Nifty closes above 18000 again after 2 months! What should you do with your portfolio now?
Good Morning Everyone, Nifty has been on a big bull run again. Nifty opened with a gapup at 17913 and went on a bullish run to touch a high of 18017 and finally closed above 18000 at 18003.
The global cues are still bad as US markets continued to fall, but then there was a sudden power in the Nasdaq which erased all losses of the day and had a V-shaped recovery to close higher.
This could power the IT sector today and with TCS, Infy and Wipro releasing their quarterly results tomorrow, you can see some major action there.
However, as discussed earlier, when the market rises, is when we start booking some profits and move a portion to bonds.
As you see in the chart below, Nifty had a volatile day yesterday and went on to close higher.
On the daily time frame, Nifty has formed a bullish candle, which could mean some good power in the bulls.
Global Markets:
While the stocks recouped much of the losses, they ended mostly lower on Wall Street Monday. S&P 500 fell 0.1 percent. The Dow Jones fell 0.4 percent, and the tech-heavy Nasdaq rose 0.1 percent.
Asian shares were trading lower Tuesday as investors remained worried about inflation. MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.2 percent. Shares in Japan are were down nearly 1 percent. Chinese blue chips declined 0.2 percent. Hong Kong’s HSI fell 0.5 percent. South Korea’s Kospi declined 0.25 percent. Elsewhere in Australia, stocks fell over 0.75 percent.
Indian Market:
Trends on SGX Nifty indicate a negative opening for the index in India with an 69-point loss.
National Stock Exchange said it got approval from Securities Exchange Board of India(SEBI) to launch derivatives on Nifty MidCap Select Index and will start from January 24.
"Nifty Midcap Select index aims to track the performance of a focused portfolio of 25 stocks within the Nifty Midcap 150 index. All the index constituent stocks are individually available in derivatives. The weight of the stocks is based on free-float market capitalization methodology", NSE said in a statement.
Domestic air passenger traffic remained 44 per cent lower in the April-December period of FY21 to 111 lakh against the corresponding period of FY20, but saw a jump of 52 per cent compared to December 2021, according to rating agency ICRA.
The total domestic passenger traffic had stood at 73 lakh in December 2020, according to a report by the rating agency. It also said that the emergence of new coronavirus variant and reactionary restrictions impacting air travel remain near term-challenges for the airline industry.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 124.23 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 481.55 crore in the Indian equity market on January 10
Stock Specific News:
Delta Corp | The casino company will announce its December quarter results today.
Axis Bank | Axis Bank said it has executed transaction for Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes on Secured Logistics Document Exchange. In another development, Rajiv Anand has been re-appointed as the deputy MD for 3 years from August 4, 2022.
Unichem Laboratories | Porinju Veliyath-owned Equity Intelligence India acquired 54,850 equity shares of Unichem Laboratories through open market transactions, thereby increasing its shareholding to 5.01 percent from 4.93 percent.
Fortis Healthcare | The US-based trust Emqore Envesecure has filed a suit against the company, promoter and others for copyright infringement. It has claimed $6.5 billion damage in the suit.
Indo Count Industries | ICRA has upgraded its credit rating for the company's long term bank facilities and reaffirmed credit rating for the short term bank facilities.
5paisa Capital | The company reported consolidated profit at Rs 0.74 crore in Q3FY22 against Rs 3.18 crore in Q3FY21 while its revenue jumped to Rs 80.05 crore from Rs 49.56 crore YoY.
One 97 Communications (Paytm) | Number of loans disbursed through its platform increased by 401 percent YoY to 0.44 crore loans in Q3FY 2022. In Q3 FY 2022, the value of loans disbursed through the platform was Rs 2,180 crore, an increase of 365 percent YoY. The company has seen stellar growth in each of its lending products.
Gravita India | The company has approved fund-raising of Rs 300 crore.