Today’s Market Summarised
RBI announcement and global positivity push our market up.
NIFTY opened at 17,706 with a gap-up and moved down. The index was really volatile with the RBI Governor’s announcement and ended up moving up. The index moved up 245 points from the day-low and NIFTY ended the day at 17,784, up by 144 pts or 0.82%.
BANK NIFTY opened at 37,642 and took support at yesterday’s low. The index moved up 360 points in 20 minutes and fell 400 points in 10 minutes. Eventually, the index moved up towards the afternoon. BANK NIFTY ended the day at 37,752, up by 194 pts or 0.52%.
NIFTY FMCG (+2%) and NIFTY METAL (+2%) jumped up. All other indices consolidated.
Major Asian markets closed mostly in the green. European markets are trading in the green currently.
News Picks
Grasim (+5.3%) jumped to a 2-month high with a high volume breakout and closed as the top-gainer in NIFTY 50.
SBI Life (+4.6%) also jumped to a 2-month high while ITC(+4.34%) hit a fresh 52-week high.
JSW Steel (+3.9%), Jindal Steel (+2.3%), National Aluminium (+1.9%) and SAIL (+1.6%) were among the top gainers from the Metal index. JSW Steel said production grew 11% YoY at 1.7 lakh tons.
RBL Bank (-6.6%) continued to fall after Singapore-based investment company Integrated Core sold 34 lakh shares yesterday.
CholaFin (+8%) moved up after loan disbursements increased by 58% in Q4 to Rs 12,718 crores (YoY).
Tyre stocks saw buying towards closing time. Apollo Tyres (+2.8%), Ceat Tyres (+12.8%), JK Tyres (+12.1%) and others saw big breakouts.
Defence stocks BDL (+15.3%), BEL (+2.2%) and HAL (+2.6%) continued their breakout.
Devyani International (+1.8%) moved up after KFC and Pizza Hut raised prices.
Vodafone Idea (+2.7%) moved up after the Department of Telecom returned a bank guarantee to the company worth Rs 15,000 crores.
Markets Ahead
The RBI Governor induced a lot of volatility into the market with his statements. One moment he was talking about high inflation and the next he went on to say that RBI will continue to guarantee enough liquidity in the market. You can read all about the announcement here.
The Mutual Funds data showed equity funds saw an inflow of Rs 28,460 crores in March, indicating retailers bought the dip. Debt funds saw Rs 1.15 lakh crores outflows in March.
ITC gave a breakout in the day which was long-awaited! Reliance is also recovering from the last week’s sell-off.
Keep a watch on AU Small Finance Bank. It is looking for a breakout to fresh all-time highs.
Global markets are looking bullish ahead of the weekend. If there are no negative international cues over the next two days, we may see a good day for NIFTY on Monday.
Did you catch any breakout stocks in the week? Let us know in the comments of the marketfeed app!
See you at The Stock Market Show at 7 PM!