Tag: HDFC Bank share

Markets lose the initial gains with a sharp fall afternoon.

NIFTY opened the day at 16,290. The index moved up taking support from the trendline of Friday and shot up, but the 16,400 appeared as the villain. NIFTY fell sharply in the afternoon and closed the day at 16,214, down by 51 points or 0.32%.

BANK NIFTY started the day at 34,321 and moved more than 450 pts to the day high. But who was on the upper side? The index found strong resistance at 34,800 and we saw a sharp fall from there. BANK NIFTY ended the day at 34,247, down by 28 points or 0.08%.

Nifty Metal (-8.1%) was completely crushed down. Nifty Auto (-1.8%), Nifty IT (-1%), Nifty Pharma (-1.3%), Nifty Realty (-1%) closed with moe than a 1% change.

All major Asian markets closed in the green. European markets are currently trading in the green.

Today’s Moves

Metal stocks crashed sharply in the day after a hike in export duty on steel. With this, steel prices are expected to fall in the local market.

Tata Steel (-12.6%), JSW Steel (-13.2%) and Hindalco (-3.7%) fell sharply in the day.

Jindal Steel (-17.3%), NMDC (-12.5%), and SAIL (-10.9%) also fell heavily.

Auto stocks did well in expectation that the lower metal prices and petrol prices would be good for the industry. M&M (+4.2%), Maruti (+4.1%), Hero Motocorp (+1.3%) and Eicher Motors (+1.2%) gained from NIFTY 50.

Divis Lab (-9.4%) crashed after the company’s results announcement. Net profits moved up 78% YoY and beat estimates.

ONGC (-4.2%) went down after the government cut excise duty on petrol and diesel. Reliance (-0.67%) and BPCL (-0.21%) were also under pressure.

Markets Ahead

Metals falling as export duty has been hiked was a big shock for the stocks. Today, that drove many market movements, with just Tata Steel pulling down NIFTY by 20 points.

Excise duty cuts on petrol and metal prices aim to control inflation in the country. This was welcomed by the market with a gap-up opening today.

However, the RBI Governor causing volatility was not welcomed!

Pharma and FMCG stocks are showing strength, but do take caution with stocks like Divi’s Lab which are nearing their results announcements.

See you at The Stock Market Show tonight at 7PM.

See you on The Stock Market Show tonight at 7 PM.

Craziness in the market continues with a big gap-up again after Chinese markets. 

NIFTY opened the day at 16,044 with a gap-up of 234 pts or 1.4%. Opening above 16k was a good sign and the index moved continuously till the day’s end, fueled by the opening of the European market. NIFTY closed the day at 16,266, up by 456 points or 2.89%.

BANK NIFTY started the day at 33,685, with a gap-up of 449 points. It shot up 400 points in just 30 minutes. After struggling around the 34k region the index shot up to test the resistance at 34,350. BANK NIFTY ended the day at 34,276, up by 960 points or 2.88%.

All sectoral indices closed in the green, ledy by Nifty Media (+4.4%), Metal (+4.2%), Pharma (+3.6%), PSU Bank (+3%), Realty (+4.2%), Nifty Auto (+2.7%), Finserv (+2.5%), and FMCG (+2.1%).

All major Asian markets closed in the green. European markets are currently trading around 1.5% up.

Today’s Moves

Dr Reddy’s (+8.1%) moved up sharply in the day and hit its highest level in May. Yesterday, the company reported a sharp drop in profits for Q4.

Reliance (+5.8%) shot up with power as the entire market suddenly turned bullish.

Concor (-5.4%) and GodrejCP (-4.6%) crashed after announcing their Q4 results yesterday. 

Nestle (+4.7%) bounced back from a 52-week low and closed among the top-gainers of NIFTY 50. 

Welspun Corp (+17.2%) moved up after winning their largest order in history for the supply of pipes valued at Rs 5,000 crore (approx) in the US.

Chemcon Speciality (+8.6%) moved up after the Gujarat Pollution Control Board cancelled the closure order of the company’s manufacturing plant.

HDFC (+3%) said that as of May 13, 2022, the total foreign shareholding in the corporation is 68.56% of its total issued and paid-up share capital.

