How are the Markets Looking ?
Today, we’re seeing Nifty’s rally continue its upward journey. However, in the last few sessions, there’s been a noticeable slowdown, with the market seemingly taking a moment to catch its breath. The trading volumes have also decreased over the past four or five sessions, suggesting that a significant part of this jump, going from under 19,000 to 21,000 in less than six weeks, might have reached its peak for now. This could be a time for the market to consolidate, yet the undercurrent remains very strong.
Nifty Heatmap
Looking at the Nifty heat map, ONGC and Coal India continue their ascent. ITC and Tata Motors also performed well today. NTPC and Power Grid have been climbing, along with Adani Enterprise and LTIM. Ultrasemco is also doing well.
On the other hand, some sectors didn’t fare as well. Maruti, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, BPCL, and Dr. Reddy’s were among the major losers today. HDFC Bank and State Bank of India remained flat, while ICICI Bank made a 0.82% move.
Sectoral Overview
PSU banks were the top gainers for the day, followed by metals, real estate, and commodities. Pharma and FMCG are the only sectors that didn’t make upward moves. Other than that, we’re seeing good gains on a monthly, three-monthly, and twelve-monthly basis.
Mid & Small Cap Performance
Mid caps also hit a new high today at 40,470, while small caps, just like Nifty, are stagnating. It’s their sixth day of stagnation, and it seems like they are waiting to catch their breath before the next move, which direction it takes remains to be seen.
Bank Nifty Overview
Nifty Bank made a good move towards 47,600 but fell to 47,314, again signaling potential consolidation in the market.
Highlights – PSU Banks
PSU banks, however, continued their strong rally, reaching 5,600 but closing at 5,550.
Highlights – PSE
Public sector enterprise stocks also surged, reaching 7,377.
If you have any questions, please write to support@weekendinvesting.com
