Good WPI Data, But Market Waiting For CPI Data. HDFCs Stay Strong- Post Market Analysis
NIFTY opened the day at 18,376 with a gap-up of 26 pts. The 18,400 level acted as a super resistance and Nifty moved down but took multiple supports around the 18,320 level. Nifty traded in a 50- pts range and closed the day at 18,329, down by 20 points or 0.11%.
BANK NIFTY started the day flat at 42,177 and moved down. It tested 42k support many times till 1 PM and from there it made a recovery rally. But Bank Nifty failed above 42,200 resistance and closed at 42,076, down by 60 points or 0.14%.
Fin Nifty started the day at 19,028 with a gap up of 21 pts. Similar to Bank Nifty it also failed to sustain the recovery rally. Fin Nifty closed the day at 18,970, down by 37 pts or 0.19%.
Nifty FMCG (-1.3%), Nifty Media (-2.4%), Nifty Metal (+1.7%) and Nifty Realty (+1.1%) moved more than 1%.
Major Asian Markets closed mixed. European Markets are also trading flat to green.
Hindalco (+5.9%) closed as the Nifty 50 Top gainer despite the fall in Q2 profits.
Dr Reddy (-3.8%) closed as the Nifty 50 Top Loser today.
Nifty FMCG continued profit booking from last week. Emami (-2.3%), HUL (-1.8%), ITC (-2.5%), and Nestle (-1.2%) moved down.
Strides Pharma (+8.1%), Grasim (+2.3%), Bharat Forge (-3.1%), Godrej Industries (-1.6%), AIA Engineering (+5.3%) and Jyothy Lab (+1.8%) posted their Q2 results today.
Manappuram Fin (+7.2%) closed in the green despite lower-than-expected Q2 earnings.
LIC (+5.8%) closed in the green after posting multiple YoY jumps in Q2 profits during the weekend.
Nifty, Bank Nifty and Fin Nifty closed flat today. Considering the Fin Nifty expiry tomorrow, I will be watching the day-low and day-high of these three indices.
It looks like the market is waiting for the CPI data today and it will be out at 5:30 PM.
India's Wholesale Price Inflation for October comes at 8.39% vs 10.7% previous. The estimate was 8.6%.
HDFC Bank kept the market away from falling today. Expiry a lot of volatility tomorrow because of the Fin Nifty expiry. Kotak Bank and ICICI Bank should be on tomorrow’s watchlist.
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