Markets Ahead

An unbelievable case of market volatility. Yesterday we say a fall of nearly 3% and today we are seeing a rally of nearly the same percentage.

The Chinese central bank cut its interest rates and induced a lot of positivity into the Asian markets. Our indices followed along with them and shot up in the day.

The 16,000 zone which was supposed to act as a resistance, became a good support in the day. There is however a good resistance at 16,300 being indicated for NIFTY.

Crude oil prices are staying stable in the $110/barrel range internationally. Stocks which benefit from this, including Reliance, may be strong. Reliance alone contributed more than 110 points to NIFTY today.

See you on The Stock Market Show tonight at 7 PM.

A bearish day for the markets following other global markets.

NIFTY opened the day at 15,942 with a nearly 300 points gap-down. From here, it consolidated before giving a further breakdown at 11 AM. NIFTY took support near the week’s lowest point and closed the day at 15,809, down by 431 points or 2.65%.

BANK NIFTY started the day at 33,552, with a gap-down of 600 points. It was very volatile for the first 2 hours but fell further once the day-low was broken. Even with the decent recovery towards closing, BANK NIFTY ended the day at 33,315, down by 848 points or 2.48%.

All sectoral indices closed in the red. NIFTY IT (-5.7%), NIFTY METAL (-4%) and NIFTY MEDIA (-3.7%) fell sharply. Just NIFTY FMCG (-0.65%) closed somewhat flat for the day.

All major Asian markets closed in the red. European markets are currently trading well in the red.

Today’s Moves

Our markets were bearish following other global peers. Most stocks closed in the red.

ITC (+3.3%) went against the market trend and hit a fresh 52-week high, closing as NIFTY’s top gainer.

IT stocks once again turned bearish in the day following a 5% fall in NASDAQ. Wipro (-6.2%), HCL Tech (-6%), Infosys (-5.4%), TechM (-5.4%) and TCS (-5.4%) fell heavily and were the top 5 losers in NIFTY 50.

Other IT stocks including Coforge (-7.2%), LTTS (-7.1%) and Mphasis (-7%) were among other IT stocks which crashed.

Manappuram (-9.5%) fell to a 2-year low after the lender’s net profit fell 44% for Q4.

JK Lakshmi Cements (+7.2%) shot up in a bearish market after net profit grew 18% YoY for the 4th quarter.

Metal stocks fell sharply with SAIL (-5.2%), Tata Steel (-4.9%), JSW Steel (-4.8%) and Jindal Steel (-4.4%) falling heavily.

Markets Ahead

Till yesterday, things were looking decent for our markets. Then yesterday night, major results announcement from U.S. retail giants upset the Dow Jones index.

We saw our markets opening with a huge gap-down because of this. S&P and Dow Jones Futures down more than 1%.

Because of the gap-down opening, all the put option sellers at 16,000 moved to push the market down further. This was seen in the major indices along with the general bearish.

Let us see if the Domestic Investors support the market as Foreign Institutional Investors continue selling.

A crazy weekly expiry just as we have been having for the past weeks. NIFTY is once again at the important support zone near 15,740. If the global markets continue their bearishness, we might break this zone and things would get worse. Bears will gain strength and the 16,000 mark would be an important resistance to break.

See you on The Stock Market Show tonight at 7 PM.

Market consolidates after yesterday’s strong breakout.

NIFTY opened the day at 16,318, up by 58 pts. Similar to recent days, the 16,400 level acted as a strong resistance and the index fell to the 16,200 range. NIFTY ended the day at 16,240, down by 19 points or 0.12%.

BANK NIFTY started the day at 34,448, up by 146 pts. After the first half consolidation, the index fell sharply towards 34,100 levels, which acted as a good resistance yesterday. BANK NIFTY ended the day at 34,163, down by 138 points or 0.40%.

NIFTY FMCG (+1.2%), NIFTY Pharma (+1%), NIFTY PSU Bank (-1.5%) and NIFTY Realty (-1.7%) were the indices with notable changes.

Japan and Taiwan markets closed in the green while China and Hong Kong closed flat. European markets are currently trading flat.

