Today’s Market Summarised
Market closes in green after 3 days of consecutive fall!
NIFTY opened at 15,755 with another gap-down. The index tried to move up early on but fell to a fresh day-low towards noon. Once the European markets opened in the green, our markets also found strength and moved up. NIFTY ended the day at 16,013, up 150 points or 0.93%
BANK NIFTY opened at 32,560 with a gap-down. The index broke yesterday’s low but bounced back before touching the 32k mark. A 1,000-point rally was seen after 1:30 PM. Bank Nifty closed at 33,158, up by 286 points or 0.87%.
All sectoral indices except NIFTY METAL (-1.4%) closed in green today. NIFTY Realty (+3.2%), NIFTY PSU Bank (+2.5%), NIFTY MEDIA (+2.7%) and NIFTY IT (+2.6%) gained the most.
Major Asian markets closed in the red today. European markets are trading in the green currently, with just U.K. trading flat.
News Picks
IOC (+4.2%) closed as the top-gainer in NIFTY 50 today. The company has tied up with Adani Ports (+1.6%) to expand crude volume at Mundra Port.
As the rupee weakened against the dollar, Pharma and IT companies moved up. SunPharma (+3.9%), Cipla (+3%), TCS (+3.3%), Wipro (+2.7%), TechM (+2.6%) and Dr Reddy (+2.6%) gained.
The stocks which gained in the last many days including Hindalco (-4.8%), Tata Steel (-1.7%), ONGC (-4.2%), JSW Steel (-1.1%) and UPL (-1%) saw profit booking.
With International gas prices increasing, shares of IGL (+9.6%) , MGL (+6.7%) and GujGas (+5.1%) moved up.
LemonTree (+7.4%) gave a breakout to a 4-month high with institutional buying.
Markets Ahead
Markets were down for the majority part of the day. Just after noon, Dow Jones Futures was down 360 points before reversing and gaining 500 points. European markets also opened in green.
Currently, things are looking similar in Europe. The UK said they would support Poland if it chooses to provide fighter jets to Ukraine. Meanwhile, Russia declared a ‘silence regime’ in Ukraine from 10 AM and opened humanitarian corridors from Kyiv giving hope of negotiations.
NIFTY closing above 16,000 is giving confidence to the entire market. A comeback rally may be in the works if international tensions subside. IT and Pharma indices are showing huge strength as value of rupee continue to fall.
What do you think of a comeback rally in the markets? Let me know in the comments down below!
See you on The Stock Market Show at 7 PM!