U.S Lifts Global Markets. Bank Nifty Outperforms - Post Market Analysis
NIFTY opened the day at 17,322, with a huge gap-up of 307 points. After the opening consolidation, it tried to move up but couldn't fight 17,340-350 resistance and fell heavily. Nifty closed the day at 17,185, up by 171 points or 1%.
BANK NIFTY started the day at 39,446 with a gap-up of 822 pts. The story of Bank Nifty was a little different. At first, it tried to break the opening low, but buying came in. Later, it tried to break the opening high and then a sell-off entered. Bank Nifty closed at 39,305, up by 681 points or 1.76%.
Nifty Bank (+1.7%), Nifty Finserv (+1.8%), Nifty IT (+1.6%) moved more than 1%.
Major Asian Markets closed very well in the green. European Markets are now trading in the green.
Infosys (+3.8%) closed as the Nifty 50 Top Gainer after reporting an 11% jump in YoY profits to Rs 6,021 crores in the second quarter.
ONGC (-1.7%) continued the fall and closed as the Nifty 50 Top Loser.
Banking stocks- HDFC Bank (+3.2%), HDFC (+2.6%), ICICI Bank (+1.9%), Kotak Bank (+1.8%), SBI (+1.1%) and Bajaj Finance (+1.6%) contributed 120+ pts to the Nifty.
Federal Bank (+4.3%) posted a 53% YoY increase in Q2 profits and moved up.
L&T (+1.8%) gained after it secured orders for its water & effluent treatment business
HDFC Life(+0.45%) said that it received IRDAI's final approval for Exide Life's merger.
Angelone (+3.8%) formed a perfect Doji Day candle after reporting Q2 results yesterday
Mindtree (+1.6%) saw profit booking and fell heavily from the day's high after posting Q2 results yesterday.
Yesterday, the U.S posted its September (YoY) CPI data and it came at 8.2% against the estimate of 8.1%.
But they bounced back after a huge gap-down opening. This rebounded all the global markets. But let’s watch today’s U.S market also.
Unlike Bank Nifty, Nifty saw strong profit bookings today. It fell more than 1% from the day's high. Bank did not give clear directions and moved mostly in the 250 pts range.
Bank Nifty gained 0.3% this week, but Nifty fell 0.7%.
Nifty IT is beautifully gained for the third consecutive week.
India's September Wholesale Price (YoY) came out at 10.70% vs 12.41%previous vs estimate of 11.30%. This is the lowest since March 2021.
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