Today’s Moves

FMCG and Pharma stocks did well during the day. Tata Consumer (+2.7%), Hindustan Unilever (+2%), Cipla (+2%) and Divislab (+1.4%) closed in the top gainers of NIFTY 50 from these sectors.

Granules (+4.9%), Auropharma (+4.4%) and Biocon (+2.2%) were other gainers from the pharma index.

MCX (+6.5%) gained for the third day in a row after announcing their Q4 results. The commodity exchange also said it has received approval from SEBI for introducing monthly options in gold.

IOC (-5.1%) fell sharply after announcing a 26% fall in YoY profit numbers for the last quarter. Hindustan Petro (-4.7%) and BPCL (-3%) hit fresh 52-week lows.

LalPathLab (-6%) hit a fresh 52-week low after announcing poor Q4 results. Meanwhile, Petronet (+4.8%) moved up after reporting a 14% YoY increase in net profits.

Route Mobile (-14.6%) crashed with high volumes after the results announcement, while Sudarshan Chemicals (+20%-UC) shot up during the day.

DeltaCorp (-5.9%) crashed on news that India may levy 28% GST on casinos.

Yes Bank (+4.5%) gained after news that private equity firms Carlyle and Advent are in talks to buy a stake in the bank.

Sugar stocks gained after the Cabinet approved the change of ethanol blending target of 20% in petrol from FY30 to FY26.

Markets Ahead

NIFTY consolidated in the day after yesterday’s breakout. It was interesting to see how Reliance was still in the green and even tried to give a breakout.

Looking at the open interest(OI) data for tomorrow, put addition has happened but we can see far more calls being written in the market today. The 16,400 and 16,500 calls doubled their OI from yesterday, with more than 2 lakh contracts at the latter strike. 

More call options being written indicate the level might act as a resistance tomorrow for the weekly expiry.

In international news, Finland and Sweden submit applications to join NATO. Russia has taken over yet another city in Ukraine as war rages on.

The Indian rupee weakening against the dollar is something we’ll have to be worried about. But clearly, this is giving strength to pharma stocks. 

What are your predictions for the weekly expiry tomorrow? Let us know in the comments section of the marketfeed app!

See you on The Stock Market Show tonight at 7 PM.

A strong bounce back by the heavyweights helps NIFTY post best day in 2 months. 

NIFTY today opened outside the downtrend channel at 15,912, up by 70 pts. The index had no confusion and was in a clear uptrend today. After breaking major resistances, NIFTY ended the day at 16,259, up by 417 points or 2.63%.

BANK NIFTY started the day at 33,796, up by 198 pts. After taking support from 33,700, the index moved up till the day-end with some consolidation above the 34k mark. BANK NIFTY ended the day at 34,301, up by 704 points or 2.1%.

Nifty Metal (+6.8%) had an amazing day. All the indices closed in the green with Nifty Auto (+2.4%), NIFTY PSU Bank (+2%), NIFTY Finserv(+2%), NIFTY FMCG (+2%) NIFTY IT (+2.7%), NIFTY Media (+3%) moving the most.

Asian markets closed well in the green. European markets are trading currently with a gain of 1%.

Today’s Moves

Nifty Metal stocks bounced back strongly after falling heavily for many days-  Fueled by China’s reopening plans.

Hindalco (+9.5%) closed as the Nifty 50 top gainer. Tata Steel (+7.7%), Coal India (+7.4%) and JSW Steel (+6.5%) also featured in the list. Hind Copper (+9.9%), National Aluminum (+7.7%), SAIL (+5%), Vedana (+11.7%) moved up.

As we discussed earlier, Nifty Auto is continuing the strength from support levels. Tata Motors (+4.6%), TVS Motors (+3.4%), Maruti (+3.9%), and Eicher Motors(+3.3%) performed well.

Today’s largest contributor to NIFTY, Reliance (+4.2%), closed above the major resistance of 2500. ONGC (+6.2%) also gained as international crude oil prices hit a near 2-month high.

LIC opened with a discount of 8% at Rs 872 vs Rs 949 IPO price and closed at Rs 875.

Tata Power (+6.4%) partnered with Hyundai Motor India to power up EV-charging infrastructure in the country. Most power stocks including Adani Power (+5%), IEX (+4.1%) and JSW Energy (+8%) also moved up.

