Tag: traders

Today’s Market Summarised

What a day in the market. Market making heavy-weight stocks taking up Nifty.

After opening the day at 14,631 with a 120 point gap-up, Nifty was determined to move up more. A series of green candles took the index to 14,750(which is a good level) and consolidation was seen here. At around 11:45 am, Nifty fell 75 points as US 10-Year Bond Yields went up.

This fall was quickly recovered, and Nifty went on to touch 14,875, the highs from 18 and 23 March. Nifty consolidated to close the day at 14,845, up 337 points or 2.33% for the day.

Bank Nifty opened the day with a 300 point gap-up at 33,665 and mostly consolidated in the day. The index traded comfortably between 33,500 and 34,000 in the day, even when HDFC Bank was up 4%. Bank Nifty closed the day at 33,875 up 556 points or 1.67% for the day.

All sectoral indices closed in the green today, except Nifty Realty who was flat. Nifty IT, Metal, Pharma, FMCG and Fin Nifty were up more than 2%. 

All major Asian and European markets have closed in the green today.

News Picks

Several stocks were expected to see sizeable movements in the day. Tata Consumer Products, to be added to Nifty 50 went up just 0.38%. AU Small Finance Bank, to be added to the Bank Nifty hit 15% upper circuit in the day.

Nazara Tech listed at Rs 1,990 on the market today, against IPO price of Rs 1101, a premium of 76%. But the stock went on to hit the 20% lower circuit in the day at 1,592.

Shares of UPL went up 7.27% in the day, nearing back to its 52-week highs. The stock still has room to go up, in my personal opinion.

JSW Steel closed 5% up in the day after becoming largest steel manufacturer on completing the acquisition of Bhushan Power & Steel (BSPL).  JSW Steel is now looking to buy govt owned Neelachal Ispat Nigam Ltd and has submitted an expression of interest along with Tata Steel Ltd and ArcelorMittal Nippon Steel India.

With major agencies expecting metal prices to go up in April, shares in Nifty Metal index performed well in the day. MOIL(up 13%), JSW Steel(up 5%), NMDC(4.58%) and TataSteel(up 4.32%) performed best from the sector.

Rupee fell against the dollar. IT and Pharma shares shot up in the day.

Shares of IT companies were in a non-stop bull run. Mphasis, Mindtree gained 7-9%. Infy, Wipro, TCS, and TechM gained 2-4%. Only Naukri closed 7% down from the index. Infosys results will be out by 14 April.

All stocks from Nifty Pharma were in the green today. DivisLab, CadilaHC, Alkem, Biocon and Cipla gained more than 3% in the day. 

Shares of Larsen and Toubro gained 2% in the day after the heavy civil infrastructure business wins a Rs 1,000-2,000 crore order. Water Treatment business also gained orders.

Shares of Yes Bank closed 17% after a last-minute surge took the stock up.

Only 5 stocks from Nifty 50 closed in the red, that too none more than 0.5% down.

Shares of IRCON gained 8% as the company plans to hold a board meeting on April 5 to consider issue of bonus shares.

Shares of Dilip Buildcon went up 4.5% in the day after getting Rs 1,134 crore order for a road project in Karnataka.

Markets Ahead

Nifty has rebounded well from its lows of last week on the day after Holi. Even with US Treasury Bond Yields going up in the day, markets still went up. Will have to see if this is the case going forward.

14,750 was a key level and this has been broken today. There was some positivity from international markets on Monday, when our markets were closed. Today’s high also looks to be a good resistance level for the index.

As for Bank Nifty, today was a day of consolidation. HDFC Bank went up nearly 4% even after reporting issues with Online Banking again. The stock along with Reliance, Infy and TCS took Nifty nearly 160 points up. Hoping that a clear breakout can be seen in the upcoming days.

Interestingly, Petrol and Diesel prices have gone down even with Crude prices going up. This is probably because of the upcoming state elections across India.

Enjoy the bullishness we are seeing in the market, and IT shares may go up even more ahead of their results announcements. 

HDFC Bank is set to announce its results on April 17th and this will be crucial for Bank Nifty!

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

A ray of hope in the form of a small pullback in the market. All major sectoral index opened with gap-ups on the day after yesterday’s sharp falls.

Nifty opened the day with a 180-point gap up at 14,507. In the first hour, it struggled to stay above 14,500 and 14,400 ranges acted as good support. With power from Tata Group companies, the entire market fired up. It even touched yesterday’s high and then slowed down. Nifty closed the day at 14,507, up 182 points or 1.27%. It was exactly the same as today’s open level.

Bank Nifty had a very calm day in the market. After moving in a range of 1,300 points yesterday, Bank Nifty moved just over 400 points in the day. After opening with a gap-up at 33,610, the index moved sideways and managed to stay above 33,100 the whole day. Bank Nifty closed the day at 33,318, up 311 points or 0.94%.

All sectoral indices closed in the green today. Nifty Metal, which was flat in yesterday’s fall, went up 3.68% in the day. Nifty FMCG, Nifty Realty, Fin Nifty and Nifty Auto closed more than 1% up in the day.

All major Asian and European markets have closed in the green today.

News Picks

Unlike previous days, only 7 stocks from Nifty 50 closed in the red. 

