Tag: marketfeed

Today’s Market Summarised

NIFTY breaks its bearish trend and closes strongly in the green, powered by heavyweight stocks.

NIFTY opened the day at 18,160 with a small gap-up and tried moving up. But after moving more than 100 points in 30 minutes, resistance was taken and the index fell more than 160 points. The second half of the day was bullish and the index moved up sharply till the closing time. NIFTY closed the day at 18,268, up 143 points or 0.79%.

BANK NIFTY opened the day at 41,084 and tried to move up. But the index lost steam and even fell below till near the 40,800 mark. Results from Kotak Bank injected some positivity into the index, but it could not  break the morning’s high level. BANK NIFTY closed the day at 41,238, up 46 points or 0.11%. 

All sectoral indices closed in the green. NIFTY REALTY(+3.6%), NIFTY METAL(+2.6%), NIFTY AUTO(+2%) and NIFTY MEDIA(+2.6%) closed well in the green while others consolidated.

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

News Picks

Tata Motors(+6%) closed as top-gainer of NIFTY 50 after brokerage firm Jefferies raised target on the stock.

Metal stocks closed with bullishness with Tata Steel(+3.8%), JSW Steel(+2.9%) and Hindalco(+2.7%) closing in green.

HindCopper(+4.9%), Jindal Steel(+4.8%), SAIL(+3.8%) and National Aluminium(+2.1%) also gained.

4 banks closed in the top-losers of NIFTY 50. IndusInd Bank(-1.9%), ICICI Bank(-1.4%) closed well in the red while Axis(-0.38%) and HDFC Bank(-0.26%) were slightly in red. 

Meanwhile, Kotak Bank(+2.6%) closed among the top-gainers after publishing its Q2 results during market hours. Standalone Net Profit came out at Rs 2,030 crores, up 5% YoY, better than estimates.

Indus Towers(-2.4%) fell sharply from the gap-up opening with profit booking after posting a 38% YoY increase in consolidated net profit to about Rs 1,559 crore for Q2.

TechM(+2.5%) closed in the green after reporting its Q2 numbers with revenue up 7% at Rs 10,881.30 crore compared to last quarter. 

Tata stocks generally closed in the green, led by NIFTY 50 companies Tata Steel(+3.8%) and Tata Motors(+5.9%) and Tata Consumer(+2.5%). Tata Power(+5.4%), Trent(+2%), Indian Hotels(+0.78%), Tata Coffee(+0.9%), Tata Elxsi(+1.1%) and more also moved up.

IEX(+4.7%), IRCTC(+4.1%), MCX(+2.3%) and others gained back slightly after many days of fall.

Midcap banks AU Bank(+4.8%), IDFC First Bank(+7%), RBL Bank(+2.7%) and PNB(+2.1%) closed well in the green today.

In a big decision in ZEEL’s(+4.3%) favour, the Bombay High Court barred Invesco from calling an Emergency General Meeting and the stock flew up.

Canara Bank(-4.2%) reported Q2 Net Profit at Rs 1,330 crores, more than 3x from last year. However, profit booking was seen.

Paint Companies broke their losing streak, Asian Paints(+1.7%) & Berger Paints(+2.7%) were bullish near closing time.

Jindal Stainless(+15.2%) closed with bullishness after Q2 Cons Net Profit came out at Rs 408 crores, nearly 5x from last year.

Reliance(+2.2%) BP Mobility launches 1st Jio-BP branded mobility station at Navi Mumbai, Maharashtra. The stock closed with bullishness.

Markets Ahead

The results season is making the market move sharply up and down. If you watch the trendline which NIFTY had broken last day, the index moved back up above it near closing time. 

This last-minute move was sponsored by bullishness in Bajaj Finance and Bajaj Finserv along with ITC and who is set to announce results soon. Reliance also managed to move up well near closing time.

Bank Nifty was in a good consolidation mood in the day. Keep a continued watch on IDFC First Bank and AU Bank among others.

There is news that China locks down Lanzhou, over Covid cases. Lanzhou is the biggest producer of textiles, machine tools, and mining tools – so keep an eye on listed companies from this sector.

NIFTY IT looks like it is trying to take support as seen in the 1D charts. We are also seeing healthy buying returning to the mid and smallcap stocks indicating that the current bearish phase in the market is over.

How did Tuesday go for you? Expecting a gap-up after Bajaj Finance results tomorrow?

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

NIFTY once again opens with a gap-up and closes with a red candle for the sixth day in a row.

NIFTY opened the day at 18,241 with a gap-up and fell 120 points in the first 5 minutes. As the day began, it even broke the 18k support but quickly recovered. After trading in a wide zone, NIFTY closed the day at 18,125, up 10 points or 0.06%.

BANK NIFTY opened the day at 41,024 with a big gap-up of 700 points. ICICI Bank was extremely bullish and the index went up and up with power from the stock. After touching an all-time high above 41,800, the bulls calmed down a bit and a correction of 800 points was seen. BANK NIFTY closed the day at 41,192, up 868 points or 2.15%.

BANK NIFTY(+2.1%), FIN NIFTY(+1.3%) and NIFTY PSU BANK(+1.1%) closed in the green. NIFTY AUTO(-1.1%), NIFTY IT(-1.1%) and NIFTY FMCG(-1%) fell again while others consolidated.

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

News Picks

ICICI Bank(+10.8%) closed as NIFTY’s top-gainer after an extremely bullish session in the market. The stock was boosted by its Q2 results published on Saturday.

Other Banking stocks, Axis Bank(+3.4%) and SBIN(+0.7%) also moved up and closed in the top-gainers list.

After news last week that Global oil major ExxonMobil Corp is looking at buying a stake in some of the local deepwater fields of Indian explorer ONGC(+2.7%), the stock moved up. Crude oil prices are also moving up internationally.

On the same lines, BPCL(-3.4%) may be facing issues in its road to privatisation with the increasing crude prices and bidders struggling to find partners. The stock closed as top-loser in NIFTY 50.

NIFTY Auto continued its correction and Bajaj-Auto(-2.6%), Tata Motors(-2.2%) and Hero MotoCorp(-2%) closed among the top-losers.

IRCTC(-12.9%), IEX(-8.5%) and MCX(-6.7%) continued to fall heavily and closed in deep reds.

PVR(+6.1%) closed in the green after saying that good movies are lined up for release in Diwali week and that they are expecting good demand recovery.

Railways related stocks which had moved up last day, all went back down in the day. IRCTC(-12.9%), RVNL(-10%-LC), IRFC(-3.2%) and RAILTEL(-4.3%) closed in the red. We had written an article today on the fundamentals and state of their financials.

Shares of Ami Organics(-15.6%) fell sharply after the company said it is seeing margin pressure because of an acquired unit.