Many small cap stocks including STL tech (+13.1%), VTL (+12.1%), NLC India (+11.7%), Intellect (+11.1%) closed more than 10% up.

IT stocks gained back in the day with Wipro (+4%), HCL Tech (+3.6%) and TCS(+2.2%) outperforming. LTTS (+8%), LTI (+4.5%) and Mindtree (+4.5%) also gained back well.

Abbott India’s (+6.8%) results stood above estimated levels with a net profit of Rs 210 crores, up 35% YoY.

Star Cement (+8.8%) moved up after reporting Q4 consolidated net profit at Rs 88.4 crores, 90% higher than last quarter.

Markets Ahead

India reported its April Wholesale Price inflation at 15.08%, but this was expected after last week’s inflation data.

NIFTY has taken support and moved back up once again supported mainly by Reliance. There is a dual effect to this as Indian markets tend to get weaker when crude oil prices move up in the short term. Meanwhile, Reliance would do better and push the market up.

Russians firing missiles near the Polish border was also conveniently ignored by the bulls.

NIFTY has recovered and comfortably closed above the 16k mark. It is still more than 500 points away from the 200-day exponential moving average which needs to be crossed for confirmation of trend.

IT stocks have gained back despite global pressure. Bitcoin is also trying to gain after its first 7-week losing streak in history.

Bank Nifty has now created two strong green candles in the daily charts. The 200-day EMA is near the 36,000 mark for the index and needs to be watched out for.

See you on The Stock Market Show tonight at 7 PM.

NIFTY once again takes support at important levels.

NIFTY opened the day at 15,853 and fell 100 points in 5 minutes. At Friday’s low, the index took support and jumped back up to near the 16k mark. The power was not sustained and NIFTY ended the day at 15,842, up by 60 points or 0.38%.

BANK NIFTY started the day at 33,263 and took support at the 33k mark once again. The index showed some strength throughout the day and even went near to Friday’s high. BANK NIFTY ended the day at 33,597, up by 476 points or 1.44%.

Nifty Auto (+2.2%) continued strength while NIFTY PSU Bank (+2.9%) and NIFTY Realty (+2.6%) recovered. 

Asian markets mostly closed well in the green. European markets are trading mixed currently.  

Today’s Moves 

Eicher Motors (+7.6%) jumped to close as NIFTY’s top gainer after the company reported a 16% YoY increase in net profits.

Cement stocks UltraTech Cement (-2.9%) and Shree Cements (-2.5%) closed as the top losers of NIFTY 50 after Adani Group bought Ambuja (+2.4%) and ACC (+3.9%) for a whopping Rs 81,000 crores.

Vodafone Idea (+12.5%) moved up in the day with high volumes as testing of 5G continues.

Balkrishna Industries(+8.6%) moved up after showing good growth in Q4 numbers. Meanwhile, Escorts (+6.1%) gained even after a fall in profit numbers after outlying future growth plans.

Bandhan Bank(+6.6%) gained as asset quality improved with recovery of many Non-Performing Assets(NPAs).

Markets Ahead

NIFTY has taken support at the 15,740 level for the third day in a row and banking stocks once again come to the rescue.

In the mere 60 point gain for NIFTY today, the stocks which contributed the most were HDFC Twins, Kotak Bank and SBI.

NIFTY Midcap and Smallcap continued to outperform the bigger stocks.

The important resistances for NIFTY to look out for this week are 16,000 and 16,080. As Foreign Investors continue selling, it is tough to see how our markets might gain back compared to other global peers.

Tomorrow, we will see the listing of LIC after its huge IPO. The faith of crores of small investors might be tested as the IPO might see a listing loss of nearly 60 rupees. But surely, there are many institutions waiting to pump the stock up.

Will India’s biggest IPO make small investors lose confidence in the stock market? Share your thoughts in the comments section of the marketfeed app!

NIFTY opened the day at 15,977 with a gap-up of 169 pts or 1%. After the initial confusion, the index broke 16k resistance to touch the day high at 16,083. But after 1: 30 pm, Nifty fell more than 300 pts and took support at yesterday’s low. NIFTY ended the day at 15,782, down by 25 points or 0.16%.