All Tata Group stocks shot up in the day after the Supreme Court backed the removal of Cyrus Mistry. Ruled in favour of Tata Sons, sets aside NCLAT order. Was interesting to see how this move lifted up the entire market at that time, even though later stabilised. Can check how every Tata stock gained more than 1-2% at 11:20 am.

Shares of Godrej Properties closed up 2% in the day. The builder sold more than 275 residences worth Rs 475 crore just today at the launch of Godrej Woods in Noida.

Even when global prices of base metals remained weak, all Metal stocks rallied and closed green in the day. Monthly production data for March will be out by the first week of April, and the index saw heavy buying in hopes that it will be good. Tata Steel was up 6%, SAIL by 6.23%, Hindalco up 4% and Jindal Steel by 4.8%. 

With Bajaj Auto is set to launch the Pulsar 250 soon, share prices closed 2.8% up. It is also planning to launch an electric bike/scooter by 2022 in collaboration with Pierer Mobility(parent of KTM, Husqvarna).

Kalyan Jewellers and Suryoday SFB listed at a discount from IPO price in the market. Barbeque Nations IPO closes today but has seen very low participation being subscribed only 4.2 times.

With rumours that malls will soon increase back rents, Inox and PVR shares fell more than 1% each.

With fears that the second wave of Covid-19 will hit air travel, Indigo shares fell more than 3% in the day. SpiceJet opened with a gap-up and fell to close 0.8% up. Also, SpiceJet’s Ajay Singh along with Ankur Bhatia have bid for 100% stake in Air India.

Container Corporation of India gained 7% to resume rally to all-time highs. The stock is currently set for privatisation and has drawn interest from DP World, Adani and Vedanta. 

Finance stocks performed well in the day lead by Bajaj Finserv and HDFC. Muthoot Finance, Manappuram Finance, Chola Finance and Mahindra Finance gained 3-5.5% in the day.

Service industry stocks generally performed well in the day. EaseMyTrip closed at its 20% upper circuit after seeing heavy buying. Deltacorp was up more than 8% followed by Indian Hotels at 5.34%.

Markets Ahead

The Supreme Court judgement siding with Tata Sons was the event of the day. Otherwise, Nifty has consolidated in the day if you don’t consider the gap-up. Bank Nifty also saw heavy consolidation in the day.

14,500 has been respected today and I am happy that Nifty closed above this level.

The markets have closed on a positive note, but nearly 1.5% down for the week. Maharashtra Govt is set to take a decision after April 2 on whether to impose a complete lockdown in the state once again. Do remember that Mumbai was one of the worst affected cities in the first wave of Covid.

The April series has opened with some positivity and let us hope that 14,750 is taken out soon to confirm Nifty’s short term bullishness. 15,100 would be the next, followed by the all-time high. Looking down, 14,500, 14,200 and 14,000 are good supports for the index.

Do remember that is Monday will be a holiday in the market and you are in for a long weekend. Happy Holi to everyone in advance. Celebrate responsibly while still enjoying the weekend.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

We discussed that fireworks will be there in the market today. But what we saw a day of explosions in the market. Nifty was as volatile as it gets in the market.

After opening the day flat at 14,575, Nifty was clearly flashing bearish signals. 14,500 was broken sharply and three was consolidation around 14,400 for a while. Once Nifty lost power, it fell even more to under 14,260 levels. But just after 1-1:30 pm, markets bottomed out and Nifty started to move higher.

With many short positions squared off, Nifty was pushed higher and even got back to 14,500 levels. Nifty fell more than 200 points in 30 minutes to move back down to day low again. Nifty closed the day at 14,324, down 224 points or 1.54%.

Bank Nifty opened the day at 33,449 and fell slowly more than 1,000 points to the day-low. There were a lot of sideways moves in the index before noon. But after 1 pm, the index of banks really went crazy. Between 1:25-1:45 pm, Bank Nifty shot up 750 points. It continued to go up crossing 33,000 and even made a fresh day-high. But the index corrected near close to end the day at 33,006, down just 286 points or 0.86%.

All sectoral indices except Nifty Metal(up 0.02%) closed red in the day. Nifty Media(down 3.06%), Nifty Auto(down 2.76%) and Nifty Realty(down 2.50%) were the worst-performing in the day.

All European markets are running in the red. Surprisingly, Asian markets including Japan’s Nikkei closed flat or in the green.

News Picks

6 stocks closed in the green today from Nifty 50.

According to sources, Dr Reddy’s will be soon given emergency use approval for Sputnik-V(Covid-19 vaccine) by the DGCA. Shares prices recovered and closed in green.

After yesterday’s sharp fall, metal stocks performed relatively good in the day. Promoter Siddeshwari Tradex of JSW Steel revoked pledge of 6 lakh shares on March 22. 

Tata Steel closed up nearly 3% after yesterday’s sharp fall. Today, the company’s board approved the conversion of partly paid-up equity shares into fully paid-up equity shares.

Auto stocks once again came under selling pressure. Maruti, HeroMoto Corp,  Tata Motors, Eicher and Bajaj Auto were down 2.8-4% in the day.

Adani stocks saw once again saw profit booking in the day. All major group stocks were down 3-5%.

Govt has launched auctions for the second tranche of commercial coal mining, with 67 mines under offer. Coal India shares fell more than 3% in the day.

