How are the Markets Looking ?
Today, we’re witnessing an extraordinary moment in the market. The Nifty has soared to 21,456, a level beyond what anyone expected just a few weeks ago. We’ve come a long way from hovering around 18,000-19,000, shattering predictions with a current standing at 21,456. This surge in the market is accompanied by tremendous volumes, with both FIIs and domestic institutions actively buying.
Nifty Heatmap
The Nifty heat map is overwhelmingly green today. State Bank of India is making remarkable strides with a 4% increase. Reliance is up by 1.2%, ONGC by 2.6%, TCS, Infosys, and HCL Tech, has seen gains of over 5%, Adani Enterprise and NTPC are also up by 3.3%.
Sectoral Overview
Every sector is performing well, with IT leading at a 4.6% gain, followed by PSU banks up 2.4% and metals up 2% energy up 1.6%. However, sectors like real estate, FMCG, and autos are taking a breather with no significant downturns.
Mid & Small Cap Performance
Mid caps opened with a gap up but eventually closed near the previous close at 45,500. Small caps are also up, reaching 13,820. But interestingly, the large caps are outperforming both small and mid caps. Small caps and mid caps are moving but not at the same pace.
Bank Nifty Overview
Nifty Bank, leading the rally, is now at 48,143 and seems to be on a swift path towards 50,000.
Highlights – S&P 500
The US market is also near all-time highs, with the S&P 500 index at 4719, just shy of the 4800 mark. This global bullish trend is setting a positive tone for our markets too.
Highlights – IT Sector
The star of the day, however, is the IT sector, with a massive jump from 33,000 to 35,782 in just a couple of days. This unexpected move is a testament to the strength of market bulls, bolstered by significant investments from FIIs.
Highlights – PSU Banks
PSU banks are particularly driving this upward trend in banking.
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