Asian Paints(-2.6%) closed in the red after announcing poor results and a fall in margins due to increasing crude oil prices. Other paint stocks including Berger Paint(-2.5%), Indigo Paints(-0.74), Akzo Nobel(-2.4%) and Kansai Nerolac(-1.2%) also moved down.

MCX, Colgate, SRF fell after posting lower-than-expected earnings.

Markets Ahead

The market was supported today by Bank Nifty and especially ICICI Bank. The stock alone gave nearly 140 points to NIFTY without which there would have been a sharp fall below the 18,000 mark today.

The sell-off in mid and smallcap stocks are continuing even as NIFTY holds on. As we discussed on Friday, the results season is not helping these stocks.

The 4-day losing streak in NIFTY has been broken as it closed in green. But on the daily charts, there is still a red candle formed. While today’s green was supported by ICICI Bank alone, there would need to be more to keep NIFTY floating above 18k this week.

How did Monday go for you? Did you have ICICI Bank in your portfolio? Let us know in the comments of the marketfeed app!

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

NIFTY fails to hold early morning gains as IT stocks continue to see profit booking.

NIFTY opened the day at 18,235 and went up 80 points initially. From here the index fell 280 points to the day-low after falling slowly and slowly till 2:30 PM. After a small bounce back, NIFTY closed the day at 18,114, down 63 points or 0.35%.

BANK NIFTY opened the day at 40,213 and showed strength. The area between 40,150 and 40,200 acted as a good support for the index which soon jumped up even above 40,500. There was weakness in the general market and BANK NIFTY fell to close the day at 40,323, up 293 points or 0.73%.

NIFTY REALTY(+2.56%) closed in the green while most other indices were weak. NIFTY METAL(-3%), NIFTY MEDIA(-2.2%), NIFTY PHARMA(-1.5%), NIFTY IT(-1.4%), NIFTY AUTO(-1%) and NIFTY FMCG(-1.2%) closed in the red.

Asian markets closed mostly in the green today. European markets are all trading in the green currently.

News Picks

HDFC(+2.1%) continued to show bullishness from yesterday and closed as NIFTY 50’s top-gainer. Yesterday’s gainers Kotak(+1.2%) and Axis Bank(+1.1%) also moved up. IndusInd Bank(+1%), ICICI Bank(+0.5%) also closed slightly in the green.

Bajaj Auto(+1.6%) closed among the top-gainers of NIFTY with results from TVS Motors(+7.4%) giving it confidence. However, Eicher Motors(-1.9%) closed in the red.

Nifty Metal stocks Hindalco(-4.7%) and Coal India(-3.5%) closed among the top-losers in the day.

ITC(-3.3%) and Tata Consumer(-2.4%) closed in the red from the FMCG index. Nestle India(-1.1%), Godrej CP(-1.7%) and Colgate(-1.8%) moved down. The India expert group on Tobacco is likely to seek to raise tax on tobacco to 75% of the retail price in the short term.

The RBI Deputy Governor Rao says the Non-bank Financial Sector is at a major turning point right now. Indiabulls Housing(-7.8%), LIC Housing(-7.1%) and Canfin Homes(-5.9%) closed in deep reds. LIC Housing and Canfin had announced their results yesterday.

Federal Bank(+7.6%) Q2 net profit rises nearly 50%, NII up 7% and the stock moved up.

Midcap banks including AU Bank(+2.9%), Bandhan Bank(+2.1%), RBL Bank(+1.9%) closed with gains. Muthoot Finance(+2.2%) also gained.

Railways related companies showed bullishness again. RVNL(+20%-UC), Ircon(+8.7%), IRFC(+6.6%) and IRCTC(+1%) closed in the green.

IEX(+0.88%) opened at 10% Upper Circuit and fell to close flat after its results.

Concor(+2.3%) raised guidance for FY22 from 12% volume and revenue growth to 15% volume and revenue growth.

Inox(-0.45%) and PVR(-2.1%) closed in the red after announcing losses in Q2.

Hindustan Zinc(-5.7%) fell sharply after reporting standalone net profit at Rs 2,000 crores vs Rs 1914 crores last year. The estimate was at Rs 2,200 crores.

Markets Ahead

Markets once again pulled down by IT stocks and ITC. NIFTY ended the week of all-time highs with a 400 point fall from Monday’s opening levels.

Support was taken again today but the market indicated weakness by briefly breaking the 18,050 mark. ITC moved down on expectations of Tobacco tax increasing. 

Bank Nifty however held strong. Even after testing the day-low multiple times, the index closed above it. Kotak Bank has been showing strength and was joined by HDFC and HDFC Bank in keeping the market stable today.

The sell-off in mid and smallcap stocks are continuing. The results season is not helping the stocks, which have seen huge rallies in the last many months. We can expect it to stop only when NIFTY starts to move sideways now.

How did the week go for you? How are your holdings looking on the fourth day of fall for NIFTY? Let us know in the comments of the marketfeed app!

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

A crazy day in the market with profit booking in NIFTY and an all-time high in Bank Nifty.

NIFTY opened the day at 18,384 with a 120 point gap-up. There was heavy profit booking in IT stocks and Reliance, pushing the index down and down even below 18,200. Few attempts to bounce back did not work and the index fell to a key support of 18,050.

From here, the index bounced back 170 points with institutional buying. At the end of the day, NIFTY closed at 18,178, down 88 points or 0.48%.

BANK NIFTY opened the day flat at 39,643 and was in a mood to consolidate. The index did not fall much compared to profit booking in the general market. The index created a day-low by 2:30 PM, but the power it showed from there was unbelievable. With a jump of 770 points in the last hour, BANK NIFTY closed the day at 40,030, up 512 points or 1.3%.

NIFTY PSU BANK(+2.7%), NIFTY BANK(+1.3%) and FIN NIFTY(+1.2%) closed strongly in the green. NIFTY IT(-2.5%), NIFTY METAL(-1.7%) and NIFTY REALTY(-1.4%) closed in the red.

Asian markets closed mostly in the red today. European markets are all trading flat and in the red currently.

News Picks

Kotak Bank(+6.3%) closed as NIFTY 50’s top-gainer after showing strength from the morning. It was joined by ICICI Bank(+1.2%) and HDFC(+1.7%) from the finance sector.

RBL Bank(+4.2%), M&M Finance(+3.9%), Shriram Transport Finance(+3.6%), PNB(+3.6%), Bank of Baroda(+3.5%) and Chola Fin(+3.2%) also moved up.

Tata Motors(+4.3%) jumped up with major research houses upgraded target for the stock. Tata Motors DVR(+10%-UC) jumped up even more with news that Rakesh Jhunjhunwala increased his stake in it for the last quarter.

Energy stocks BPCL(+2.2%), NTPC(+1.1%), Coal India(+1%) and IOC(+0.84%) closed among the top-gainers of Nifty. 

