Today’s Market Summarised
Surprise rally pushes the market to green from red.
NIFTY opened at 17,132 and started moving down. It took perfect support at the 17k mark and bounced up. Just after noon, it shot up with huge strength as institutional buying kicked in. With a big rally, NIFTY ended the day at 17,315, up 198 points or 1.16%.
BANK NIFTY opened at 36,012 and fell more than 600 points. Similar to the rest of the market, buying kicked in the afternoon and the index shot up 1,000 points. BANK NIFTY ended the day at 36,348, up by 330 points or 0.92%.
NIFTY IT and NIFTY AUTO gave good moves in the day. NIFTY REALTY moved down.
The Asian markets closed mixed today. European markets are trading in the green now.
News Picks
Strong results from tech U.S. listed Accenture gave bullishness to our IT stocks. TechM, TCS closed in the top-gainers of NIFTY 50.
Mphasis, LTI, Infosys and Wipro also moved up.
As petrol and diesel prices were hiked for the first time in 137 days, oil marketing companies BPCL and IOC closed with gains. Hindustan Petroleum and Reliance also moved up.
Chalet, Mahindra Resorts gained from the hospitality sector.
Hindustan Unilever, Nestle India and Britannia featured in the top-losers of NIFTY 50. Meanwhile, ITC closed at a 5-month high.
Graphite and HEG rallied after the recent metal sector move.
ZEEL fell after Bombay HC allowed its largest investor – Invesco to appeal against a previous order related to removing CEO Punit Goenka.
Ratnamani gave a breakout to fresh all-time highs after winning a pipeline deal yesterday.
Markets Ahead
Today’s gains in NIFTY were led by our very own Reliance. The stock contributed 36 points to NIFTY 50 today, after we discussed it was looking strong yesterday.
And what a clean trendline breakout in NIFTY, right? If you were following the 5-minute chart of NIFTY from yesterday, today’s breakout was clean and powerful. I am hoping that we can get to see strong institutional buying that indicates support at the 17,000 zone.
Anyway, a volatile start to the week! NIFTY is still trading below the high of Thursday and yesterday. U.S. Futures are also in the green. A gap-up above this zone will be really good for the market!
Keep an eye out on IT stocks. They look to be consolidating in the middle of the recovery rally!
How did your day go? Are any specific stocks on your radar for the coming week?
See you on The Stock Market Show at 7 PM!