Tag: Reliance share

Today’s Market Summarised

Another wild day in the market with bears kicking in for the last hour of trade.

NIFTY opened the day at 17,075 and shot up. Resistance was found at 17,325 and a fall even quicker than the jump was seen. After taking support at 17k and slowly moving up, the last-hour fall saw NIFTY closing the day at 16,983, down by 70 points or 0.41%.

BANK NIFTY opened the day 36,024 and moved up. Just like NIFTY, a fall was seen from the top to even below 36k. After consolidation, BANK NIFTY closed the day at 35,695, down 281 points or 0.78%. 

NIFTY METAL(-1.9%) and NIFTY AUTO(-0.94%) closed significantly in the red. All other sectoral indices saw consolidation.

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

News Picks

PowerGrid(+3.2%) continued its bullishness from last week and closed as the top-gainer in NIFTY 50. It is now taking resistance at the 52-week high zone. 

Other power stocks including REC Ltd(+4.3%) and Torrent Power(+3.3%) in green.

Titan(+2.2%) and SBI Life(+2.1%) also bounced back and closed in green. Most stocks in the top-gainers of NIFTY 50 were taking support at important zones.

Even though the iron ore prices in China managed to recover, the domestic metal stocks were by NMDC(+1.5%) reducing the price of iron ore lumps and fines. Tata Steel(-3.9%), JSW Steel(-2.7%) and Hindalco(-1.7%) closed in the red from NIFTY 50.

Adani Ports(-2.6%) fell after new scrutiny on the drug-related case. The Finance Ministry said today that statement has been recorded from the company over the seizure of nearly 3,000-kg of heroin from Gujarat’s Mundra Port.

After a rally in BEML(-1.4%) and BDL(+0.47%) yesterday, defence PSUs BHEL(+1.9%) and BEL(+3.3%) closed in the green.

Go Fashions IPO listed with a 90% listing gain today and closed slightly in the red.

Dilip Buildcon(+7.6%) moved up after winning an order worth Rs 636 crores.

Devyani International(+6.5%) jumped after Jefferies initiated coverage with BUY for a target of Rs 240/share. Read more about the company here. 

Markets Ahead

Another highly volatile start to the day! The first two hours of trade sees NIFTY moving up by 300 points and then down by even more.

In the morning, all European and U.S. Futures were in the green when NIFTY rallied. Suddenly there was panic in the market after Moderna CEO said vaccine effectiveness will likely drop against the Omicron variant. He had said the same yesterday as well. 

Anyway, as soon as global futures fell, NIFTY also saw a fall from there. Quite predictable in the way things turned out. Towards closing time, European markets opening and falling could have triggered a fresh fall in the market.

Keep a watch on Bank Nifty stocks which are 12-25% down from their October and November levels. More interestingly, defensive FMCG stocks including Hindustan Unilever are down 20%.

There is potential to pick up good quality stocks at decent valuations at this level. Make sure to spread out your investments across a few weeks as the market sees heavy fund flows.

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

Today’s Market Summarised

A wild day of trading in the market ends with the NIFTY closing flat.

NIFTY opened the day at 17,068 with a small gap-up and crashed down. In less than 10 minutes, a 290 point fall took the index to below 16,800. A strong bounce-back took the index back above the day-high but consolidation was seen afternoon. NIFTY closed the day at 17,054, up by 27 points or 0.16%.

BANK NIFTY opened the day 36,242 with a gap-up and crashed down 900 points. After a quick bounce back, the index moved back into the green but last hour volatility pulled it down. BANK NIFTY closed the day at 35,976, down 49 points or 0.14%. 

NIFTY PSU BANK(-2%), NIFTY MEDIA(-2.2%), NIFTY REALTY(-1.6%) and NIFTY PHARMA(-1%) closed more than 1% in the red. All other sectors saw consolidation.

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

News Picks

Kotak Bank(+2.8%), Bajaj Finance(+1.4%), Bajaj Finserv(+1.2%) and HDFC Bank(+0.76%) closed in the green from the financial sector.

IT stocks mostly closed in the green, led by HCL Tech(+2%), TCS(+1.6%) and WIPRO(+1.4%). 

With international oil prices falling, oil-related companies – BPCL(-2.4%), ONGC(-2%) and IOC(-1.7%) closed among the top losers of NIFTY 50.

LalPathlab(+6.2%), IPCA Labs(+5.1%), Polymed(+5.1%) and Pfizer(+2.7%) closed in green from the healthcare sector. Meanwhile, pharma stocks which rallied last day Granules(-5.6%), Cadila(-3.5%), Glenmark(-3.6%) and SunPharma(-2.1%) fell today.

Defence stocks BEML(+13.1%) and BDL(+6.4%) saw breakouts in the day.

Macrotech Developers(+3.4%) moved up after eyeing entry into the Bangalore market with Rs 3000 crore Capital Expenditure and expects potential sales of about 20,000 crores by 2025-2026.

Shakti Pumps(+6.8%) moved up after saying it will enter in EV Charging, EV motor, EV controller business.

Markets Ahead

What a highly volatile start to the day! NIFTY was flying up and down in the first hour of trade. 