BANK NIFTY started the day at 33,925, up by 393 pts or 1.1%. The 34k level acted as a beautiful resistance and it was a sharp fall in the afternoon. The index dived nearly 1000 pts in just 90 mins! BANK NIFTY ended the day at 33,121, down by 410 points or 1.2%.

Nifty Auto (+2.4%), NIFTY FMCG (+1.8%), NIFTY Pharma (+1.6%), NIFTY Metal (-2%), NIFTY FINSERV (-1.2%) and NIFTY Bank (-12%) closed with notable changes.

Asian markets closed well in the green. European markets are also trading in the green currently.  

Today’s Moves 

Tata Motors (+8.6%) had a stellar day after reducing its net loss to Rs 1,032 crore in Q4 from Rs 7,605 last year.

Considering sector-wise performance Nifty Auto had a great day. Ashok Leyland (+4.3%), Bharat Forge (+4.1%), Eicher Motors (2%), Hero MotoCorp (+2%), M&M (+2.8%), TVS Motor (+5.3%), and Tata Motors (+8.6%) moved up.

But Maruti fell 2%.

Tyres stocks such as JK Tyre (+6.3%), Apollo Tyres (+2.7%), MRF (+6.5%),CEAT (+1.6%) closed in the green.

Sun Pharma (+3.8%) moved up after receiving a USFDA approval for the Mesalamine capsule.

Major FMCG stocks including Britannia (+1.9%), COLPAL (+2.3%), Godrej CP (+3.3%). HUL (+2.5%), ITC (+2.2%), Radico (+2.%), MCDOWELL (+3.9%), and VBL (+2.5%) closed well in the green even after the after noon fall.

Emami (-5.1%) posted Q4 consolidated net profit at Rs 356 crores against Rs 87.7 crores last year.

Reliance (+1.1%) closed in the green as Jio added 12.6 lakh subscribers in March after losing for three months. Interestingly, Airtel (-2.2%) and Idea(+2.4%) moved today opposite to their customer changes. Indus Tower fell 9.2%. 

Titan (+2.1%) featured in the top gainers’ list as they forecasted good business growth in the coming years.

Hindalco (-4.4%) continued the recent downtrend and closed as Nifty 50 top looser. Steel stocks JSW Steel (-3.9%), SAIL (-1.3%), Tata Steel (-1.8%) was falling from the opening itself.

SBI (-3.8%) reported Q4 standalone net profit at Rs 9100 crores compared to Rs 6540 crores last year. But the stock moved down as it missed estimates. ICICI Bank (-2.6%) and Axis Bank (-2.1%) also moved down

RBL Bank (+9%) moved up after reporting a 162% YoY growth in Q4 net profit.

Union Bank (+7.1%) shot up after reporting Q4 standalone net profit at Rs 1440 crores against Rs 1329 crores last year.

Bandhan Bank (+4.3%) reported Q4 standalone net profit at Rs 1900 crores compared to Rs 103 crores last year.

PSU stocks BHEL (+2%), CONCOR (+1.9%), Cochin Ship (+1.6%), IRCTC, (+5%) also moved up.

Markets Ahead

Yesterday after market hours, the CPI inflation data came out and it was near an 8-year high at 7.9% in April. But our market opened with a gap-up, quite interesting!

But it was a day of ‘sell on rise’ as the market had no reason to bounce back.

Nifty levels 16,000 and 16,080 are now acting as good resistances. We should be more concerned about Nifty breaking supports in the 15,600-750 ranges than looking for a reversal.

HDFC Bank is testing the pre-Covid levels and it should be watched.

Bank Nifty is just 1000 pts above its 52-week low.

However, let’s consider the positive side also. It’s a great chance to start investing, and averaging our holdings and experiencing the bearishness will definitely help our long journey in the market.

Hey Fam, the Indian market is missing something. A booster shot? Positive sentiments? But major results are out. So we can’t look into them. What do you think it would be?

Share your thoughts in the comments section of the marketfeed app!

Markets crash once again following high U.S. inflation data.

NIFTY opened at 16,037 with a gap-down and fell further. Mostly it was a bearish expiry day with the index falling and falling. A low was taken near the Russian crash’s low. NIFTY ended the day at 15,808, down by 359 points or 2.22%.

