by more than 4%. We had discussed the telecom subscriber data in our pre-market report today.
Most IT sector stocks including Infosys and Wipro came under heavy profit booking even in the bull market.
Shares of Ambuja Cement closed more than 4% after falling from the upper circuit. The cement firm announced the renewal of the current Technology and Know-How Agreement (TKH Agreement) with Holcim Technology.
Markets Ahead
Again what a day for NIFTY today. After falling heavily on Monday, and touching a low of even 13,131(some speculations regarding a technical glitch at NSE’s clearing wing). The index has gone up more 600 points in 3 days, and re-affirmed the bullishness of the market.
Midcaps and smallcaps actually fell throughout the week, while the Nifty closed barely in red. All-time high is the next target for Nifty, and just after that 14,000 will be the mark to beat.
Reliance actually moved up the markets, along with HDFC Bank today. And as we had discussed in this space yesterday, once Reliance starts to move the resistances in NIFTY would not matter. That is exactly what happened today, with open interest jumping all around the place.
Wishing you all a very merry Christmas, with a 3-day market weekend.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.