Shares of telecom companies including Vodafone Idea and Bharti Airtel came under selling pressure. Both stocks hit 3-month lows today. TRAI is also examining Vi reporting false subscribers numbers for the month of January.

Shares of smallcap granite processor and exporter Pokarna Ltd went up 12% in the day after announcing starting of operations at its second facility.

Shares of Wabco fell 10% in the day but recovered towards close. This happened as promoters sold shares in the market through Offer for Sale.

Laxmi Organics listed in the market today and closed with a 26% gain from IPO price.

Markets Ahead

A crazy crazy expiry day in the market today. With Nifty flying up and going down 200 points without any effort, many would have surely made handsome returns from the market today. For others, their favourite stocks would have reversed after hitting stoplosses. 

14,500 being taken out is a bearish signal in Nifty. Bank Nifty managing to close above 33,000 despite today’s sharp fall gives some hope for the next day.

But still, the technicals are looking really weak in the market. Nifty PSU Bank was down even 5% in the day before coming back up.

Even though some stocks might go up in the coming few days, if momentum and volume is not sustained, the downward journey would continue.

Nifty Midcap index fell 2% and the smallcap index was down 2.2%.

Hoping to see some general positivity in the April series which begins tomorrow. Another monthly expiry and what a volatile 4 weeks it was. Check out the 1-day charts of Nifty! 14,000 level will be crucial next month. And only any upward journey which crosses 14,750 will be interesting.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Nifty opened the day at 14,724 with a near 100 point gap-down. Just as we discussed in the important levels, 14,750 acted as a good resistance and Nifty was not able to sustain above this level. So with global cues remaining weak, the index started falling. 

14,625-14,635 acted as a good zone today. Nifty tried to recover afternoon but saw a sharp fall just after 2.45 pm. The index fell more than 115 points in 20 minutes. Nifty closed the day at 14,549, down 265 points or 1.79%.

Bank Nifty opened the day at 33,940 with a gap-down and could not even cross 34,000. After consolidating, the first 30 minutes, Banks started falling across the board. The index saw consolidation around 33,600, and then took support at last week’s low(33,400). But in the afternoon fall, this was broken too. Bank Nifty closed the day at 33,293, down 891 points or 2.61%.

All sectoral indices except Nifty Pharma closed in the red today, that too all below 1%. Nifty Metal was down more than 3% in the day, followed by Nifty Realty and Nifty Auto.

All major Asian and European markets are currently in the red.

News Picks

Only 3 stocks from Nifty 50 closed in the green today. 

Cipla shares were the top-gainer, going up more than 2%. Yesterday, the company’s subsidiary partnered with a US firm to develop new antibiotics. The company reappointed Umang Vohra as MD and Global CEO for 5 more years.

Escorts shares remained down even with the company announcing price hikes on its tractors from April 1.

Adani stocks saw huge profit booking in the day after 2 days of amazing gains. Adani Ports was down more than 4.2%, closely followed by Adani Enterprises.

With base metal prices falling across the world, and US dollar strengthening, metal stocks crashed in the day. Tata Steel was down more than 5% to be Nifty’s top-loser.

RVNL shares crashed more than 9% in the day with Government selling 10% equity at a floor price of ₹27.50/share. Today’s close price was Rs 27.65 after the fall.

Indiabulls Real Estate slipped another 6.32% in the day. All last week, promoters of the company were selling their stakes. The stock is down 30% from 5th March levels.

Shares of Prestige went up nearly 0.5% in the day, in a day where the Realty index fell nearly 3% in the day. The company will take over a Mumbai housing project from bankrupt Ariisto Developers for Rs 10,000 crore. This will be the companies largest project in Mumbai.

Shares of paints companies closed in the green, even when the market was generally down. Asian Paints was up 1.38% with Shalimar Paints up more than 2.5% in the day. This happened as prices of a key raw material for the industry, crude oil derevatives, fell across the week.

Markets Ahead

A day of broad sell-off in the market today. More than Nifty, Bank Nifty looks more bearish. The index has broken last week’s support of 33,400 and closed below it. 

Bank Nifty is at its lowest level since 1st February(budget day). But Nifty was at 14,350 just last Friday, still 100 points away from today’s close.

A new double mutant strain has been detected in India along with 771 variants of concerns, according to the Central Government. This had no immediate impact on the market but maybe would have caused it to go down near the end.

Also, the Health Ministry has asked states to consider imposing local restrictions due to the spread of Covid-19. Mumbai has reported the highest ever daily cases.

Again, when the index is weak, it searches for reasons to fall. And I believe this is just one such reason. There were also reports of PM Modi addressing the nation tonight, which turned out to be untrue.

If Bank Nifty keeps falling below the high of the February 1st candle, Nifty will also be dragged down. A usual day of Wednesday volatility in the market. Tomorrow is the monthly expiry so expiring some more firework movements in the market tomorrow.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Nifty opened the day with a small gap-up at 14,772 and tried to move up. Most sectors kept moving up and down systematically to make sure that Nifty had no violent moves. Even with the loan moratorium case judgement being announced, Nifty closed the day at 14,814, up 78 points or 0.53% in the day.