The afternoon trade saw some stability. Still, the overall market has not yet gained stability. The fear of another quick fall exists if Covid becomes a bigger issue.

India has issued new guidelines for international travellers in view of reported cases of the new ‘Omicron’ variant with mandatorily post-arrival Covid-19 testing.

Today’s low indicated a nearly 10% fall from the all-time high for NIFTY. If this is broken in the coming days, we can expect the bearishness to continue. Otherwise, it is safe to assume this level as a good support.

For the time being, European markets are going well in the green and U.S. Futures are also in green. The best strategy would be to restart your systematic investments into good quality stocks and ETFs when the market falls.

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

Today’s Market Summarised

Indian markets see another crash following global peers. Covid mutations resurface and pump in fear to traders again.

NIFTY opened the day at 17,343 with a 200 point gap-down. From there, it was a sharp fall then consolidation and then a sharp fall again. Just near closing, the index even briefly dipped below the 17k for the first time since crossing this mark in late August. NIFTY closed the day at 17,026, down by 509 points or 2.90%.

BANK NIFTY opened the day 36,849 with a similarly huge gap-down. This week’s low was broken along with the 36,500 mark very easily. After sideways movement till 2:30 PM, the index fell again to break the 36,000 level. BANK NIFTY closed the day at 36,025, down 1339 points or 3.58%. 

NIFTY PHARMA(+1.7%) closed in bright green for the day. All other sectoral indices fell. NIFTY REALTY(-6.2%), NIFTY METAL(-5.3%), NIFTY PSU BANK(-4.2%) and NIFTY AUTO(-4.3%) fell more than 4%. Bank NIFTY(-3.5%) and NIFTY MEDIA(-3.5%) also fell heavily. 

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

News Picks

There is fear globally about the new variant of COVID-19, triggering a sell-off across international markets. You can read more about Why NIFTY fell in this article here.

Pharma stocks were the only major gainers in NIFTY 50 today. Cipla(+7.4%), Dr Reddy(+3.4%) and Divis Lab(+2.8%) moved up. Money flowed into these stocks as Covid-19 fears resurfaced.

Cadila HC(+2.4%), Alkem(+6.8%), Lupin(+1.7%), Pfizer(+4.8%) and other pharma stocks also moved up. But SunPharma(-1.9%), Laurus Labs(-2.2%) and others could not hold their morning gains.

With a fall in Chinese steel export prices, lower domestic demand and the Covid-fears, metal stocks featured among the top-losers of NIFTY 50. JSW Steel(-7.6%), Hindalco(-6.7%) and Tata Steel(-5.2%) fell heavily.

National Aluminium(-9%), Jindal Steel(-7.1%) and SAIL(-5.7%) also fell.

NIFTY Realty stocks also saw heavy corrections with all participants of the index falling more than 4%. DLF(-7.4%), Phoenix Ltd(-7.5%) and Godrej Properties(-6.4%) were the top losers.

Stocks related to economic re-opening or unlock theme stock saw heavy selling. PVR(-10.8%), Inox(-8.8%) moved down. Hotel stocks – Chalet(-14.3%) Indian Hotels(-11.4%), Kamat Hotels(-6.9%), Lemon Tree(-8.7%), EI Hotel(-7.4%) and others also fell. Airlines stocks Indigo(-8.8%) and SpiceJet(-6.7%) fell.

Tarsons Products listed at Rs 682/share on NSE vs issue price of Rs 662 and went up a further 20% from there.

Indiabulls Housing Finance(+8.7%) moved up while other financial companies came under selling pressure.

Escorts(+3%) moved up and hit an all-time high in the bearish market after the company announced the open offer schedule for stake purchase by Kubota. You can read more about it here.

Markets Ahead

The movements in the market were all about Covid fears. Israel has reported the first case of new coronavirus variant B.1.1.529. 

The major concern regarding the virus is that there are no clear data points available currently. Researchers report very high viral loads in patients even with a short exposure and full vaccinations. They are still trying to confirm whether this makes it more transmissible or lethal than earlier variants.

Singapore and Japan to adopt stricter border controls for visitors from South Africa, 5 other nations due to the discovery of this new coronavirus variant. The U.K. has also stopped some flights from South Africa.

More than 7 lakh crores of investor wealth was erased in BSE today. It was the biggest single-day fall in NIFTY since April. Also the worst weekly fall for NIFTY since January. 

India VIX has shot up 24% to 20.80 and is now at a 6 month high. Options traders will have to assess their trading situations well before taking overnight trades.

The U.S. market will open today for trading for a short period, after being closed yesterday for Thanksgiving. It will be interesting to see how they react to this news, with Dow Jones Futures more than 2.3% down currently.

Read more about the why’s and what next’s of the fall in NIFTY here.

44 out of the 50 NIFTY stocks closed lower this week. How did the week go for you? Let us know in the comments section of the marketfeed app!

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Today’s Market Summarised

Reliance and Infosys pump up the markets and keep it in green for the monthly expiry.

NIFTY opened the day at 17,421 and tried to move down. But after testing yesterday’s low, the index jumped back up. However, there was consolidation seen after 17,550 could not be broken with strength. NIFTY closed the day at 17,536, up by 121 points or 0.70%.