Deepak Nitrite(-4.8%) fell sharply after the Ministry of Finance cancelled Anti-dumping duty on Phenol imports from the European Union, Singapore, and Korea. Chemical stocks including Balaji Amines(-7.8%), Pidilite Industries(-4.6%), Tata Chemicals(-2.9%) and more also fell.

Asian Paints(-5.2%) closed as the top-loser in NIFTY with the company reporting Q2 consolidated net profit at Rs 600 crores, down more than 26% YoY. Results were below estimates. Berger Paint(-6.2%), Indigo Paints(-1.3%),Akzo Nobel(-1%) and Kansai Nerolac(-3.1%) also fell.

After hitting an all-time high on Monday, the metal index is down nearly 7% from this level. Today, Hindalco(-3.7%) and Tata Steel(-2.1%) led the fall for NIFTY 50. Hindustan Copper(-4.4%), Hindustan Zinc(-4.9%), JSW Steel(-1.6%), Jindal Steel(-1.6%), Vedanta(-1.6%) and APL Apollo(-3.4%) closed in the red.

IT stocks saw profit booking in the day. Infosys, TCS and HCL Tech closed in the top-losers. Coforge(-6.3%), MindTree(-6.3%), LTI(-4.1%), LTTS(-4.5%), Mphasis(-2.1%) also moved down.

Midcap stocks including Havells(-8.5%), Voltas(-4.4%) and others closed in the red after profit booking.

Markets Ahead

The day was indeed a crazy one, especially in Bank Nifty. What a rally towards the end from day-low to jumping more than 700 points in 1 hour. I am sure a lot of people would have made huge losses and huge profits in that last 1 hour.

IT stocks saw a healthy profit booking. If stocks in your portfolio from this sector are moving to deeper reds, you can consider this as a good time to average.

Nifty took support at its important level of 18,040-18,050 today. And from here a strong bounce back was seen and near market closing, the index was above 18,200. We can consider this as support taken in the index.

Looks like it is Bank Nifty’s time to shine now. The index is at all-time highs near closing time and might see more rally. Stocks that showed strength in yesterday’s fall like we mentioned including Kotak Bank closed with gains. The PSU Bank index also closed strongly in the green.

Hoping to see more rally in the market soon. Yesterday, the U.S. indices closed at all-time highs after many weeks of a downtrend. The bullishness there along with the economic situation in India getting better might prompt more Foreign Institutional Investors’ money to flow in. Keep a watch on heavyweights HDFC and HDFC Bank along with other FII favourite counters like Kotak and Bajaj Twins tomorrow.

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Once again a day of heavy profit booking in the market.

NIFTY opened the day at 18,447 with a small gap-up. However,  the 18,450 region acted as a strong resistance and the index started falling. Nifty tried to bounce back after taking support at 18,330, but considering the whole day, it was a failed attempt. Nifty has filled the two gaps it made above 18,200. After falling 240+ pts from day high to day low, NIFTY closed the day at 18,266, down 152 points or 0.83%.

BANK NIFTY opened the day flat at 39,607 and unlike Nifty it was a less trending day for Bank Nifty. It tried to break the 39,730 resistance level multiple times, but there was no support from HDFC Bank, ICICI Bank and Kotak Bank. BANK NIFTY closed the day at 39,518, down just 22 points or 0.06%.

NIFTY REALTY, NIFTY METAL closed more than 2% down. NIFTY PHARMA(-1.4%), NIFTY AUTO(-1.1%) and NIFTY FMCG(-1.3%) also moved down. NIFTY PSU Bank(+1.5%) and NIFTY MEDIA(+1%) closed in the green.

Asian markets closed mixed in the day. European markets are all trading flat currently.

News Picks

Bharti Airtel(+4%) moved up after TRAI subscriber data and reports that the government is asking whether telecoms want to opt for a four-year moratorium on spectrum payments and adjusted gross revenue (AGR) dues. Idea(+6%) and Indus Tower(+2.7%) also moved up sharply.

In August, Jio added 6.94 lakh subscribers and Bharti Airtel added 1.38 lakh subscribers. However, Vodafone Idea continued to lose subscribers with 8.33 lakh customers leaving the network.

SBI(+2.4%) and IndusInd Bank(+0.64%) closed among the top-gainers in the day. Other financial stocks including Axis Bank(+0.4%) and Bajaj Finance(+0.28%) closed slightly in the green.

Major stocks including Hindalco(-3.9%), Titan(-2.9%) and Hindustan Unilever(-2.6%) saw profit booking in the day.

IRCTC(-18.7%) continued its sharp fall from yesterday and saw heavy selling. IEX(-6.6%) also fell.

Chemical shares fell sharply after Navin Fluorine(-9.3%) reported earnings. Deepak Nitrate(-12.6%), Navin Fluorine(-9.3%), Tata Chem(-4.2%), Aarti Industries(-8%) and Pi Industries(-6.3%) closed in the red.

BHEL(+4.7%) defied the rest of the market and closed with bullishness. 

ZEEL(+3.5%) closed in the green after the media company started the due diligence process for merger with Sony Pictures Networks.

Along with SBI(+2.4%), other PSU Banks including Canara Bank(+2.4%), Union Bank(+5%), Bank of Baroda(+3.1%), Indian Bank(+2.7%) hit fresh 52-week highs.

Uttarakhand Flood Update: Tata Motors(+1%) says production has resumed production at the Uttarakhand plant

Nestle India(-0.47%) failed to hold the gains it had in the morning after results announcements yesterday.

PM Modi said that India is planning to have over 200 Airports, Helipads in the next 3-4 years. Which name will come to your mind when talking about airports? Adani Enterprises(+1.3%) closed in the green.

Jubilant Food(-8.4%) posted Q2 consolidated net profit at Rs 120 crores against Rs 76 crores last year. 

Markets Ahead

The profit booking mood in the market resumed and it’s pulling down the stocks which have given good returns in the last 2-3 months. The Midcap and Smallcap indices are seeing heavy profit booking on the side.

NIFTY has taken support at 18,200 and bounced back. The general market is looking like it has bottomed out near this zone. However, midcap and smallcaps continue to remain bearish.

Infosys, Wipro and major IT companies also saw profit booking. Keep a watch on stocks that have been showing strength in between the fall. Have an eye out on PSU Banks especially SBI in the coming days.

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Markets see some profit booking on the day after the gap-up.

NIFTY opened the day at 18,604 with a gap-up once again. The market was in a mood for profit booking and fell nearly 200 points in the first hour. There was a bounce-back of nearly 190 points from here but the gains were lost in the next fall after 2 PM. After the last hour fall, NIFTY closed the day at 18,418, down 58 points or 0.32%.