Bank Nifty opened the day at 33,757 and was generally bullish in the day. It consolidated till the moratorium announcement and then shot up more than 500 points in a 10 minute gap. Profit booking kicked in and the index fell almost 700 points just after this. Bank Nifty went up slowly up over the day to close at 34,184, up 580 points or 1.73%. Bank Nifty took resistance at last Friday’s high. Will we see a breakout?

Nifty PSU Bank was up nearly 3% in the day. Bank Nifty(up 1.73%) and Nifty Realty(up 1%) closed more than 1% up. No other sector moved more than 1% in the day.

Most European and Asian Markets are currently trading in the red.

News Picks

Pfizer India shares jump up 2% after health ministry official said the country is also considering Pfizer vaccine.

Allana Group, popular for their FMCG products like ice-cream London Dairy, picked up 1% stake in LT Foods. LT Foods shares were up more than 4% in the day.

Adani Ports jumped up further in the day, and closed up 2%. The company announced in a regulatory filing today that it will acquire 58% stake in Gangavaram Port for ₹3,604 crore. With this, they hold near 89% stake in the Andhra port. 

Cement companies rose in the day with Shree Cements(up 5.04%), UltraCement(up 3.14%) and Ambuja Cements(up 3%). Mines and Minerals (Development and Regulation) Amendment Bill passed yesterday will benefit mines and cement companies according to analysts. This could be why Adani Enterprises was up nearly 7% as well.

Banking shares went up in the day, HDFC Bank and ICICI Bank pushed up the bank index today. Bank Nifty was up more than 1.7% in the day after the court said a waiver of complete interest is not possible. Left the decision to RBI and Government.

5 out of the top 10 losers in the day on Nifty 50 were public sector companies. IOC, ONGC, and GAIL fell between 1.5-2.5% in the day.

Dixon Technologies fell another 4.5% in the day after the companies share split was completed yesterday. Even yesterday, the stock had fallen 4-5% in the day.

Realty stocks went up in the day, with the index going up nearly 1%. Prestige, DLF and Godrej Properties were up in the day.

IDBI Bank share went up nearly 7% in the day to consider and approve the proposal for approval of bond borrowings limit of Rs 8,000 crore for the next financial year.

Markets Ahead

Banks got renewed power in the day as Supreme Court finally announced its verdict on the Loan Moratorium case. But with SC lifting the stay on classification of NPAs, banks are expected to report worse asset quality in the current quarter. Interest on interest on these loans will be more than Rs 7,000 crore, as predicted by ICRA.

Only Kotak Mahindra Bank closed in the red from Bank Nifty. Hopefully this power is sustained.

It is the close of the financial year and earnings season will kick of next month with IT companies reporting as always. TCS hiking salaries for all its employees from April can be a sign of a good result in the company once again. IT stocks can be watched ahead of the results.

With Thursday being the weekly and monthly expiry, we could see some high volatility in the coming two days. Especially since Nifty has been consolidating. Watching to catch some good moves tomorrow in the index.

Reliance could not cross 2,110 today, and HDFC consolidated and closed in the red. Keeping these two stocks in my personal watchlist for tomorrow, you can too!

Also, anyone above the age of 45 can get a Covid-19 vaccine in India from April 1.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Nifty opened the day at 14,738 and fell sharply immediately. The index tried to move back up after but could not break Friday’s high. It gradually fell from the high and tested 14,600 twice after 1 pm. Just after 1:30 pm, Nifty started moving up. It was a day of general consolidation in the index. Nifty closed the day at 14,736, down 7.6 points or 0.05%.

Bank Nifty witnessed a good fall in the day. After opening at 34,088, Bank Nifty fell sharply nearly 350 points in the first 15-minute candle. It then tried to go up again but failed and fell to take support at Friday’s low near 33,380. Bank Nifty closed the day at 33,603, down 558 points or 1.63% in the day.

Nifty Realty(up 2.7%), Nifty FMCG(up 1.7%) and Nifty IT(up 1.85%) and Nifty Pharma(up 1.57%) in the day. Bank Nifty and Nifty Financial Services were down more than 1%.

Asian markets look mixed in the day. European markets are currently trading in the red.

News Picks

Shares of Adani Ports went up by 5% as the company is finalising on acquiring an additional 58.1% stake of Gangavaram Ports. Adani Enterprises went up more than 11% in the day.

Dr Reddy’s gained 1.7% today as the company submitted Phase 3 Efficacy data of SputnikV to DGCI. Sources say the efficacy is said to be 91%. 

Shares of Cipla rose by 1.5% after the pharmaceutical giant gained market share from 12.3% to 13% for a key asthma drug, Albuterol in US. 

Shares of TCS went up by 2.8% after the company rolled out salary hikes for all staff for 2021-2022

RailTel Corporation shares rallied 8% after receiving an order worth Rs 153 crore from Central Coalfields, for the establishment of MPLS-VPN Network of higher bandwidth on a rental basis for 5 years

Shares of SpiceJet soared up to 6.5% after the company, along with Tata Group were shortlisted for acquiring Air India. Due Diligence is reported to start in a few week’s time

Adani Green Energy‘s share price hit a record high of Rs 1,251 rising 5% after winning many new orders.