BANK NIFTY opened the day 37,367 and saw consolidation during the day. There was an initial fall and power near closing but there was a movement of fewer than 400 points today. BANK NIFTY closed the day at 37,364, down 77 points or 0.21%. 

NIFTY REALTY(+1.9%), NIFTY PHARMA(+1.1%), NIFTY MEDIA(+1.4%) and NIFTY IT(+0.96%) closed with gains. All others consolidated.

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

News Picks

Reliance(+6%) closed as the top-gainer for NIFTY after a long time. The stock bounced back up from its levels from its September 2020 highs.

Infosys(+1.5%) and ITC(+1.5%) also moved up after falling for some days.

Kotak Bank(+1.1%) featured on the top-gainers list, perfectly continuing its bounce back from 1930 support. However, IndusInd Bank(-1.1%) and ICICI Bank(-1.2%) closed among the top losers.

Vedanta(+6.3%) once again moved up after last day’s reports of open market buying by promoter group.

Idea(+5.1%) and Indus Towers(+2.7%) continued to move up once again.

Aurionpro(+5%) announces major win in Smart Transit Space, bags order worth Rs 60 crores from the Government Of Uttar Pradesh.

Many Tyre stocks saw scattered buying through the day. CEAT(+1.3%), and JK Tyres(+1.8%), closed in the green.

Siemens(-5.3%) moved down after reporting disappointing quarterly results. The company reported a 3% decline in standalone net profit from continuing operations to Rs 323 crore in the quarter ended September.

Markets Ahead

Today NIFTY was kept up only by the power of Reliance. Out of the 121 points that the index gained today, Reliance contributed more than 110.

NIFTY closing above the 17,500 mark has given some confidence to bulls of the market. But the only thing we are seeing is consolidation. We will have to wait for December month to see if NIFTY can move back up from this consolidation phase.

Historically, October-December have been bullish months for the market. But right now, NIFTY is down 1.2% for this period. So we can expect a slight bounce back in the market next month if all goes well.

Keep a watch on U.S. and its allies including India trying to pull down oil prices. If this does not work, we can expect a continued increase in inflation rates across the world and a hike in interest rates by central banks.

Hope you had a great expiry!

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

Today’s Market Summarised

Markets fall in the last 2 hours of trade with Wednesday volatility kicking in.

NIFTY opened the day at 17,560 and was volatile. Throughout the day, the index looked to be in a slow uptrend and even tested 17,600. But failing to break this level, there was heavy selling in the market. In the last two hours, NIFTY went from day-high to day-low and closed the day at 17,415, down by 88 points or 0.50%.

BANK NIFTY opened the day 37,412 and fell before jumping back up.  With a breakout after 10 AM, the index went up to nearly 37,900 level and started falling after 1 PM. Selling near the closing time brought BANK NIFTY back to the opening level, and ended the day at 37,442, up 169 points or 0.45%. 

NIFTY MEDIA(+2%), NIFTY AUTO(-1.2%), NIFTY IT(-1.5%) and NIFTY FMCG(-0.99%) moved the most in the day. All others consolidated.

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

News Picks

Adani Ports(+4.6%) continued to be in the top-gainers list of NIFTY 50 for the second day in a row and closed at November’s high. Coal India(+1.8%) also showed up in the list from yesterday.

ONGC(+4.6%), Coal India(+1.8%), BPCL(+1.4%), NTPC(+1.3%) and IOC(+1.1%) featured in the top-gainers list with energy stocks being in demand. 

Kotak Bank(+1.4%) and ICICI Bank(+1.1%) closed in the top-gainers list while most other stocks from Bank Nifty consolidated. IndusInd Bank(-1.1%) continued bearishness.

FMCG closed in the red with Tata Consumer(-2.6%) ending as the top loser in NIFTY 50. ITC(-1.6%), Britannia(-1%), Dabur(-1.4%) and UBL(-1.4%) also moved down.

Just like this, NIFTY AUTO(-1.2%) stocks also saw selling. Eicher Motors(-2.3%), Maruti(-2.3%), TVS Motors(-1.4%) and Tata Motors(-1.3%) closed in the red.

ZEEL(+7%) moved up after the MD & CEO of the company said the merger with Sony Pictures is in the final stages.

Vodafone Idea(+3.7%) moved up in the day while Bharti Airtel(0%) failed to hold morning gains and closed flat.

IOB(+13.6%) and Central Bank(+10.4%) jumped up after fresh news of privatisation.

Bajaj Healthcare(+12.7%) said the listing of equity shares of the company on NSE will be in effect from tomorrow. Currently only available in the BSE.

Markets Ahead

Germany may announce a full lockdown today and mandatory vaccination. After this news was announced, our market moved down in reaction but the German market has not fallen as much yet.

With shares of Adani Enterprises hitting an all-time high, Gautam Adani today overtook Mukesh Ambani to be Asia’s richest.

Oil prices yesterday moved up even after U.S., India and other allies decided to release crude oil reserves. India is a heavy importer of crude and likes lower oil prices.

BANK NIFTY still managed to close in the green with ICICI Bank and Kotak Bank leading the gains. Interestingly, there was high volume selling in SBI. IndusInd Bank has closed at its lowest level since May 2021.

