NIFTY Closes Below 17,400. Auto Stocks Surge - Post-Market Analysis


NIFTY started the day at 17,427 with a gap-up of 68 points. The opening above 17,400 brought some profit booking, and the index hit a day low at 17,312. From there, it moved up, consolidated around 17,350 for nearly two hours, and finally reached near opening levels. NIFTY closed at 17,398, up by 38 points or 0.22%. 

BANK NIFTY started the day at 40,695 with a gap-up of 87 points. It did not show much weakness in the morning and moved up very slowly. The index closed at 40,813, up by 204 pts or 0.5%.

NIFTY Auto (+1.49%) and NIFTY PSU Bank (+1.08%) moved up the most. NIFTY FMCG (-0.36%), NIFTY Metal (-0.36%), and NIFTY IT (-0.23%) were the only indices that closed in the red.

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

Today’s Moves

Hero MotoCorp (+3.5%) was NIFTY50’s top gainer. Major automobile stocks like Bajaj Auto (+2.8%), Maruti Suzuki (+2.5%), and Eicher Motors (+1.8%) surged after posting auto sales data for March 2023.

Coal India (+3.04%) breached its annual production target of 700 million tonnes in FY23, the first time it surpassed its goal since FY2005-06.

RVNL (+9.8%) gained on winning multiple orders from NHAI.

BPCL (-4.1%) was NIFTY50’s top loser. The stock declined in reaction to higher international crude oil prices as OPEC+ and Saudi Arabia announced plans to cut oil output.

KPIT Tech (-12.3%) crashed after brokerage firm JPMorgan said it sees a downside potential of 44% in the stock.

Markets Ahead

The Indian markets will be closed tomorrow on account of Mahavir Jayanti. 

In Nifty, we have three interesting levels to watch for Wednesday- 17,300,17,430 and 17,465. Also, it is currently testing the trendline resistance.

In Bank Nifty, I will be closely watching how it reacts around the 40,820 level.

FIIs' continuing net buying is a good indication for the market. 

The RBI MPC meeting has started today and we will see the interest rate announcement on Thursday!

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