Shares of Honeywell Automation went up by 3.5% after Vanguard Group reportedly bought 70,589 shares of the company at Rs 43,009 on Friday. The stock price closed at 44,400.

Shares of Future Retail stock closed 6% higher after Delhi HC stayed March 18 order in Amazon-Future Retail case.

Nifty FMCG, the only sector with gains last week again went up today. Almost all stocks in the index closed in the green.

Markets Ahead

Banks and financial stocks were weak in the day. 

We had talked about Prestige shooting up near end of Friday’s trade, and the stock again closed up more than 4% in the day. Godrej Properties also reversed after closing 6 days in the red.

While smallcaps index consolidated, Nifty Midcap gained by nearly 0.8% in the day.

One thing that Reserve Bank of India warned about last week was the rising bond yields would not help global economic recovery, and will push most economies to increase interest rates. This would not help the market, if it does happen.

Just like how IT stocks started journey back to their all-time highs, now it looks like the time for FMCG companies. Even though their all-time highs are at super-high valuations, you can think about catching the momentum in these stock. Tata Consumer is soon to be officially added into Nifty 50 too!

Adani stocks seem to have bottomed out last day and formed great bullish patterns today. Adani Enterprises hit Rs 1,000 level! Adani Total Gas, Adani Green, Adani Power, Adani Enterprises hit their 52-week highs today! Can be looked into as they are bouncing back from good supports.

Also even when realty stocks bounced back in the day, DLF(up 2.5%) is still under its important level of Rs 300. This level can be watched in the coming days.

AstraZeneca vaccine was found 79% effective in US trials and this gives some confidence. India is the largest vaccine market and the government has today ammended guidelines for taking the shot. Trying to gain back confidence in the vaccine after not so positive comments from last week.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Nifty rebounds more than 400 points from the day’s low!

After opening the day at yesterday’s low 14,478 with a gap-down, Nifty moved down immediately. 14,500 was a good support and opening below this scared the market. Nifty fell more than 120 points to take support at 14,350. From here the market shot up like a killer was chasing it. Nifty went up 300 points at first, then took a break then shot up more. Nifty closed the day at 14,744, up 186 points or 1.28%.

Bank Nifty opened the day at 33,616 with a gap-down and went down till 33,350. It then shot up and tried to cross 34,000 but failed on the first try. After consolidating, the index moved up again after 1 pm to touch the day high. Bank Nifty closed the day at 34,161, up 304 points or 0.90%.

All sectoral indices except Nifty Realty closed in the green. Nifty FMCG(up 2.43%) and Nifty Metal(up 2.08%) outperformed in the day.

Major Asian markets closed in the red. European markets opened with a gap-down and are trying to move up.

News Picks

After falling nearly 3% yesterday, NTPC rebounded to close as Nifty’s top gainer in the day.

FMCG stocks performed well in the day, with Nifty FMCG going up nearly 2.5%. Hindustan Unilever gained 4.37%, followed by Jubilant Foodworks, PGHH, UBL and ITC(all up 2.4%-2.7%).

UPL shares gained more than 4% to close the week in green despite yesterday’s sharp fall.

With global ratings firm UBS upgrading Tata Steel and JSW Steel ratings, both shares closed up 4% in the day. Ger

With Jan-Feb 2021 ad volumes up 21% Year-on-year, media stocks went up in the day. SunTV and Zeel went up 3-4% in the day.

Shares of Reliance went up 3.63% today, going up nearly 5.6% from the day low to high. The stock contributed nearly 51 points to Nifty’s rally.

PNC Infra gained more than 2% after the company won an order worth Rs 1,400 crores. Market cap of the company is Rs 6,200 crores.

Stocks of Future Group crashed after the Delhi High Court upheld the stay on Reliance Future deal, in a big win for Amazon.

Easy Trip Planners opened with a 13% listing gain in the day and consolidated.

Pheonix Mills fell nearly 3% in the day after Mumbai civic body made a negative Covid test report mandatory for entry into malls.

Markets Ahead

Looking at the week, only Nifty FMCG ended with gains in the week with power from ITC. Nifty Realty and Nifty FMCG lost more than 5% in the week. Bond yields have cooled off in the US.

Prestige shooting up near the end of the day to close 4% up was interesting. Will definitely keep an eye out on the stock for Monday. Looking into Adani Wilmar’s IPO application as well.

If visitors don’t have a negative Covid-19 test report, they will have to get a Rapid Antigen Test done at the shopping mall in Mumbai from 22 March. This does not sound good in a condition where businesses are trying to get back up, but Covid is spreading like anything and preventing a second wave is important.

On a positive note, Moody’s upgraded India’s GDP growth to 12%. 

It is the weekend again, and definitely was a fun week in the market for intraday traders. Swing traders will be hoping for more positivity going ahead and investors will have enjoyed the dip. Hope you are one of the happy bunch this week.

So have a cup of tea and enjoy your weekend. Take a bit of rest from the highly volatile market this week, and bring some serenity into your life.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Selling spree in the market continues with Nifty falling once again.

After opening the day with a gap-up at 14,837, Nifty consolidated near 14,800 levels for quite some time. Was going to call it a day of consolidation when we noticed the US Bond Yields slowly going up. From there, the market was in a mood for free-fall. Nifty fell nearly 400 points from the day high and 217 points from yesterday’s low. After gaining a bit, Nifty closed the day at 14,557, down 163 points or 1.11%.