Consolidation is what we are seeing currently. After the fall in October, there was consolidation at the beginning of November for NIFTY. We may see consolidation again after last week’s fall. 

Expect some continued volatility in the market tomorrow for the monthly expiry!

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Today’s Market Summarised

Markets see a recovery after a sharp gap-down opening and volatility.

NIFTY opened the day at 17,314 with a big gap-down and tried to move down further. Support was found near 17,200 and from there, a rally of more than 300 points was seen through the day. With the volatility, NIFTY closed the day at 17,503, up by 86 points or 0.50%.

BANK NIFTY opened the day 36,862 with a similar gap-down. However, the index was able to take support at yesterday’s low and moved up from there. BANK NIFTY closed the day at 37,272, up 144 points or 0.39%. 

All sectoral indices closed in the green. NIFTY METAL, NIFTY REALTY and NIFTY PSU BANK moved up the most along with NIFTY MEDIA and NIFTY PHARMA. Others closed slightly in the green.

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

News Picks

JSW Steel(+4%) closed as the top-gainer in NIFTY 50 after Iron ore futures contracts on the Chinese exchange hit the upper circuit. Tata Steel(+2.32%) and Coal India(+3.75%) also featured in the gainers’ list.

All stocks from the Metal index closed in green, led by Vedanta, NMDC, Jindal Steel and SAIL.

Bharti Airtel once again moved up and hit all-time highs after announcing tariff hikes yesterday.

Indusind Bank closed as the top loser in NIFTY 50, now more than 20% down from November’s high. You can read about the allegations against the bank by high-level employees in this article.

Infosys and Asian Paints dragged NIFTY in the day.

Alembic Pharma has received USFDA approval for the solution used to control the symptoms of pulmonary disease.

Most Pharma stocks closed in the green today. Glenmark, Granules, Laurus Labs, STAR and AuroPharma outperformed.

All PSU Banks closed in bright green, with Union Bank, Indian Bank and Bank of Baroda outperforming.

Tamil Nadu Govt signs six MoUs in the data centre space. Adani Enterprises will be investing Rs 2,500 crore, Larsen and Toubro will be investing Rs 2,000 crores. Both stocks closed in green.

SpiceJet CMD Ajay Singh said that the airline has brought back two Boeing Max flights after they were grounded many years back. The rest will start flying in the next 15 to 20 days. Stock prices moved up.

Greaves Cotton‘s e-mobility arm Greaves Electric Mobility on Tuesday announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. The stock moved up.

Moody’s said it expects Reliance to generate sufficient cash flows from operations each year to fund new spending for the company. It also added that backing out of the Aramco deal won’t affect the credit rating of the company.

Stocks in the power sector moved up. NTPC and PowerGrid are featured in the NIFTY 50 gainers list. IEX, Tata Power and Adani Power also moved up.

Markets Ahead

NIFTY appears to have found its bottom for the November month correction. Strong buying came in the index once again at around the 17,250 mark and by 9:30 AM, the index crossed even 17,300 and did not look back.

Most stocks and sectors closed in green today. But do not forget that poor stocks may continue to remain weak for a while. Watch out for stocks which can be added to your portfolio in this dip.

India is taking aggressive measures to bring down crude oil prices. Will be releasing about 50 lakh barrels of crude oil from its emergency stocks.

Anyway, the monthly expiry week has been very interesting in its first two days. India VIX has also gone up to the 18 mark.

BANK NIFTY will have to close strongly above 37,750 to show some bullishness. Reliance has taken support at its high from last year, the level which we discussed yesterday.

Will be very interesting to see who bought shares from the cash market aggressively today. If FIIs have been net buyers it would be a signal of the market bottoming out.

Hope you were able to pick up the stocks of your portfolio in this dip! Happy Tuesday!

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Today’s Market Summarised

NIFTY sees the largest intraday fall in more than 7 months with sell-offs in every index.

NIFTY opened the day flat at 17,805 and crashed nearly 200 points in the first 10 minutes. Till afternoon, the index kept on falling heavily and finally took support at 17,280 level. With a fall of more than 500 points intraday, NIFTY recovered a bit towards closing and ended the day at 17,416, down 348 points or 1.96%.

BANK NIFTY opened the day 38,180 and fell. Just like the rest of the market, there was heavy selling in banks and the index fell nearly 1,500 points after opening. With the last hour rally, BANK NIFTY recovered and closed the day at 37,128, down 847 points or 2.23%. 

All sectoral indices closed in the red. NIFTY PSU BANK(-4.5%), NIFTY REALTY(-4.1%) fell more than 4% each. NIFTY MEDIA(-3.9%) and NIFTY AUTO(-3.1%) also fell heavily along with BANK NIFTY(-2.2%). Metal index(-0.04%) stayed flat after last week’s fall.

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

News Picks

Bharti Airtel(+3.8%) beat other members in the market and closed as the top-gainer in NIFTY 50, hitting a fresh all-time high. The rally came after the company announced it is increasing tariffs by up to 25%.

Other industry players including Vodafone Idea(+6.5%) and Airtel’s subsidiary Indus Towers(+2.6%) also rallied on this news.

Asian Paints(+1%) closed among the top-gainers of NIFTY, continuing its rally due to price hikes and a fall in crude oil prices.