BANK NIFTY opened the day at 39,942 with a gap-up and hit the 40k mark for the first time. From here, the index crashed nearly 600 points from the top in just half an hour. Even with the bounce back, the index failed to hold gains. BANK NIFTY closed the day at 39,540, down 144 points or 0.36%.

NIFTY PSU BANK(-3.7%), NIFTY REALTY(-4.7%), NIFTY FMCG(-3.1%) and NIFTY METAL(-2.4%) fell sharply in the day. NIFTY PHARMA(-1.4%), NIFTY AUTO(-1.5%) and NIFTY MEDIA(-1%) also fell. Only NIFTY IT(+2.2%) closed well in the green.

Asian markets closed mostly in the green today. European markets are all trading flat currently.

News Picks

IT stocks closed among the top-gainers of Nifty 50. TechM(+4%), Infosys(+1.6%), HCL Tech(+0.9%) closed in the green.

OFSS(+4.5%), CoForge(+4.5%), LTTS(+5.7%), LTI(+16%), Mphasis(+5.6%) closed in the green from NIFTY IT index.

L&T(+3.2%) closed in the green after the company quoted the lowest bid at Rs 3,142 crore bid to construct the first Central Secretariat buildings in Delhi’s Rajpath.

Bajaj Finserv(+2.1%) continued its rally and hit Rs 3 lakh crore market capitalisation. However, Bajaj Finance(-1.6%) fell.

ITC(-6.3%) share price fell after the government formed a committee for future taxation policy for tobacco. Other tobacco stocks including Godfrey Phillips(-0.93%), VST Industries(-2.6%) also fell.

Tata Motors(-5.4%) fell sharply in the day after seeing profit booking. Tata Power(-10.7%) and IRCTC(-7.1%) also fell sharply after possible F&O Ban.

Carmakers could face production issues due to the aluminium shortage, which is used in making the body of the vehicles. Most auto stocks closed in the red with Eicher Motors(-4.3%) and Ashok Leyland(-3.4%) also falling.

Reliance(+0.9%) silently hit an all-time high and closed in the top-gainers.

FMCG stocks are mostly in the red, led by ITC(-6.3%) and Hindustan Unilever(-4%). United Spirits(-2.9%), Britannia(-1%) and Colgate(-1.9%) also closed in the red.

HUL(-4%) fell after reporting Q2 Consolidated net profit Rs 2,190 crores vs Rs 1974 crores last year. The estimate was at Rs 2180 crores. The stock however fell. Domestic volume growth is at 11%, better than the estimates of 5-7%.

Many stocks fell sharply from their intraday highs. IRCTC fell 15%, Tata Power fell 10%, IEX 9% and HUL 7%.

TTK Prestige(+12%) opened with a gap-up and closed in green after news of considering a stock split.

Markets Ahead

Markets saw profit booking after many days of the rally. Bank Nifty saw a clear sell-off after hitting the 40k mark. Kotak Bank however saw a rally till the end while SBI fell sharply.

Bank Gross NPA could move up to 8-9% by March 2022, as said by CRISIL. Gross NPAs were at 7.5% as of March 2021. This could create some stress in the industry.

Tata Coffee went up at the beginning of the market opening after news of price increases.

European markets are consolidating after the 1-month of rally. We could see some movement of money between sectors as indices consolidate near the top. 

As we saw, Infosys continued its rally to all-time highs after hitting Rs 7.6 lakh crores market capitalisation.

Yesterday’s low was broken and we saw a 170 point fall in just 5 minutes. But the level of 18,350 was not broken.

Bank NIFTY did hit 40k and there was profit booking seen. We can expect some more volatility in the index in the coming days.

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Markets open with a gap-up and showed consolidation after touching all-time highs.

NIFTY opened the day at 18,502 with a gap-up of nearly 160 points. After the initial profit booking, the index moved up to again touch an all-time high at 18,543. After some consolidation, NIFTY closed the day at 18,477, up 138points or 0.76%.

BANK NIFTY opened the day at 39,689 with a 300 point gap-up. There was volatility seen in the first 30 minutes. The index hit a fresh all-time high near 39,950. After consolidation towards the end, BANK NIFTY closed the day at 39,684, up 344 points or 0.87%.

NIFTY PSU BANK(+3.9%) and NIFTY METAL(+3.8%) closed well in the green today. NIFTY IT(+1.5%) also closed with gains while NIFTY Pharma(-0.89%) moved down.

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

News Picks

Hindalco(+5.1%) closed as NIFTY 50’s top-gainer after U.S. American Aluminum supplier Alcoa announced strong Q3 results and shot up on Friday. National Aluminium(+13.1%) also moved up along with Vedanta(+12.9%).

Infosys(+4.4%) closed among the top-gainers with bullishness and pushing up Nifty. TechM(+3.4%) also closed with gains. However, HCL Tech(-2.3%) closed as Nifty’s top-loser after announcing its quarterly earnings.

With multiple reports including one from CRISIL(-0.06%) saying that there is a recovery in domestic steel demand since the second half of September and possible price hikes coming, steel companies showed bullishness. JSW Steel(+3.3%) and Tata Steel(+2.6%) closed among the top-gainers.

SAIL(+3.8%) and Jindal Steel(+1.2%) also closed in green.

Hindustan Copper(+12.7%) closed higher on expectations that the divestment process may start next month. 

Hindustan Zinc(+11.8%) also showed bullishness in a good day for metal stocks. Shanghai Zinc prices went to a 14-year high as the power crisis cut the output of the metal.

ICICI Bank(+2.5%) closed among the top-gainers of NIFTY 50 even after HDFC Bank(-1%) reported good results and fell sharply. The results from ICICI is expected by Saturday.

ITC(+2.3%) closed among top-gainers of Nifty 50 as most other FMCG stocks consolidated.

Tata Power(+15.5%) closed with bullishness and saw its biggest daily gain ever as the company is looking to raise funds for the initial public offering (IPO) of its renewable energy unit.

Tata Motors(+2.3%) says the outlook on semiconductors is better in Q3 vs Q1 and Q2 and closed in green. Other auto stocks including M&M(-2.2%), Bajaj Auto(-1.2%), Eicher Motors(-0.9%) and Hero Moto Corp(-0.8%) closed in the top-losers of Nifty.

PNB(+8.1%) gained sharply hitting a 52-week high along with SBI(+1.5%), Union Bank(+9.1%), Bank of Baroda(+4.8%), Bank of India(+3.9%), Indian bank(+4.2%), and Canara Bank(+2.7%). This happened even with the PNB Housing-Carlyle deal being called off. PNB Housing closed at 5% Lower Circuit.

Antony Waste Handling Cell fell 10.9% after the Income Tax department conducted a search at the offices of the company and three of its subsidiary companies.

Shares of DMart(-8%) saw profit booking after opening at a record high. The supermarket chain owner had reported a significant rise in its consolidated net profit for Q2.