Bank Nifty opened the day with a gap-up at 34,594, and was not looking too strong despite trying to move up. From the day-high, the index of banks fell more than 1,100 points. You would be surprised to see where it took support. Open the one hour chart and check how beautiful technical levels can be. Bank Nifty closed the day at 33,856, down 372 points or 1.09%.

Nifty IT(down 3.09%) and Pharma(down 2.32%) were the top losing sectors in the day. FMCG, Auto and Metal closed flat in the day.

Major Asian markets are all closed in green. European markets are all trading in green presently.

News Picks

Global Investment firm TPG pumps in $200 Million(~Rs 1,400 crore) in Airtel Africa’s mobile money business. The company is looking to list the money business on the markets in next 4 years. Airtel gained more than 2.5% in the last 30 minutes of the day.

ABB Power closes flat as the company says will grow faster than the market. Remarked that Railways is a good opportunity and that will be focussing on infrastructure for Electric Vehicles.

ITC continued its top-gainer position on Nifty, going up 3.35%. The company had announced yesterday that it would be splitting business verticals to ‘unlock value for investors’.

With Nithin Gadkari announcing the vehicle scrappage policy in Lok Sabha, auto stocks tried to move up in the day. Nifty Auto closed 0.15% down. 5 out of 10 Top Gainer’s in Nifty 50 were auto stocks with small margins.

Bajaj Auto gained 2.66% in a bearish market as the company announced changes to its dividend distribution policy to manage surplus funds.

Dixon Tech was up more than 11% intraday after the 1:5 stock split increased trading volumes in the counter. 

With dollar reaching back to 72-levels against the rupee, IT and Pharma stocks were especially weak in the day. Top Losers in the day were filled with companies from the sectors.

Markets Ahead

Understand the irony that ITC was nearly 4% up when Nifty fell. The stock was not moving for the past many months.

Even though the market opened with a gap-up due to US Fed not changing rates, there was a weakness in the index. We had talked about technicals being weak in the index. Nifty searching for a reason to fall found the US Treasury Bond Yields shooting up and conveniently crashed! Literally crashed with clear indications. High conviction trades in the index was possible today, hopefully, many of you capitalised on it.

Nifty closed above 14,500 for the day and it looks like that the support will be respected for tomorrow as well. The weekly expiry closed with big movements in the index. Hoping that it will move back up, but will be watching if 14,500 is taken out. We had talked about how 14,500 might be a possible sight soon. There we had also talked about 14,000 also. Bank Nifty under 33,000 also might see more fall so watching a reversal from this range.

Interestingly, global markets don’t seem bothered by the Bond Yields increasing anymore. But maybe the high FII investment in our markets is the reason. Still wondering how FIIs were net buyers yesterday.

Weekly targets are achieved and may not trade tomorrow if the market is consolidating!

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Rapid selling in the markets towards the end of day pulls down every index.

Nifty opened the day with a slight gap-up at 14,955 but continued bearishness. Yesterday’s low was respected in the market along with 14,850. But none of the supports were able to stop the selling. 14,800, the level we discussed yesterday was broken strongly and a day low was created just under 14,700. Just after 3 pm, the index fell more than 100 points in 15 minutes. With an intraday fall of nearly 255 points, Nifty closed the day at 14,721, down 189 points or 1.27%.

Bank Nifty was more bearish than Nifty at market close. But this was not the case in the beginning. The index opened at 34,944 and even tried to move up above the 35,000 mark before noon. From there, it fell nearly 1,000 points to touch the day low.

All major sectoral indices closed in the red today. Nifty PSU Bank fell more than 3.7%, while Nifty Metal(down 2.46%) and Nifty Realty(2.96%) followed closely.

Major Asian markets are trading mixed with small gains and losses. European markets are also consolidating.

News Picks

ITC moved against the trend and closed as Nifty’s top gainer. There are talks of the demerger of its FMCG, hotel business and Infotech business to ‘unlock value in the business.’

Oil marketing and producing companies were among top losers of the day. In fact, 6 out of top 10 losers in Nifty 50 were Public Sector companies. 

One possible reason for this special bearishness in the PSUs could be BPCL declaring a lower than an expected dividend. We had talked about how PSUs were expected to declare higher dividends this quarter and market did not appreciate Rs 5 dividend. BHEL fell by more than 7%, ONGC(down 5%) and more.

Indigo was up sharply in the morning and closed 0.8% up at market close. The airline had doubled airport check-in fees to Rs 200 from today to promote web check-in.

Shares of Tata Motors closed 4.42% down after sales of Jaguar Land Rover in Germany continued to move down. European car sales fell 20% year-on-year in February, the worst February since 2013.

Bharti Airtel shares gained when market was falling heavily between 2:30 and 3 pm. Telecom data published says the company added 58.9 lakh subscribers, while Vi added 17.1 lakh customers and Jio added 19.5 lakh. 

Markets Ahead

Technical weakness with high selling pressure in the last half an hour. Check out the volumes traded during this time, especially in banking stocks! Mind you, Reliance was somehow going up in the last hour otherwise market would have seen sharper falls.