Bajaj Finance(-5.7%), a favourite stock among Foreign Institutional Investors fell in the day along with Bajaj Finserv(-4.7%). Both stocks still have had huge gains in the last 6 months.

ONGC(-5%) fell with the fall in international crude oil prices even after announcing a partnership with Saudi Aramco. Other energy players including NTPC(-3.8%), IOC(-3.7%), OIL and BPCL(-2.4%) also fell. Meanwhile, Reliance(-4.4%) fell after calling off a deal with Saudi Aramco.

Tata Motors(-4.6%) fell sharply after being included in the ASM Framework by SEBI which will impose trading restrictions on the volatile stock.

Motherson Sumi(-4%) is in focus as European countries start announcing lockdown with a rise in COVID cases.

Chemical stocks UPL(-3.3%), Navin Fluorine(-7.4%), Deepak Nitrate(-7.1%), Aarti Industries(-6.1%) fell heavily in the day.

All stocks from NIFTY BANK(-2.2%), AUTO(-3.1%), IT(-1.4%), PSU BANK(-4.5%) and REALTY(-4.1%) index closed in the red.

Vedanta(+6%) gained after the company said the Supreme Court has granted permission to the Govt to sell its stake in the company.

Ratings of SBI(-3.4%), Canara Bank(-3.5%) and Bank of Baroda(-5.6%) were assessed by Fitch at ‘BBB-‘ with a negative outlook.

Markets Ahead

A shocking start to the week with NIFTY falling more than 500 points intraday at 2:30 PM! Heavy action of bears pulled down the index to an important demand zone at 17,280-17,320 and NIFTY seems to have taken support there now.

By the end of last week, we had discussed that NIFTY has closed below its 50-day moving average line and is seeing new fresh short positions. And even with global markets in the green, our markets saw a heavy sell-off today. 

Bank Nifty broke its support zone at 37,750 and presented a good shorting opportunity intraday. Reliance is trying to take support at its high from last year, and if this is broken, we can expect further falls.

Now might be a good time to add quality stocks to your portfolio. This looks like a healthy correction in the market allowing us to pick up stocks from their supports. But be sure that the stocks you get into now are either fundamentally strong or showing bullish momentum in this bearish market!

At the end of the day, it was just a less than 2% fall in NIFTY. But keen watchers of technical levels can use the monthly candles to predict the trend in upcoming months. 

In October, a shooting star candle(high selling pressure at the top) was formed in the charts of NIFTY, indicating a trend reversal. Now in November, the low of the October candle is trying to be broken. If it is indeed breaking, then our markets may see a bearish end to the year 2021.

But if Institutional Investors decide to go bullish following global markets, we may see a bounce back from these levels for NIFTY.

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

Today’s Market Summarised

A highly volatile day in the market for the weekly expiry!

NIFTY opened the day flat at 17,895 and tried to move up. But before even testing 18k, sellers pulled the market sharply down. From the day high, there was a fall of 250 points in 3 hours. In the afternoon, the market recovered a bit and NIFTY closed the day at 17,764, down 134 points or 0.75%.

BANK NIFTY opened the day 38,060, but could not sustain a bullish move. Even though the index fell, it was less volatile than NIFTY perhaps since it has already fallen 9% in 17 trading days. BANK NIFTY close the day at 37,976, down 65 points or 0.17%. 

Almost all sectoral indices closed in the red, except BANK NIFTY(-0.17%) and NIFTY PSU BANK(+0.07%) who were flat. NIFTY METAL(-2.5%), NIFTY AUTO(-2.6%) and NIFTY MEDIA(+2%) saw the most selling along with NIFTY IT(-1.7%) and REALTY(-1.7%). 

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

News Picks

PM Modi said today that PSU Banks after multiple mergers now have a large capital base and good liquidity. He also added that over Rs 5 lakh crores of the bad loans have been recovered. SBI(+1.1%) closed as the top-gainer in NIFTY 50. 

PNB(+2.4%) also gained, while all other stocks in the PSU Bank index fell. HDFC Bank(+0.56%) and ICICI Bank(+0.21%) managed to stay slightly in the green.

Tata Motors(-3.8%), M&M(-3.2%), Eicher Motors(-2.6%) and Hero MotoCorp(-2.3%) closed among the top-losers of NIFTY 50 after this week’s rally in auto stocks. Maruti(-1.9%) and Ashok Leyland(-4.5%) and nearly all NIFTY AUTO participants closed in deep red.

All participants from the NIFTY IT index closed in the red. TechM(-3.1%), HCLTech(-2.8%) closed in the top-losers.

Vedanta(-8.4%) fell heavily as analysts took a negative view of the company’s plans to demerge its businesses. 

China reported that its steel production was 20% down compared to in early November. Jindal Steel(-3.1%), SAIL(-2.7%), Tata Steel(-2.7%), Hind Zinc(-2.9%) and National Aluminium(-4%) fell the most from the Metals index.

Japan’s Kubota Corp is set to increase its shareholding in Escorts(+10.5%), with an open offer at Rs 2,000/share worth more than Rs 9,100 crores. The tractor manufacturer’s stock hit Upper Circuit.