NHPC(+14.8%) and SJVN(+14.8%), two hydropower related public companies closed with gains in the day on the expectation that hydropower will be in good demand after a drop in the supply of coal.

Railways related companies IRCTC(+7.5%), RVNL(+11%), RailTel(+3.7%) and IRFC(+3.1%) closed with gains in the day.

Ramkrishna Forgings(+3.2%) wins orders from Indian railways for the manufacturing of loco shells and moved up.

UltraTech Cement(+0.05%) showed volatility and closed flat after reporting Q2 Consolidated Net Profit at Rs 1,300 crores vs Rs 1,200 crores last year. Q2 Revenue at Rs 12,017 crores vs Rs 10,000 crores last year.

Markets Ahead

In general news, the Finance Ministry is expected to meet rating agency Fitch likely this week for a rating upgrade. This re-rating would keep Foreign Institutional Investors confident about investing more in the country. 

There is a silent move in Coffee prices being seen worldwide. Keep a watch out for coffee stocks and Zinc stocks.

India reported its lowest Covid-19 cases in 230 days yesterday. Increased vaccination speed and a high number of already infected individuals have slowed down the spread of the virus.

NIFTY once again moved up sharply mostly with the help of Infosys at reaching 1,800. It is a 52-week high for the stock, even beating the buyback price earlier announced by the company. The stock contributed more than 70 points to the index today and supported the market while HDFC Bank opened with a gap-up and fell.

Keep a watch on the pre-results rally in your favourite stocks as the season of results has once again started. SBI hitting a fresh 52-week high gives some confidence that Bank Nifty might touch 40,000.

However, there are red signals from European markets and U.S. Futures. NIFTY has also formed a red candle in the daily charts for the first time since October 8th. A resistance to watch out for would be 18,550 on the upper side with supports at today’s lower level and 18,350.

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Today’s Market Summarised

Short covering in the market continued with HDFC Bank and ICICI Bank breaking out to all-time highs.

NIFTY opened the day at 18,286 with a 130 points gap-up. After heavy consolidation for the first 2 hours, there was high volatility till 1:30 PM. By this time, the index tested the day-low and shot up to reach 18,350 near the closing time. NIFTY closed the day at 18,338, up 176 points or 0.97%.

BANK NIFTY opened the day at 38,744 with a small gap-up. The index consolidated in a tight range, unable to break 38,900. But in the last 2 hours, Bank Nifty rallied more than 500 points. After the stellar rally, BANK NIFTY closed the day at 39,340, up 705 points or 1.83%.

NIFTY BANK(+1.8%) and NIFTY PSU BANK(+1.7%) closed with big gains. NIFTY METAL(+1.7%), FIN NIFTY(+1.5%), NIFTY IT(+1.3%) and NIFTY REALTY(+1.2%) also moved up. Only NIFTY AUTO(-0.59%) closed slightly in the red.

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

News Picks

Adani Ports(+7%) continued yesterday’s breakout and closed as the top-gainer in NIFTY 50. Other Adani Group stocks including Adani Ent(+4.8%) and Adani Power(+7%) also closed with gains.

Wipro(+5.3%) and Infosys(+0.38%) opened with big gap-ups after their results announcements yesterday. Infosys fell back down while Wipro closed among the top-gainers. Mindtree(+7.6%) closed with gains after announcing good results.

HDFC Bank hit a fresh all-time high and closed 2.9% up, the rally ahead of the result announcement on Monday. ICICI Bank(+2.4%), and IndusInd Bank(+2.1%) also closed as Nifty top gainers. 

Coal India is continuing the correction, down by 3.2%. However, PowerGrid(+2.6%) closed in the top-gainers list.

The auto sector closed in the red after two days of the rally with Tata Motors(-1.8%) and Eicher Motors(-1.8%) featuring in the top losers list. Ashok Leyland(-1.1%) and MRF(-1%) also moved down. 

TVS Motor(+1.1%) broke the trend and closed in the green after announcing the rollout of 100,000 units of the BMW 310CC series motorcycle from the Hosur facility, Tamil Nadu.

ITC(+2.9%) gave a breakout once again and closed with strength. We can expect more movement in the coming days. Grasim also hit fresh 52-week highs.

IRCTC(+10.8%) rallied to all-time highs moving 100% since September 1st. 

Reliance related media and network firms spiked in the day led by Network18(+14.2%) shares. TV18(+4.1%), Hathway(+2.4%) and DEN(+2.1%) shares closed in the green.

Astral closed 0.8% up after falling 3.5% from day high as PVC resin prices have been increased to Rs 1,24,236/mt, up 20% MoM

IndusInd Bank(+2.1%) says SV Zaregaonkar resigns as CFO, Gobind Jain is appointed new CFO effective September 30.

BEML(+8.9%) gets no objection to the scheme for its demerger from BEML Land Assets and moved up.

Cements stocks moved up on reports saying that South India cement prices are likely to be hiked by Rs 25/bag over the weekend. India Cements(+7.8%), Ambuja Cements(+1.1%), JK Cements(+2.7%),  and Orient Cements(+2.3%) gained well.

DoT approves 7 global & 8 domestic companies for PLI scheme for telecom & networking products. Tejas(+5%-UC), ITI(+2.8%) & HFCL Group(+5%-UC) closed in the green.

Society of Indian Automobile Manufactures data for September Sales is out. Passenger Vehicles sales stand at 1.6 lakh units vs 2.72 lakh units (YoY). Two-wheeler sales at 15.28 lakh units vs 18.49 lakh units (YoY). Shortage of semiconductor chips is causing a major concern for the industry

Century Textiles(+2.4%) moved up after reporting Q2 Consolidated Net Profit at Rs 44.7 crores vs Loss of Rs 14.1 crores last year. 

Markets Ahead

NIFTY posted the biggest weekly gains in more than a month. BANK NIFTY moved up more than 4% this week, the biggest weekly gain in 5 months. Midcap Index is up for the 8th straight week, the longest weekly gaining streak since 2010.

Tata Power, Union Bank, IEX, BHEL and Indian Hotels are the top midcap gainers this week. Tata companies have been incredibly bullish as we saw yesterday.

The wholesale price inflation data in September came out at 10.66% down from 11.39% in August. 

Bank Nifty gave a breakout after many days of consolidation with power in HDFC Bank and ICICI Bank. The power took NIFTY up as well. 

IT shares moved with volatility after the results announcements yesterday. Infosys and Wipro shares were showing a gap-up in the market.

Tomorrow is a holiday on account of Dussehra. So enjoy the 3-day market weekend!

So Bank NIFTY at 40,000 soon? Looks more possible than ever right? What do you think? Let us know in the comments down below!

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Market continues rally and runs with extreme buying action all around led by TATA stock.