BANK NIFTY started the day at 34,329 with a gap-down and fell 1% immediately. After breaking the 34k mark, extra bearishness took over. The 33,300 level was taken as support for today and the index bounced back up. BANK NIFTY ended the day at 33,532, down by 1161 points or 3.35%.

All sectoral indices closed in the red. NIFTY PSU Bank (-5.3%) , NIFTY Metal (-3.7%), NIFTY Bank (-3.3%) and NIFTY Finserv (-3%) closed with big losses.

Asian markets closed in the red. European markets are also trading in the red currently.  

Today’s Moves 

IOC (+1.3%) to consider the issue of bonus shares on May 17. It was the only stock to close more than 1% in the green from NIFTY.

Adani Ports (-6.1%) continued its fall as investors got scared with the earnings report being pushed by nearly 2 weeks.

IndusInd Bank (-5.7%), Bajaj Finance (-3.6%), Bajaj Finserv (-3.5%) and HDFC Bank (-3.3%) closed as the top losers of the day.

Meanwhile, PNB (-13.6%) crashed after announcing a 66% drop in net profits.

Markets Ahead

On March 9, NIFTY hit the lowest level of the year at 15,673 and we are very close to that range. Support was taken around that zone today.

Falling below that level could be a lot more alarming scenario, but Nifty staying in the 15,600-900 consolidation region is truly a great relief. Just zoom out to this time last year to understand how the index behaved in these levels.

BANK NIFTY was saving the market for many days now. But today, banks also lost patience, and the index fell by 3.3%. The fall in Nifty was a triggering factor for other indices also.

Nearly 80% of Nifty 50 stocks are trading below their 200-Day Exponential Moving Average, most stocks have broken their supports. 

Indian Rupee remains weak against the US Dollar, Global markets are falling, no clear updates from Ukraine Russia war, Rising inflation -everything is favouring the bear market! When the market is bearish, reasons are plenty!

The CPI Inflation data will be out soon, and a higher inflation value is expected. If the inflation remains high, it may lead to another interest rate hike in the coming months. This thought is preventing many investors from huge buying in these dips. 

Which level of Nifty do you trust the most to deploy 100% of your capital for a long position and why? Share your thoughts in the comments section of the marketfeed app!

See you all today at 7 PM on The Stock Market Show.

Today’s Market Summarised

Financial stocks once again continue to outperform the general market.

NIFTY opened at 16,277 and fell after failing to move up. There was bearishness in the index and it somehow took support at the 16,000 mark. The afternoon recovery was strong and NIFTY ended the day at 16,167, down just by 73 points or 0.45%.

BANK NIFTY started the day at 34,691 with a gap-up. The index fell more than 500 points by 1 PM. The afternoon recovery took the index to a fresh day-high by closing time. BANK NIFTY ended the day at 34,693, up by 210 points or 0.61%.

NIFTY IT (-1.2%) fell the most in the day. All other sectoral indices consolidated.

Asian markets mostly mixed during the day. European markets are up in the green currently.  

Today’s Moves 

ONGC (+2.6%) closed as the top-gainer in NIFTY 50 as international crude oil prices recovered overnight. Gujarat Gas (+6%), MGL (+2.3%) and other gas stocks also moved up.

L&T (-2.3%) fell to a fresh 9-month low.

Indiabulls Housing Finance (-20.5%) dropped sharply in the day ahead of its results.

CanFin Homes (-4.3%) and RBL Bank (-4.2%) fell sharply as well.

DCAL fell 20% after poor Q4 numbers.

Markets Ahead

Confusion in the market continues. Banks are showing strength with stocks like Kotak Bank continuing their breakouts.

Consumer Price Inflation data can be expected tomorrow after market hours and is expected to be very high. The sudden interest rate hike by RBI last week is also said to have been because of this high inflation prediction.

The U.S. will publish its inflation data tonight. We will have to see how their markets react to it, with Dow Jones Futures now nearly 1% in the green. 

16,000 was taken as support, and it looks like domestic institutional investors are trying their best to keep the index above this zone. Also, Reliance is down 15% in 2 weeks. If international energy prices do recover, we may see a recovery in the stock.

