NIFTY Closes at 3-Week High. FMCG Stocks Shoot Up Again - Post Market Analysis

Market tries to move up again to the 16k zone.

NIFTY opened the day at 15,830 and was volatile. The index took a first resistance at the 16,000 zones and moved down 100 points. But towards the end, there was a bounce again and the index tried to cross the 16k mark. NIFTY closed at 15,989, up by 179 points or 1.13%.

BANK NIFTY started the day above 33,936 and shot up more than 200 points in 15 minutes. It then kept on moving up with volatility and hit a day-high near 34,400. Bank Nifty ended the day at 34,324, up by 508 points or 1.5%.

All sectoral indices closed in the green today. Only NIFTY Auto (+2.6%), NIFTY FMCG (+2.6%) and NIFTY REALTY (+2.2%) outperformed Media (+1.8%) moved well.

Major Asian markets closed in the red today. European markets are all trading in the green currently.

Today’s Moves

Gainers in NIFTY 50 were led by Britannia (+4.7%), Hindustan Unilever (+4%) and Tata Consumer (+2.8%). International crude palm oil prices falling 35% in the last few weeks have positively affected the stocks.

Emami Limited (+6.1%), GodrejCP (+5.7%), VBL (+3.2%) and UBL (+3%) were among the other FMCG stocks which closed in green.

Bajaj Finance (+4.5%) and Bajaj Finserv (+4.3%) continued their bounce from 52-week low support zones.

ONGC (-5%) and OIL (-8.6%) continued their fall after the domestic crude oil exploration tax was introduced last week.

Kansai Nerolac (+8.7%), Asian Paints (+3.4%) and Berger Paints (+2.9%) and other paint stocks gained as crude oil prices fell. 

Meanwhile, auto stocks moved up with the same positivity from the crude oil price fall. Eicher Motors (+3.6%), Hero MotoCorp ((+3.4%), Bajaj-Auto (+2.4%) and TVS Motors (+1.5%) gained well.

Havells (+3.4%) to invest Rs 400 crore for capacity expansion. The stock gained.

Markets Ahead

NIFTY has taken moved up and tried to cross the 16k mark. It has gone on to close at the highest level since June 10th. 

Bank Nifty has also shaken off yesterday’s afternoon bearishness and closed at the day-high. 

Tomorrow is the first weekly expiry for the July series and it will be really interesting to see how the indices move. So far this week, we have had two purely bullish days and a confused day like yesterday.

Reliance may act as a spoilsport even though the HDFC Twins and Bajaj Twins are showing strength. Do keep a watch on the heavyweight stocks tomorrow, especially after 1:30 PM, when we can expect volatility.

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