NIFTY opened the day at 18,098 with a big gap-up. The first candle tried to fall but took support near the previous all-time high of 18,050. Resistances were taken near 18,100 and 18,140. After rallying till 18,200, NIFTY closed the day at 18,161, up 170 points or 0.94%.

BANK NIFTY opened the day at 38,737 with a gap-up and tested 38,780. But throughout the day, this level was not broken and the index traded taking support at 38,500. BANK NIFTY closed the day at 38,635, up 114 points or 0.3%.

NIFTY AUTO(+3.4%) continued its breakout and closed with big gains led by Tata Motors(+20.4%). NIFTY IT(+1.1%) and NIFTY METAL(+1.4%) also jumped up. Only NIFTY REALTY(-0.24%) closed in the red, while all other sectors were in green. 

Asian markets closed mostly in the green today, with just Nikkei in the red. European markets are trading mixed currently.

News Picks

Tata Motors(+21.1%) continued its rally and hit a 4-year high after announcing plans to raise $1 Billion (~Rs 7,500 crore) in its electric vehicle (EV) business from TPG Rise Climate. The stock was NIFTY 50’s top-gainer and closed with incredible bullishness. 

Other Auto stocks including Ashok Leyland(+5.2%) and M&M(+5%) also closed in the green. However, market leader Maruti(-2.7%) closed in the red. Tata Motors DVR(+20%-UC) also closed in the green.

ITC hit a fresh 52-week high and closed 3.2% up. Other FMCG stocks – Tata Consumer(+3.9%), Dabur(+1.1%) and Godrej CP(+3.1%) closed in the green showing strength near closing time. However, Hindustan Unilever(-1.1%) and Nestle(-0.5%) closed among Nifty top-losers.

Adani Ports(+3%) created a reversal candle in the day charts and closed among the top-gainers after a long time after distancing itself from the heroin haul in Gujarat and cutting imports from neighbouring countries.

Adani stocks led by Adani Power(+5%-UC) and Adani Ports closed with gains. Adani Ent(+0.98%) and Adani Transmission(+0.83%) closed slightly in the green. Adani Green(-1.2%) closed in red as it moved up last day. ATGL(+2.9%) has raised CNG, PNG prices by up to 7%, the third hike in October.

Power related stocks Power Grid(+3.1%), Tata Power(+14.5%) closed in the green as others including ONGC(-2.1%) and Coal India(-1.6%) fell.

TATA Group stocks were incredibly bullish in the day, not just Tata Motors. Tata Steel(+1.9%), Tata Coffee(+2.6%), Tata Chemical(+14%), Tata Investment(+13.6%), Tata Metaliks(+2.1%), TATA MTR DVR(+20%-UC), Tata Communication(+4.5%), Indian Hotels(+8%), Tayo Rolls Ltd(+20%-UC), Trent(+3.5%), Titan(+1.7%), NELCO(+5%-UC) and others flew up.

Fun fact: Air India was free for TATA if you consider the increase in the market caps of its companies today.

IT stocks Wipro(+2%), MindTree(+2%) and INFY(+1.4%) moved up ahead of results. LTI(+2.1%), TechM(+2%), LTTS(+1.6%) and HCL Tech(+1.2%) also gained in the day.

Reports saying that China has asked steel mills to reduce steel output from November 15th to March 15th, 2022 helped metal stocks including SAIL(+5%), Tata Steel(+1.9%), Jindal Steel(+3.3%) and JSW Steel(+1.1%) close in the green. 

Aluminium stocks including Hindalco(+1.8%), National Aluminium(+3.7%) and Vedanta(+2.3%) continued to rally on the back of increasing aluminium prices globally.

Wipro results came just after market hours with a Quarter on Quarter fall in net profits, but still beating estimates.

After HAL rally in September, looks like it is time for BHEL(+8%) now gaining over 30% in the last month. The stock gained sharply after touching an intraday high of over 10%.

Aviation Minister asks states to bring down VAT on ATF Jet Fuel. Indigo(-1.1%) opened with a gap-up but could not sustain gains. Spicejet(+3.4%) closed in green.

Palred Tech(+13.2%) has launched a Alexa built-in portable smart speaker called ‘musicbot cube’.

Russian Sputnik to release its Sputnik Light one-shot vaccine data today. Partner Panacea Biotech(+0.96%) spiked up and closed in green.

Indian Govt reduces custom duty and Agri cess on edible oil. Ruchi Soya(+1.3%), GAEL(+3.3%) moved up slowly.

Markets Ahead

NIFTY closed at fresh high levels even when Bank Nifty consolidated after opening. The most gains were contributed by Tata Motors by its incredible 20% rally. The stock hit a price of Rs 500 today. Never too late to invest in good stocks like these. Search for dips! 

The level of Nifty’s all-time high of 18,050 was respected today, but funnily on the opposite side. It was taken as a support after the gap-up opening. 

Looking ahead, 18,050 will be an important level for the index. If 38,500 is held in Bank Nifty, we can expect the level of 40,000 to be a reality soon. HDFC Bank even though it did not move much today is at its all-time highest closing level. Kotak is 3% away from its 52-week high and IndusInd Bank and SBI are at their 52-week highs.

Nifty’s 5-day straight rally looks interesting. Tomorrow is the weekly expiry, so we can expect interesting moves. The short-covering move from 18,000 looks complete and there is a chance for consolidation tomorrow if Banks continue to move sideways.

Infosys and Wipro results will cause a volatile opening in these stocks tomorrow. Watch for big gap-ups/downs and take care before trading.

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Nifty stays strong despite pressure from global markets, and closes the day with a green candle.

NIFTY opened the day at 17,930 and moved up. Resistance was found at 18,000 and the index fell more than 130 points. But after noon, the market regained strength and broke the day-high just near closing. Nifty closed the day at 17,992, up 46 points or 0.26%.

Bank Nifty opened the day at 38,211 and tried to shoot up. Mostly there was a consolidation found in the index till 2 PM. After this, a strong breakout took the index to fresh all-time highs at 38,600. Bank Nifty closed the day at 38,521, up 228 points or 0.59%.

NIFTY FMCG(+1.2%), NIFTY MEDIA(+1.4%) and NIFTY METAL(+1.1%) closed in the green. NIFTY PSU BANK(+3%) shot up near the closing time. NIFTY IT(-0.88%) closed in the red again.

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

News Picks

Titan(+5.5%) shares hit a record high on the back of heavy buying. The stock closed as Nifty 50’s top-gainer. Check out this article to know more about Titan’s rally.

Multiple two-wheeler stocks closed with gains today in Nifty. Bajaj-Auto(+3.2%), Hero Moto Corp(+2%) and Eicher Motors(+2%) closed in green.