Are you buying in this dip? Let us know in the comments section of the marketfeed app!

See you all today at 7 PM on The Stock Market Show.

Today’s Market Summarised

Reliance continues to pull down the market as banks show strength.

NIFTY opened with a small gap-down at 16,257. The index shot up initially and then cooled back down. Towards 1 PM, resistance was taken and a fresh day-low was created towards closing time. NIFTY ended the day at 16,240, down by 62 points or 0.38%.

BANK NIFTY started the day at 34,244 and shot up 200 points in 5 minutes. The index took resistance at 34,800 and fell nearly 400 points towards the closing time. BANK NIFTY ended the day at 34,482, up by 207 points or 0.60%.

NIFTY METAL(-5.20%) and NIFTY REALTY(-2.94%) crashed once again. Pharma(-1.48%) and IT(-1%) sectors also fell.

Asian markets mostly closed in the red. European markets are up in the green currently.  

Today’s Moves 

Eicher Motors(+3.04%) closed as the top-gainer in NIFTY 50 after a 6 trading day fall. Hindustan Unilever(+3.01%) also bounced back.

Asian Paints(+2.70%) moved up after announcing flat Q4 net profits growth at Rs 874 crores.

Energy stocks crashed along with global stocks as international energy prices dived. US Oil prices fell 8% in 2 days. Coal India(-7.10%), ONGC(-6.25%), Reliance(-1.73%) and NTPC(-2.23%) were among the top-losers in NIFTY 50.

Other commodity prices also fell internationally and our stocks reacted. Tata Steel(-6.98%), JSW Steel(-4.87%) and Hindalco(-4.75%) fell from NIFTY 50.

National Aluminium(-6.68%), Jindal Steel(-6.58%) and Vedanta(-5.65%) were other metal stocks which crashed.

Kotak Bank(+1.68%) is testing and breaking a downtrend. We may see a good breakout in the coming weeks if Bank Nifty supports.

Markets Ahead

It is worth noting that Metals have fallen significantly. This makes the fall more than 15% from the high. International metal and realty stocks have been falling after the interest rate hike are expected to cause a fall in housing demand.

Rupee falling to the lowest did hurt the market sentiments that led to the heavy selling in the last hour. India’s Consumer Price Inflation data will be a crucial event in this scenario. The data is expected to be out on Thursday. Also, we have U.S. CPI to be released tomorrow evening.

Now that the interest rate hikes have started based on a certain targeted inflation rate, this data would affect the market.

The European markets are sustaining the initial gains of the day along with the positivity in the US futures. 

For NIFTY, 16,400 has again proven its strength as a resistance level. Our markets have closed at the intraday low and it will be interesting to see if the US closes in the green and might cause a gap-up tomorrow for us. In that case, traders who shorted the market towards the end seeing the weak close will suffer a setback, just like what we have been seeing for the last month.

Let us closely watch 16,000 on the downside if the fall continues. Reliance showing bearishness as international energy prices fall is expected. So do expect this bearishness for NIFTY, as well.

See you all today at 7 PM on The Stock Market Show.

Today’s Market Summarised

Strong recovery after the gap-down opening. 16,150 and 16,400 are back in the game.

NIFTY opened the week with another gap-down at 16,227, down by 183 pts or 1.1%. We are very familiar with the strength of 16,150 support, and it happened again today. After taking support at 16,141, Nifty recovered 250+ pts to test the super resistance at 16,400. NIFTY ended the day at 16,301, down by 109 points or 0.67%.

BANK NIFTY started the day at 34,091, down by 499 pts or 1.4%. With the help of 33,900 support, the index managed to cut its opening losses. BANK NIFTY ended the day at 34,275, down by 315 points or 0.91%.

All sectoral indices except Nifty IT (+0.05%) closed in the red.  Nifty Media (-2.6%), Nifty PSU Bank (-2.3%), and Nifty Metal (-2%) closed more than 2% down.

Asian markets except China closed in deep red. European markets are down 1.5% -2% currently.  

Today’s Moves 

PowerGrid (+2.8%) continued the recent breakout after it took support from 200 EMA in February. 

INFY (+1.7%) closed in the green after triggering the morning recovery in Nifty. 