Bosch Ltd(-5.8%), Tata Power,(-5.1%) Coforge(-4.5%) and many others who rallied this week saw corrections.

Shares of PayTM crashed nearly 26% from its IPO price, after India’s largest initial public offering(IPO). The stock opened trading at Rs 1,950, down 9.3% from its IPO price of Rs 2,150. The stock closed at the lower circuit, at a low of Rs 1,560.

Meanwhile, Sapphire Foods gained 4% from IPO price on listing day

British Private Equity firm Apax Partners sold its remaining 11.5% stake in Zensar Tech(-8.6%) today. The stock crashed.

Markets Ahead

A thrilling weekly expiry in the day and just like we expected yesterday, it was the most volatile day of the week. NIFTY has now formed 5 consecutive red candles in the daily charts.

Both Foreign investors and Domestic Institutions were net sellers in the cash market yesterday.  More and more short positions are being taken in Index Futures and this has been hammering down the market.

Bank Nifty is now at a good support zone, at the all-time high from the budget week of 2021 February. With the correction, the index of banks is now down more than 9% from its high on October 27th. 

HDFC Bank and ICICI Bank, the heavyweights of the index managed to stay in the green today. We can go bullish on the index again if it closes above 38,230.

NIFTY however has closed below its 50-day moving average, indicating bearishness. Keep an eye out for further falls if support is not taken at 17,600. You can also observe if Reliance will bounce back above the Rs 2,500 mark after having closed in green today. 

Hope you had a good weekly expiry day! Tomorrow is a market holiday for Guru Nanak Jayanti and hence it’s a 3-day weekend for market participants. Take some time out to chill but also study some stocks!

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

Today’s Market Summarised

Weakness continues in the market after NIFTY failed to hold above the 18,000 mark yesterday.

NIFTY opened the day at 17,944 with a gap-down and took support at 17,900 zone. From here, it tried to move up multiple times and cross the 18k mark. But sellers kept on pulling the market down. With bears getting strong in the last hour of trade, NIFTY closed the day at 17,898, down 100 points or 0.56%.

BANK NIFTY also moved similarly to NIFTY. After opening at 38,125, the index took support at the 38k mark and moved up. However, it could not test the resistance at 38,500 and fell back to the day-lows. By closing time, the index somehow stayed above the 38,000 level. BANK NIFTY close the day at 38,041, down 265 points or 0.61%. 

NIFTY PHARMA(-1.2%) and NIFTY REALTY(-1.6%) gave bearish moves in the day while NIFTY AUTO(+0.7%) tried to move up. All other sectoral indices consolidated.

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

News Picks

SBI Life(+2.9%) closed among the top-gainers of NIFTY 50. The stock is still in a consolidation zone and can be watched for a breakout.

Maruti(+2.7%) and Tata Motors(+2.1%) continued bullishness from yesterday and closed among the gainers.

Asian Paints(+2.4%) is giving a strong breakout after its Q2 results announcement fall and can be watched. Powergrid(+1.8%), ITC(+1.7%) and Tata Power(+2.2%) featured in the list of gainers continuing their bullishness.

Apollo Hospital(+12.5%) gave an explosive breakout, rallying to all-time highs after its Q2 results.

UPL(-3.1%) closed as the top-loser in NIFTY 50 along with Reliance(-2.1%). Reliance is now back to a good support zone.

Indiabulls Real Estate(-1.6%) and Indiabulls Housing(-1.9%) moved down in the day. Promoters sold 2.64% stake of the IBREALEST on the open market in the last 3 weeks.

Godrej Properties(-4.3%) fell the most in the realty index. DLF(-1.3%), Prestige(-2.7%) and Sunteck(-2.9%) also fell from the sector.

Axis Bank(1.9%) and Kotak Bank(-1.4%) fell from the financials index. Interestingly, IndusInd Bank(+1.2%) closed in the top-gainers list.

ITC(+1.7%) moved up after reports it would demerge its infotech company named ITC Infotech.

IRCTC(-1.8%) fell after news that The Government of Singapore sold their stake of 1.36% in the company, from Sept till November.

Markets Ahead

The bearishness in the market continued with NIFTY falling below 17,900 by the market closing. Bank Nifty also moved down with a heavy number of call options being written in the market.

Yesterday, Foreign Investors were once again net sellers yesterday. Data in BANK NIFTY now shows there is consolidation expected around 38,000. More fear in the market is being seen with a lesser number of put options being seen.

Axis Bank is at a key support, after having fallen 18% since its Q2 results at the end of October. 

PM Modi will be having a meeting with PSU Banks tomorrow, focusing on Credit growth. There will be volatility in the index tomorrow. SBIN showed strength even though Bank NIFTY was down. The stock can be watched out for tomorrow too. 

Tomorrow is the weekly expiry, and since the last many days saw a good amount of consolidation, we can maybe see volatility tomorrow. 

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Today’s Market Summarised

Another red candle formed in the daily charts of NIFTY with a fall of more than 1% in BANK NIFTY.

NIFTY opened the day at 18,132 and immediately started falling. The index tried to take support and move up multiple times in the day and at one point reached till near the day-high. A 160-point fall in the last 2 hours led NIFTY to close the day at 17,999, down 110 points or 0.61%.