Divi’s Lab(+1.6%) saw buying near the close as German biopharma company Merck applied for approval of its new Covid-19 drug, Molnupiravir. Merck is tied up with Divi’s in India for manufacturing the drug.

SBI(+2.9%) closed at a record high market cap along with a rally in other PSU Banks towards closing.

From the FMCG sector, ITC(+1.3%) and Nestle(+1.7%) closed in Nifty’s top-gainers. Marico(+2.4%), Jubilant Food(+5.2%) and Hindustan Unilever(+1.1%) also gained along with Dabur(+1.3%). Radico(+14.7%) continued its rally from yesterday after announcing two new products. UBL(+1%) and United Spirits(+1.1%) also moved up.

HCL Tech(-4%), TechM(-1.8%) and TCS(-0.9%) closed in the top-losers from the IT sector. LTTS(-1.5%) and Coforge(-1.5%) also moved down.

PSU Banks including IDBI(+20%-UC), Indian Bank(+9.6%), Canara Bank(+5.9%), IOB(+4.2%), Union Bank(+3.9%), SBI(+2.9%) and other closed well in the green.

As Aluminium prices hit multi-year highs, Hindalco(+2.2%), National Aluminium(+5.2%) and Vedanta(+4.8%) closed with gains.

Auto parts companies moved up mostly in the day. Schaeffler(+5.7%) had opened with a gap-up and closed in the green after considering a stock split. Mothersumi(+1.9%), Bosch(+1.7%), Endurance(+7.5%) closed in green.

Analysts said that they expect discretionary players like Avenue Supermarts(+0.4%), Titan(+5.5%), and Jubilant FoodWorks(+5.2%) to record a stronger recovery in this quarter. Avenue Supermarts, Titan, Jubilant FoodWorks, Indian Hotels(+3.3%), Oberoi Realty(+1.5%), Barbeque Nation(+6.7%) and Vardhman Textiles(+7.6%) are some of the stocks that hit fresh record highs today. 

Consumption shares are on a high ahead of the festive season. V-Guard(+1.6%), Whirlpool(+3.7%), Havells(+2.7%), Trent(+2.7%) and others closed with gains.

Tata Power(+2.2%) received orders worth Rs 538 crore and moved up.

Cinema theatres to open in Mumbai from Oct 22nd with 50% capacity. PVR(+0.84%) and INOX(+0.61%) closed slightly in the green.

Future Group companies moved up after reports that they are looking for an out of court settlement with Amazon.

Cochin Shipyard(+3.5%), GRSE(+8.4%) and Mazagon Dock(+2.9%) moved up.

Coal Minister Prahlad Joshi said that Coal India’s(-1.8%) target of producing 100 crore tonnes by FY24 will be delayed and shares of the company moved down.

DeltaCorp(+4.7%) moved up after posting a consolidated loss at Rs 22.57 crore in Q2FY22 against a loss of Rs 54.91 crore in the same quarter last year. 

Ujjivan Small Finance Bank(+10.8%) moved up after reporting total deposits are up 31% year-on-year at Rs 14,090 crore in Q2. CASA Ratio has also improved at 22% compared to 16% last year.

Angel Broking(+4.8%) has added a huge 23.8 lakh customers during April-September, taking the overall client base to 65.2 lakh.

Markets Ahead

NIFTY closed in the green with support from Titan and financial stocks. As we had discussed yesterday, banks are boosted by the airline industry getting fully privatised by the Air India takeover. 

In the Auto sector, M&M has said that the availability of chips is improving, that the worst part is over. This could be the reason why there is some positivity in the auto sector recently.

Bank Nifty and Nifty both have closed with bullishness in the day. This was despite HDFC Bank and HDFC not performing in the day.

Keep watching financials and midcaps over the coming days. Nifty’s all-time high of 18,050 also should be on your radar for tomorrow. 

Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Nifty gives another breakout to a fresh all-time highs.

Nifty opened the day with a gap-down at 17,867. The index showed bullishness and easily crossed its all-time high at 17,947. The 18k mark was also tested and broken. However, from 1 PM, profit booking started and the index fell nearly 80 points. Nifty closed the day at 17,945, up 50 points or 0.28% right near today’s opening level.

Bank Nifty opened the day at 37,795 and went up. The resistance at 38,100 was crossed with a 300-point move in just the first 30 minutes of trade. Towards the second half of the day, the index kept on moving up and created a fresh all-time high near 38,500. With a slight fall near the end, Bank Nifty closed the day at 38,293, up 519 points or 1.37%.

NIFTY AUTO(+2.6%), NIFTY REALTY(+1.7%), NIFTY METAL(+1.5%) and FIN NIFTY(+1.3%) outperformed in the day. The NIFTY IT(-3.3%) index saw some correction led by TCS(-6.3%).

Asian markets closed mixed in the day. European markets are all trading flat and mixed currently.

News Picks

The rally in Nifty 50 was led by auto stocks – Tata Motors(+8.5%) and Maruti(+3.6%). A combination of new models and the upcoming festival season sent Tata Motors share to Rs 420 highs. M&M(+2%) also gained to touch Rs 900.

Tyre stocks continued to move up along with autos – Apollo Tyres(+2.5%), JK Tyres(+0.5%), Birla Tyres(+8.1%), CEAT(+1.9%) closed in the green while MRF(-1%) closed in red.

Power stocks returned to be in focus for the day with Coal India(+4.4%), Power Grid(+3%), NTPC(+2.6%), ONGC(+2.5%) closing among Nifty’s top-gainers. Tata Power(+8.2%), Torrent Power(+7%) and Indian Energy Exchange(+12.2%) also saw bullishness.

China’s coal futures hit an all-time high as floods worsen the energy crisis.

Energy Minister Satyendra Jain says, most of the power plants are currently left with 2-3 days of stock. All the plants in NTPC are working at 55-50% capacity but supply of coal is a big problem at the moment.

Aditya Birla Group companies Grasim(+3.3%), Hindalco(+2.9%) closed among the top-gainers of NIFTY. Vodafone Idea closed with losses.

IT stocks saw heavy profit booking after the results announcement by TCS(-6.3%). All 5 top-losers in Nifty 50 were from the IT sector with most gaining back some losses from a gap-down opening through the day. TechM(-2.7%), INFY(-1.9%), HCL Tech(-1.4%), Wipro(-1.2%) closed in the red.

Other IT stocks including COFORGE(-5%), Mphasis(-4.4%), MindTree(-4%) and LTI(-1.7%) also closed in the red.

Indigo(+4.3%) and SpiceJet(+1.8%) gained after the Indian government formally announced its exit from the aviation sector with the sale of Air India on Friday.

Aditya Birla Sun Life AMC listed at Rs 715 vs issue price of Rs 712, and closed at Rs 698, slightly in the red.

Finance Ministry says India’s economic recovery gained further momentum in September. India has attracted an FDI inflow of Rs 2 lakh crores in the first four months of FY22, up 62% YoY.

