NIFTY Bounces Back from Lows. Titan up 5% - Post Market Report
A strong recovery rally across the market as international stocks move back up.
NIFTY opened the day at 15,460 with a gap-up. After an initial fall, the index started flying up. After breaking the 15,500 resistance, there was no looking back till a day-high was created around 2 PM. NIFTY closed the day at 15,638, up by 288 points or 1.88%.
BANK NIFTY started the day with a gap-up at 32,981. After a small fall, the index of banks bounced back from 32,800 and shot up. A total 800-point rally was seen from the day-low with a fall near closing. Bank Nifty ended the day at 33,191, up by 507 points or 1.55%.
All sectoral indices closed in the green. NIFTY Media (+5.4%), NIFTY PSU Bank (+4%), NIFTY Realty (+3.6%), NIFTY Metal (+3.9%) and NIFTY IT (+3.1%) gained back the most.
Major Asian markets closed in the green today. European markets are all trading in the green.
All stocks from NIFTY 50 closed in the green or flat.
Titan (+5.9%) bounced back up from multi-month lows and closed as the top-gainer in NIFTY 50 after the stock featured in Macquarie’s Asia ‘buy’ list.
Hindalco (+5.5%), JSW Steel (+4.7%) moved up from the metals sector. SAIL (+6%), Hindustan Copper (+7.4%) and Ratnamani (+12%) also jumped back.
Adani Total (+20%) closed at an upper circuit and gained back from the last 2 days’ fall. Sugar stock Eid Parry (+17.6%) and Gujarat State Fertiliser (+17.4%) also moved up sharply.
Goa Carbon (+15.5%) shot up after resuming operations at its Goa plant.
The market bounced back today with equal strength from all stocks and NIFTY reclaimed the 15,600 mark.
But if we observe the important levels of NIFTY, the 15,750 zone is a zone it was respecting for many months. Now that the market is below it, the level may act as a resistance while moving back up.
Bank Nifty is also bouncing back from its 52-week low, and if NIFTY reclaims the 15,750 zone we can say that the market has stabilised a bit.
NIFTY Midcap and Smallcap are also trying to recover from a year’s low.
The major boost was given by U.S. Dow Jones Futures opening the week in the green today. Currently, the index future is up 1.6%. Let us see how their market performs tonight.
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