Today’s Market Summarised
Markets recover on the last day of the week as Western Nations refrain from military action against Russia.
NIFTY opened with a huge gap-up at 16,525 and shot up. There was positivity in the market as major U.S. markets closed in the green yesterday despite our markets falling. It went on to hit a high early in the morning before consolidating. NIFTY closed at 16,658, up by 410 points or 2.53%.
BANK NIFTY opened at 35,921 with a gap-up and moved up. It gave a clean breakout above the 36k mark and moved up another 700 points. After taking resistance at yesterday’s high, the index consolidated. Bank Nifty closed at 36,430, up by 1,202 points or 3.41%.
All sectoral indices closed in the green today. NIFTY Metal (+5.7%) and NIFTY REALTY (+5.3%) gained more than 5% each followed by NIFTY MEDIA (+4.6%) and NIFTY PSU Bank (+4.6%).
Almost all Asian markets mostly closed in the green today. European markets are also currently trading well in the green.
News Picks
Coal India (+8.9%) jumped and closed as the top-gainer in NIFTY 50 today. The Coal Ministry said that it is considering partnerships with private companies to operate nearly 100 closed or discontinued mines.
Tata Motors (+7.4%), Tata Steel (+6.6%) and Tata Consumer (+4.6%) closed among the top-gainers after falling heavily yesterday.
Dixon (+9.5%) gave a breakout and closed at a 2-week high. DLF (+8.8%) also regained from yesterday’s fall and ended the week in green.
Adani Power (+11.6%) won a court case on power dues from Rajasthan. The Supreme Court asked Rajasthan to pay Rs 3,000 crores to Adani.
Dr Reddy (+2%) completely acquires German Medical cannabis firm Nimbus Health.
Tata Power (+7.6%) says they will set up a 4 GW solar manufacturing facility in the next 18 months and also says their Solar order book stands at Rs 10,000 crore.
NMDC (+4.8%) raises prices of lump ore by Rs 400 to Rs 5,600/tonne. Stock prices recovered.
SpiceJet (+8%) to launch six new international flights to Bangkok.
Hindalco (+3.1%) and National Aluminum (+4.6%) moved up as Aluminum continues to trade at a high.
Markets Ahead
Russians have now entered Kyiv, the capital city of Ukraine. What caused global markets to react negatively yesterday have temporarily been put on hold currently.
European countries and America have not launched any attacks on Russia, instead have resorted to putting financial pressure. Europe continues to accept Russian Natural Gas, which it is heavily dependent on. This has caused crude and gas prices to calm down.
So even though there are fresh attacks going on in Ukraine, the markets are brutally ignoring it currently.
India VIX also fell back. NIFTY and BANK NIFTY however have not gained back to closing levels of Wednesday. This level will have to be broken back to show that the markets have recovered completely from the fall now.
The current doubt is if this is just a bounce before the next fall. As we know, the current market situations are driven mostly by the news. Any reports of fresh attacks by Western Countries in Ukrainian soil would trigger more panic.
How did the week go for you? Are you holding on to cash to invest in this dip or fully invested in the market? Let me know in the comments of the marketfeed app!
See you at The Stock Market Show at 7 PM!