Antony Waste(+10.1%) jumped up after reporting a fall in total compost sales during Q2 FY22 at 2,908 tons as compared to 4,850 tons in Q1 FY22 and 3,327 tons in Q2 FY21.

Saregama India(+5%-UC) shares hit upper circuit after reporting Q2 consolidated net profit Rs 33.8 crores vs Rs 28.2 crores of last year. Revenue stood at Rs 145 crores vs Rs 110 crores last year.

Radico Khaitan(+5.2%) launched some highly awaited brands including Magic Moments Dazzle Vodka and share prices moved up. From the sector, UBL also moved up while McDowell closed in the red.

GMR Infra(+9.2%) says it will bring the corporate debt to zero and closed among top-gainers in F&O stocks.

Equitas Small Finance Bank(+6.9%) gained sharply with positive commentaries from the bank. Bandhan Bank(-5.5%) however saw profit booking and closed in the red.

Markets Ahead

A clean breakout in Nifty and Bank Nifty was seen in the morning despite IT shares pulling down the index. The rally took both indices to fresh all-time highs.

HDFC Bank did give the Bank index a boost to cross the 38k mark with ease, with results would to be out on Saturday. We can expect more movement from private banks ahead of the Q2 results.

Short covering might be seen in the market with strong put buildup being seen at the 18,000 mark today. Option sellers have created straddles at this point for the weekly expiry, mostly to cover losses by Nifty crossing 18k intraday.

However, the closing in Nifty was not very satisfactory. It was almost 100 points down from the day-high, just near the previous all-time high.

Keep a watch on banks and airlines this week. A sector being completely privatized is a dream come true for corporates, and airlines and the banks which fund them are looking bullish this week. Just take a look at how SBI closed at 3:30 PM!

Did you catch the move in Nifty or Nifty 50 stocks? Also, Tata Motors fans let us know your presence in the comments down below! Meet you all on The Stock Market Show at 7 PM on YouTube!

Today’s Market Summarised

Nifty closes the week in green but was unable to cross the all-time high.

Nifty opened the day with a big gap-up again at 17,891. The index was confused and went on to test the all-time high just after the first hour of trade. After trading in a 100-point zone through the day, Nifty closed the day at 17,895, up 104 points or 0.59% right near today’s opening level.

Bank Nifty opened the day at 37,938 with a gap-up and moved further up. For the 4th time in the last 3 weeks, the index found resistance at 38,100 and closed with a red candle. Bank Nifty closed the day at 37,775, up 22 points or 0.06%.

NIFTY IT(+1.96%) and NIFTY PSU Bank(+1.65%) closed in the green. NIFTY REALTY(-2.2%) saw some correction.

Almost all Asian markets are closed in the green today. European markets are all trading flat to red currently.

News Picks

Reliance(+3.8%) gave a breakout to all-time highs and closed as Nifty 50’s top-gainer. The company is expected to benefit well from the increased energy and gas prices and was underperforming other energy stocks. Reliance became the first Indian company to hit the market cap of Rs 18 lakh crores.

With TCS(+1.1%) results set to be published around 7 PM today, IT companies closed among the top-gainers. Wipro(+2.8%), Infosys(+1.9%), TechM(+1.6%), HCL Tech(+1.2%) and TCS(+1.1%) closed with gains.

Once again, all stocks in the IT industry closed in the green with midcaps MindTree(+4.5%), CoForge(+3.6%), LTI(+3.5%) and LTTS(+2%) gaining the most.

With reports that Private Equity group TPG is in talks with the Tata Group to invest $1 Billion(~Rs 7,400 crores) or more in the electric vehicles (EV) division of Tata Motors(+1.7%), shares of the company went up again. Yesterday, there was also news that Tata will take over Ford’s Chennai plant.

Tyre stocks once again closed mostly in the green. MRF(+5.6%), Apollo Tyres(+2.7%), JK Tyres(+1.9%), CEAT(+1.2%) and more closed in the green once again.

Bandhan Bank(+5.2%) continued its high volume breakout and closed in the green for the sixth straight trading session.

The usual suspects – BSE(+6.8%), IEX(+8.6%), CDSL(+4.7%) and MCX(+5.6%) together closed in the green.

With Futures contracts soon to be a reality in power, IEX and MCX gained. There was also a report that 100 coal-based power plants had coal stock for less than 5 days on Oct 6. 7,823 MW peak shortage was recorded on Oct 6 and energy demand met at 3,845 million units on Oct 6 which could cause more volume in the Indian Energy Exchange.

Caustic soda prices rose another 10% in China. Some chemical companies including Guj Alkali(+2.4%) closed with gains.

IRCTC(+3.9%) once again gained to fresh 52-week highs, while PEL fell more than 5% after yesterday’s jump.

Fertilizer stocks fell intraday but gained back sharply after the Govt of India said it won’t increase any subsidy in Diammonium phosphate & all phosphatic fertilizers.

Realty stocks including Godrej Properties(-4.7%), Sobha(-3.5%), Oberoi(-2.1%) and Pheonix(-2.4%) closed in the red after yesterday’s rally. Only Lodha(+3.6%) closed in the green from the realty index.

Markets Ahead

Data from AMFI on the mutual funds inflows for September is out. Equities saw inflows of Rs 6,456.4 crores vs Rs 8,057 crores in August, reducing for the last 2 months. However, there was a heavy Liquid Fund outflow at Rs 48,379 crores vs an outflow of Rs 714.1 crores last month, which indicates that there is a lot of people sitting with cash in the current market. And showing the power of retail investors, September SIP inflows stood at Rs 10,351 crores, crossing the Rs 10k crore for the first time.

Along with the mutual funds’ data, Reliance breakout and HDFC Bank trading just 2% away from its all-time high indicates a bullish market. Nifty found support at the 17,850 level that we have been watching, which is also around yesterday’s high. Bank Nifty will need a boost from HDFC Bank to cross over 38,000.

In general news, the Tata Group has taken over Air India for an enterprise value of Rs 18,000 crores, as said by the government. The deal was made for Rs 2,700 crores cash + taking over the Rs 15,300 crores debt of the airline which is returning to the Tata family after 68 years. This valuation may cause volatility in airline stocks, and is a pretty good deal for the Tatas. Will be good for PSU Banks that have loan exposure to the airline.

Hope you caught the easy rally in IT stocks today. Ahead of the Q2 results, the sector tends to rally usually.

October looks to be starting off with a bang, will have to wait and see if the all-time high is broken in Nifty by Monday, or if we will be back to the 17,500 levels. The RBI has also said that they are committed to bringing down inflation gradually, which the markets did like.

Did you have IT stocks in your portfolio? If yes, which one? Let us know in the comments of the marketfeed app!

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