Adani stocks also came under heavy selling pressure with Adani Ports(which we discussed was weak last week) falling more than 4%.

I am pretty sure we can see a huge sell-off from Foreign Institutional Investors. This huge selling was seen even when global markets are consolidating ahead of the Federal Reserve’s Policy announcement.

One possible reason could be the Prime Minister Narendra Modi warning states of the second wave of Covid-19 hitting the country. “If we do not stop it here, then a condition for a nationwide outbreak may emerge,” he said and called for quick and decisive steps to stop it.

Any news when the market is already bearish never help. Indian markets being already technically weak was just searching for a reason to fall. If not for this reason, it would have been due to the Fed Announcement.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Nifty continued its weakness today.

Nifty opened the day with a slight gap-up at 15,005. After consolidating, it moved down to 14,940 but moved back up with ease. 15,050 was taken as a good resistance and the benchmark index of NSE kept falling throughout the day. Nifty closed the day at 14,910, down just 19 points or 0.13%.

Bank Nifty opened the day at 35,404 and started falling. It did not reach back to this level even once in the day. Support was taken multiple times at 34,750 levels with the index closing near the day-low at 35,804, down 377 points or 1.07%.

Only Nifty IT closed with more than 1% gains. Nifty Bank and Nifty PSU Bank closed more than 1% down in the day. 

Most major Asian markets are trading flat to green. European markets are all trading in green at the time of Indian market close.

News Picks

ASIAN PAINTS ended up as the Nifty 50’s top gainer. The stock went up nearly 5% today. The company has scheduled a conference call with an asset management firm, Wellington Management Singapore on 18th March. 

DR REDDY gained 2.47% as the pharma giant completed their Phase-3 trials of Covid 19 vaccine Sputnik V. Data on efficacy is likely to be out soon.

Shares of Gland Pharma went up nearly 5% after the company entered into an agreement to produce and supply 252 million doses of Russian Direct Investment Fund’s (RDIF) Sputnik V COVID-19 vaccine.

Shares of Aarti Drugs went up by more than 3% after the company announced to consider share buyback on March 19. 

Shares of BHARTI AIRTEL & IDEA went up by more than 1%. The Supreme Court had resumed hearing both their pleas over AGR recalculation at 10.30 am today. However, it has been delayed. 

All participants of NIFTY IT closed in green except TECHM. TECHM closed flat after being up yesterday. Shares of INFY hit a fresh 52 week high today. 

FMCG majors showed strength today with HINDUNILVR, ITC & BRITANNIA featuring in the top gainer section. Yesterday, ITC announced that they had forayed into cakes and milkshakes while expanding in categories like chocolates and staples.

Kalyan Jewellers IPO kicked off today. Tracing that, shares of TITAN were generally up in the day and closed above 1500 after being up more than 2% intraday. 

Markets Ahead

Nifty again continued to be technically weak over the whole day, not finding strength to cross 15,050. 14,880-14,900 also looks like a good zone in the index for the short term. I would say that the index consolidated in a 160-point range for the day, along with Bank Nifty. Both indices stayed within yesterday’s wide high and low range. 

One signal that it is consolidation and not bearishness is that broader markets outperformed. Broader markets outperformed in today’s session. The Nifty Midcap rose 0.4% while the Smallcap index ended up 0.3%.

IT shares once again performing great with global, local and technical cues being good for the index. NASDAQ has been recovering from the sharp falls last week.

Global markets are remaining cautious ahead of the US Federal Reserve’s policy meeting outcome. Any change in interest rates will send the markets flying down. Now that I think about it, ANY decision be it good or bad, will cause volatility in the market. 

If it is positive, markets may still see profit booking and a fall. As is always said in the market, the only certainty is uncertainty.

14,800 support still continues to stay strong in the index. Like we had discussed more than a week back, Nifty can regain bullishness only if it closes above the 15,100 resistance in the coming days. Closing above key supports may signal larger falls in the index, it may not be fast but a journey to 14,500 and 14,000 again would not be pleasant.

Also, infrastructure companies will benefit as Union Cabinet approved formation of Development Finance Institution (DFI) for infra with Rs 20,000 crore initial capital to finance long-term growth projects.

More consolidation in the index possible till the Fed Policy Meet.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

Bulls being shaken once again in the market.

Nifty opened flat today at 15,038 and started falling sharply. The index fell more than 191 points in the first 25 minutes of opening. Trying to move back up, 14,900 was taken as resistance and the market bottomed out near 14,745. Nifty tried to move up towards the end and closed at 14,929, down 101 points or 0.67%.

Bank Nifty opened the day at 35,483 and fell 680 points immediately. 34,800 was taken as a small support in the day. But the index of banks kept falling and consolidated near 34,500 level for many hours. Towards the end of the day, Bank Nifty went up with the rest of the market to close at 35,182, down 314 points or 0.88%.

Only Nifty Metal closed just more than 1% up. Nifty Media(down 1.44%), Nifty Pharma(down 1.31%) and Nifty Finserv(down 1.24%) were the worst-performing sectors.

Asian markets closed mixed in the day. European markets are all trading flat to green at the time of Indian market close.

News Picks

JSW Steel once again went up to close as Nifty 50’s top gainer. After more than a year in waiting, JSW Steel is looking to close the Rs 19,350 crore acquisition of bankrupt Bhushan Power and Steel Ltd (BPSL) by March 25. 