BANK NIFTY was much weaker in the day. After opening at 38,715 in the morning, the index tried to consolidate around the 38,500 zone. A fall towards the second half of the day made BANK NIFTY close the day at 38,307, down 395 points or 1.02%. 

NIFTY AUTO(+2.4%) moved up in the day and NIFTY IT(+0.49%) consolidated. NIFTY PSU BANK(-2.1%), NIFTY PHARMA(-1.2%) and NIFTY BANK(-1%) fell heavily in a mostly consolidating day.

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

News Picks

Auto stocks were highly bullish on the day after Morgan Stanley said chip shortage issues are a thing of the past for the industry. Worst affected stocks by this – Maruti(+7.2%) and M&M(+3.4%) shot up. Tata Motors(+2.6%), Hero Motocorp(+2.1%) and Eicher Motors(+0.97%) also closed in the green.

Greaves Cotton(+10%), Bharat Forge(+3%), Bosch Ltd(+1.8%), Mothersumi(+6.2%), Mahindra CIE(+5.4%) and Varroc Engineering(+6.3%) moved up from the auto ancillaries stocks.

Shree Cements(-3.2%), UltraCements(-2%) closed among the top-losers of NIFTY 50. Ambuja Cements(-2.7%), ACC(-2.7%), Ramco Cements(-2.4%) and others also fell. They moved down after reports that the price hike plans for November have been cancelled. Cement companies also cut prices in Delhi-NCR.

Reliance(-2.3%) saw a sell-off in the day as the issue with Future Group continues. Competition Commission of India to meet Amazon, Future Coupons on January 4.

Coforge(+4.1%) said Anupam Jain to replace Abhinandan Singh as Chief Investor Relations Officer. Last day the company moved up after approving listing ADRs in the U.S. market.

Manappuram(-3.8%) fell in the day, continuing bearishness after reporting earnings over the weekend. Muthoot Finance(-2.9%) fell from all-time highs.

Lodha(+10.2%) moved up after launching its Rs 4,000 crores Qualified Institutional Placement(QIP).

SpiceJet(+9.6%) is giving a breakout in the 1-day charts even as the airline reported a widening of loss for Q2. Shares of Indigo(+0.76%) hit an all-time high again today. 

KNR Construction(+5.3%) gets financial closure letter for the Kerala highway project and shares moved up.

Markets Ahead

Bearishness in the market once again as NIFTY closed below the 18k mark. Even though there was a gap-up, the market fell from there just like yesterday.

Yesterday Foreign Investors were net buyers in the cash market yesterday, but it could have been due to a big investment in PB Infotech from a foreign firm. Otherwise, they continue to be net sellers for the month of November.

The support at 38,500 and 38,350 for BANK NIFTY has been broken. There is a bearish sentiment in the index surely as both private and public banks go into selling more. However, consolidation is expected around the 38,500 zone as indicated by the open interest(OI) data.

It will be interesting to see if this bearishness will continue or the market will go into consolidation mode. What do you think? Let us know in the comments section of the marketfeed app!

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Today’s Market Summarised

Markets move to a consolidation mood, falling from the initial gap-up openings.

NIFTY opened the day at 18,156 and soon hit an intraday high. with a gap-up of more than 100 points. From the top, the index fell more than 130 points by 1 PM. After a lot of consolidation in the afternoon, NIFTY closed the day at 18,109, up 7 points or 0.04%.

BANK NIFTY also followed a similar pattern in the day. After opening at  38,924 in the morning, the index tried to briefly cross above the 39k mark. But this failed, and a fall along with consolidation was seen. BANK NIFTY could not break yesterday’s high and closed the day at 38,702, down 31 points or 0.08%. 

NIFTY PHARMA(+1.4%) and NIFTY FMCG(+0.94%) moved up in the day. NIFTY METAL(-1.8%) and NIFTY PSU BANK(-1.4%) fell as others saw consolidation.

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

News Picks

Energy-related stocks saw sustained buying interest like we discussed in the Week Ahead article yesterday. PowerGrid(+3.4%) and ONGC(+2%) closed as the top-gainers of NIFTY 50. ONGC had also reported good results over the weekend.

Pharma index is near a breakout zone in the charts. Cipla(+2.4%) and DivisLab(+1.3%) closed in the top-gainers list. Laurus Labs(+8.5%), Biocon(+4.4%) and Gland Pharma(+5.1%) also jumped.

Apollo Hospital(+8.8%) was boosted by a 4x jump in net profits, and an increase in non-COVID revenue. Other hospital stocks including Fortis(+7.4%), Max Healthcare(+7.8%), MetroPolis(+7.8%), Narayana Hrudulaya and more gained.

ITC(+2.2%) and Nestle India(+1.7%) also closed with gains from the FMCG index.

Coal India(-4.3%), Tata Steel(-3.2%), Hindalco(-2.7%) and JSW Steel(-1.4%) closed as the 4 top-losers in NIFTY 50 and were all from the metal index.

CoForge(+1.4%) gets approval for listing in ADR in the United States and moved up.

PB Fintech, parent company of PolicyBazaar listed at Rs 1,163/share, with a premium of 19% per share and moved up to Rs 1,202 by market closing.

