Markets Close Flat ahead of U.S. GDP Data. Oil Stocks Moved Up - Post Market Report
Markets close at the day-high after a gap-down opening.
NIFTY opened the day with a gap-down at 15,757, following a negative close in the U.S. The index took support from Friday’s resistance level near 15,700 and tried multiple times to break 17,810. After breaking the resistance, NIFTY moved up and closed flat at 15,850, up by 18 points or 0.11%.
BANK NIFTY started the day at 33,578 and moved between 33,500-700 levels for most of the day. The index couldn’t break 35,700 resistance near yesterday’s low, even after many attempts. Bank Nifty closed the day at 33,642, down by 168 points or 0.50%.
Only two indices closed with notable changes, Nifty Auto (+1.2%) and Nifty Metal (+1.6%).
Major Asian markets except for Taiwan (-0.70%) closed in the green today. European markets are all currently trading around 1% up.
ONGC (+5.5%) and Reliance (+1.4%) entered the Nifty 50 Top Gainer’s list with the rise in crude oil price.
OIL (+6.9%), BPCL (+1.4%), Chennai Petro (+8.9%), Petronet LNG (+4.1%) also moved up.
For the same reason, Asian Paint (-3.3%), and Berger Paints (-2.9%) moved down.
Moody’s has changed Tata Steel’s (+1.2%) outlook from stable to positive.
Metal stocks Hindalco (+4.1%), Coal India (+2.3%), Hind Copper (+3.3%), Hind Zinc (+2%), Jindal Steel (+3.2%), National Aluminum (+3.2%) and Vedanta (+3%) also moved up.
M&M (+2.7%) moved up after it unveiled a new car model named Scorpio-N.
Mindtree (+2.3%) closed above 3,000 level after two weeks.
Bandhan Bank (-2.5%) moved down with the fear that the Assam flood could affect its operations.
Zomato (-8.4%) is down nearly 14% in two days after the Blinkit deal.
India will ban single-use plastics from this Friday, July 1. Paper stocks - JK Paper (+6%), Ruchira Paper (+11.5%), West Coast Paper (+2.7%), Sehasayee Paper (+3.4%), Star Paper (+3.8%) and Orient Paper (+4.3%) moved up.
Network18 (+7.8%) and TV Broadcast (+4.6%) closed with gains while ZEEL (-2.1%) moved down.
Markets opened with a gap-down and closed at the day-high. A very interesting trading day ahead of the monthly expiry on Thursday!
Crude oil and commodity prices moving are causing some volatility in related stocks. For example, NIFTY would have ended in red today if not for Reliance contributing 24 points!
The rupee hitting an all-time low also sends negative signals to stock market participants. Tomorrow night we also have the Q1 GDP data from the U.S., which could dip into the red after 2020.
Keep an eye out on commodity prices, and the U.S. markets tonight.
Are you holding any positions overnight? Let us know in the comments section of the marketfeed app!