Tech Mahindra gained 2.33% as they agreed to acquire 70% stake in Perigord Asset Holdings, an end to end packaging supply chain solutions provider to the Life Sciences industry, for €21 million euros.

Shares of smallcap Pritish Nandy communications hit 10% upper circuit after Ratan Tata picked up stake in the company

Shares of JSPL went up more than 2% up in the day after February sales of the company increased 14% YoY. Tata Steel also featured in Nifty’s top gianers.

Deltacorp says online gambling business has huge potential for growth. Casino business back at pre-covid level. Share prices went up 4%. IEX again closed nearly 5% up.

While the IT sector did relatively well over the day, only one stock from Nifty Pharma closed in the green – Lupin up 1.26%.

MTar Technologies listed in the market at Rs 1050, more than 80% gain from its IPO price. Shares closed nearly 90% up from the IPO price.

Markets Ahead

The Netherlands has become the 7th world country to stop the usage of AstraZeneca’s COVID-19 vaccine, pending an investigation into blood clots. As we know, this is one of the main vaccines in our country. This has caused some concerns in the market, but hopefully will be rectified soon.

Markets once again falling after opening, continuing last weeks trend. Was a beautiful shorting chance in the morning, with markets non-stop fall. Similarly, the evening’s non-stop gains. I feel that the rally near market close was possibly Foreign Investors swallowing up shares at cheap prices. Retailers would have squared off with losses after the many days of falls, and the market rallied up near the close.

The second day in red for Nifty. With US Futures in green, along with Nifty reversing near the end of day. Adani Ports, a stock which I follow, saw heavy profit booking over the day and it may continue over the next many trading sessions also I feel. Even PSU Banks index closed in the day, with SBI going up near the end of day. Public banks are on strike today against privatisation.

Expecting this to be just bulls being shaken off before the index moves back up. Will keep watching 14,800 as good support in Nifty. Well, traders will have to trade according to the trend anyway so let us hope for a clear trending market on Tuesday.

Catch you all on The Stock Market Show tonight!

Today’s Market Summarised

A general day of sell-off in the market.

A day with a big gap-up and a big fall in Nifty. With positive global cues running around, Nifty opened with a more than 100 point gap-up at 15,327. With the index struggling to remain above 15,300, a slow fall was seen in the index. It broke last Friday’s high just after 12 pm and right at 1:30 pm, started falling sharply. It fell 383 points from day high to low. Nifty recovered a bit to close at 15,030, down 143 points or 0.95%.

Bank Nifty opened the day at 36,295 with a gap-up. It too could not sustain and started falling. From day-high to day-low, Bank Nifty fell almost 1,300 points. Interestingly, only 1 out of top 10 losers in Nifty was from Nifty Bank. Bank Nifty closed the day at 35,496, down 441 points or 1.23%.

Nifty Metal(up 1.87%), Nifty IT(up 1.67%) and Nifty Pharma(up 1.48%) performed best in the day. Only PSU Bank(down 0.15%) index closed in the red.

European markets are consolidating in the day along with Asian markets. 

News Picks

Oil marketing companies BPCL and IOC closed as Nifty’s top gainers. BPCL is up after the company said it was considering interim dividend on March 16.

JSW Steel closed in the top-gainers index even with 1% year-on-year fall in crude steel production of the company at 13.06 Million Tonnes. The stock was among last day’s top gainers in Nifty. Titan also closed 0.76% up continuing from last day.

Tata Power closed up 5.5% after reports surfaced that the company was in talks with Tesla to set-up charging infrastructure in the country.

IEX closed 6.59% up in the day, after going up nearly 13% at one point. The stock has been seeing huge buying after closing the deal with ONGC and NSE on selling stake in Indian Gas Exchange.

IDBI Bank shares once again shot up in the day, closing more than 9.8%. Last day, reports surfaced of Government and LIC planning sale of stake in the bank stake to private players.

Apollo Hospitals shot up in the morning and closed more than 2.5% up in the day. Amazon is reportedly in talks to pick up a stake in Apollo’s Pharmacy business.

Markets Ahead

We ended Wednesday’s article with this statement, “After today’s consolidation, we may see some wild movements especially in Bank Nifty who surprisingly moved just over 400 points from high to low.” I expected an 800-900 point movement in Bank Nifty, along with a 200-250 point movement in Nifty. But today’s movements were much more than this. Once it fell and crossed 15,100 there was no looking back.

US 10-year Treasury bond yields went up during our market hours and this was the real reason for today’s fall. We are writing an in-depth article on how and why bond yields affect our markets. Bond yields are up more than 10% from yesterday’s low. European markets were negative, along with negative US futures.

With all these factors there, our markets were in a gap-up so had lot of space to fall. Nifty is down just 0.95% at close. We would not have fallen so much if not for the gap-up. Asian markets may open negative on Monday to compensate for their green closings today. Keep an eye out for SGX Nifty levels if you want to predict Monday’s opening levels of Nifty.

A week of gains surprisingly for Nifty. And hopefully a week of gains for your trading account as well. Enjoy your ‘real weekend’ after yesterday’s mini-weekend!

Catch you all on The Stock Market Show tonight!