Non-Banking Financial institutions Manappuram(-9.7%), M&M Finance(-5.9%), Chola Finance(-2.1%), Ujjivan(-9.2%) and more saw heavy selling. There was a fall in net profits reported by Manappuram over the weekend due to lower interest income.

IEX(+2.4%), BSE(+5.1%), IRCTC(+4.4%0 and MCX(+1.1%) saw buying in the day.

Ashok Leyland(+4.3%) said it is in talks with investors to raise funds for EV subsidiary switch mobility.

Bosch India(-1.5%) shares fell after Joint MD and CFO S.C. Srinivasan resigned.

Adani Enterprises(+2.6%) continued its breakout to all-time highs and moved up.

Markets Ahead

NIFTY continued to sustain above 18,080 for the second trading day in a row. Even though the index closed in green, there was a bearish move after the morning gap-up.

On Friday, Foreign Institutional Investors were net buyers in the market. But if we look at the overall last week, they were net sellers in the cash market. There is no particular interest yet being shown from them in the cash market. BANK NIFTY continues to trade in an important zone above the supports at 38,500 and 38,350. More buying is expected in the index if all goes well.

There are very few local cues in the market currently awaited. Consumer Price Inflation data was within estimates and major Q2 results are now over. Wholesale Inflation for October came out today at 12.54% vs 10.66% last month. The estimate was 11.14%.

The moves coming now could be crucial as they are without any news based movements. 

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Today’s Market Summarised

Power seen in the market closing in the green since Monday.
NIFTY opened the day at 17,979 with a gap-up of more than 100 points.  After consolidating in a tight zone till afternoon, the index gave a breakout above 18k and kept on rallying. With power towards the closing, NIFTY closed the day at 18,102, up 229 points or 1.28%.

BANK NIFTY opened the day at 38,733 and moved down. The index somehow found support at the 38,500 mark and slowly moved back up. BANK NIFTY could not break yesterday’s high and closed the day at 38,733, up 173 points or 0.45%. 

NIFTY IT(+2.1%) led the gains for NIFTY today, along with NIFTY REALTY(+1.65%), NIFTY FMCG(+0.96%) and NIFTY FINSERV(+1%). All other sectors showed consolidation.

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

News Picks

IT stocks showed power in the day and closed among the top-gainers. TechM(+4.1%), Wipro(+2.8%) and Infy(+2.7%) closed with good gains.

Other IT stocks LTI(+4.2%), LTTS(+2.2%) and TCS(+1%) also closed with gains in a day where all NIFTY IT stocks closed in green.

Hindalco(+3.2%) moved up after the company reported Q2 consolidated Net Profit of Rs 342 crores, nearly 20% up from last quarter and better than the estimates of Rs 280 crores.

HDFC(+2.8%) closed in the top-gainers list of NIFTY 50 really close to its all-time high from Monday. Group companies HDFC Life(+2.5%) and HDFC Bank(+0.3%) also closed in green.

ICICI Prudential Life(+4.7%) and SBI Life(+1.8%) also moved up from the life insurance sector. Most Fin Nifty stocks closed in green.

Bajaj Auto(-3%) moved down with bearishness through the day and closed as NIFTY’s top-loser. The company is discontinuing one of its most successful models, the Pulsar 220.

Indigo(+7.3%) gained to reach near all-time highs. The airline CEO had said yesterday that Air travel is seeing a swift recovery.

Godrej Consumer(-3.2%) continued its fall from yesterday after announcing its results. The FMCG index still closed in green with heavyweights Britannia(+1.2%), Hindustan Unilever(+1.2%), ITC(+1.2%), Nestle India(+1.5%) and Tata Consumer(+1.2%) closing more than 1% up.

Fino Payments Bank listed in the market today at Rs 544.35/share, at a discount of nearly 6% to the issue price of Rs 577/share.

Motherson Sumi(+3.5%) saw volatility and shot up after Q2 Consolidated net profit drop of nearly 40% YoY to Rs 217 crores, but still slightly better than estimates. Bharat Forge(-0.9%) fell after reporting their results.

Shares of Idea(+4.5%), Reliance(+1.5%) and Airtel(+2%) closed with gains. Vodafone Idea Q2 loss narrowed slightly to Rs 7,132 crores. Average Revenue Per User improved to Rs 109.

Markets Ahead

There was a mood for heavy consolidation through the morning. And we saw higher and higher call options being written at the level of 18,000. This was one of the major reasons for today’s rally. Because once this 18k mark was broken by NIFTY, there was a strong and steady short-covering rally in the market.

Reliance once again closed in the green. Also, like we discussed yesterday, NIFTY IT was in a strong support zone. And today we saw a bounce-back of 2% in the index.

There is a new notification that for F&O traders with effect from 1st December, a 50% cash margin will be required for F&O. Earlier you could pledge securities for margin cover in full, but now you need to have 50% cash in the margin. This could create some volatility in the market.

Will be interesting to see if foreign institutional investors were net buyers today. NIFTY has closed the week in green even while BANK NIFTY has closed well in the red of more than 2%. Keep an eye out for a bounce back from banks as well in the coming days if the rest of the market show strength.

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