HCL Tech (+2.4%) has acquired Swiss company Confinale AG for Rs 408 crores.

Reliance (-3.9%) saw sharp profit booking after announcing its results during the weekend.

Campus Activewear listed at Rs 360/share in pre-open on NSE vs the issue price of Rs 292/share.

Can Fin Homes (-5.1%) and its promoter Canara Bank (-8.2%) moved down as a result of media reports saying “Reserve Bank of India is likely to investigate into the books of accounts of CanFin Homes”.

UPL (-1.1%) reported it’s better than the estimated Q4 consolidated net profit at Rs 1,390 crores against Rs 1,063 crores last year.

BASF (+8.4%) rocketed after posting a Q4 standalone net profit at Rs 150 crores compared to Rs 55.8 crores last year.

Central Bank Of India (-1.9%) marked a Q4 standalone net profit of Rs 310 crores vs a loss of Rs 1349 crores last year.

Markets Ahead

Today, INFY made a strong green candle and it can be added to our watchlist. A good volume in the daily candle will make it interesting.

Putin’s speech at Russia’s Victory Day parade today hurt the market and fueled the 150+ pts fall from 16,400. He concluded his speech without declaring mobilization or declaring war as rumoured.

We need strong up movements in Bank Nifty and Nifty IT if the profit booking in Reliance continues. If that does not happen, we may see another fresh low of the month. However, Nifty respecting technicals 16,400 and 16,150 levels is a very good thing as it will have lesser dependence on rumours and news.

The rupee is currently at a record low against US Dollar, which will have a negative impact on our Forex reserves.

Keep an eye out for weakness in our markets along with international markets as days go by. Implications of the interest rate hikes and inflation are also something to watch out for!

See you all today at 7 PM on The Stock Market Show.

Today’s Market Summarised

The afternoon session for the markets turns bearish after a gap-down opening.

NIFTY opened at 16,415 with a nearly 267 point gap-down. The index moved in a 140 point zone for the whole day sideways. By closing time, markets moved up to opening range. NIFTY ended the day at 16,411, down by 271 points or 1.63%.

BANK NIFTY started the day at 34,676 and fell a further 300 points. With a lot of volatility, the index moved in a zone of 450 points. BANK NIFTY ended the day at 34,591, down by 641 points or 1.82%.

All sectoral indices closed in the red. NIFTY REALTY(-3.56%), NIFTY IT(-2.27%) and NIFTY Finserv(-2.25%) fell the most.

Asian markets closed mostly in the red. European markets are trading in the red currently.  

Today’s Moves 

Hero Motocorp(+2.47%) touched a 40-day high and once again closed in the top-gainers list.

Bajaj Finance(-4.90%) and Bajaj Finserv(-3.53%) continued to see good selling once again.

Vedanta(-11.06%) closed in the red after accounting for a Rs 31.50/share dividend/.

Even with a sharp rise in net profits for the quarter, Chola Finance(-10.97%) fell. Voltas(-7.62%) fell after disappointing profit numbers.

Catholic Syrian Bank(+9.97%) had a breakout in the last 30 minutes of the day.

Realty stocks fell heavily in the day as housing loan rates are set to increase. Sobha(-6.20%), Phoenix Ltd(-5.03%) and Prestige(-4.08%) fell sharply.

FMCG index stayed stable in the day with ITC(+1.76%), Britannia(+0.94%) and PGHH(+2.03%) closing in green. Marico fell 3%.

Markets Ahead

U.S. markets fell to its worst day since 2020 as investors adjusted to their perception of interest rate hikes. This surprised global markets which thought that the worst was over.

I am sure including today’s selling, foreign institutional investors have sold of many thousands of crores of stocks for the week.

FII holdings in NIFTY 50 stocks are at a 9-year low.

Watch out for FMCG stocks which are staying stable. However, news specific movements could still rock these stocks. 

It is still the results season and we are seeing crazy movements. It looks like the move is totally random, as always and not depending on the quality of the result.

NIFTY crossing the 16,650 level on the downwards side indicates bearishness. Meanwhile, Infosys and Bajaj Finance are at important support zones.

Rumours of Axis Bank mutual fund scam are also running around. Bank of England has also flagged a risk of recession.

How did this week 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.