NIFTY opened the day at 17,731, with a gap-up of 82 points. The opening 5-min candle had a body of 120+ pts, really freaky. After the initial fall, Nifty took support from 17,535 and slowly moved up. Nifty closed the day at 17,662, up by 13 points or 0.07%.

BANK NIFTY started the day at 40,563 with a gap-up of 176 pts. After the morning weakness, the index took good support from the 40,165 level. Then it slowly moved up, forming higher highs and higher lows. But this trend was lost after 2 PM. Bank Nifty closed the day at 40,655, up by 267 pts or 0.66%.

Nifty Media (+2.3%), Nifty Auto (+1.8%), and NIFTY Metal (+1.5%) closed well in the green. NIFTY IT (-1.18%) and NIFTY Pharma (-0.99%) moved down the most.

Major Asian Markets closed in the red. European markets are trading in the red.

Today’s Moves

M&M (+3.5%) closed as the Nifty 50 Top Gainer.

Bajaj Finance (-2.2%) closed as the Nifty 50 Top Loser.

Adani Ent’s FPO shares sale were fully subscribed on the final day of sale. Adani Ent (+2.8%) and Adani Ports (+2.6%) closed in the green.

UPL (+1.6%) posted its Q3 consolidated net profit of Rs 1090 crore vs Rs 936 crore last year vs Rs 814 crore last quarter.

Sun Pharma (-1.6%) reported Q3 consolidated net profit of Rs 2,170 crore vs Rs 2,060 crore last year vs Rs 2,050 crore last quarter. The estimate was Rs 2,138 crore.

L&T (+0.54%), BPCL (+2.4%), and Apar Industries (+20%-UC) posted their Q3 results yesterday.

Ultratech Cements (+2.8%) closed in the green again on its plan to acquire a stake in Oman’s Duqm Cement.

Westlife (+6.4%), Godrej Consumer (+1%), and IOC (0.00%) posted their Q3 results today.

Markets Ahead

We have Union Budget announcements tomorrow. So I am not comfortable making technical analysis today. The presentation by Finance Minister will start at 11 AM. We may see consolidation in the morning, but don't expect the same for the whole day.

Also, the U.S. rate decision comes out tomorrow after our market hours.

Today, India's Finance Minister said that going forward our average inflation will be less than 6%. 

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