Good Evening Everyone, As discussed in the pre-market report, we did see super volatility in the market today and the Nifty closed slightly lower after a small gap up opening.
Nifty tried to cross 17600 many times but each time the bears took over and brought it down. Tomorrow is going to be crucial being the weekly expiry and also awaiting the decision from the FED meeting in the USA. Hopes of a hawkish Fed are pushing the rupee higher. Chinese financial stress is an added positive factor. Tonight's Fed meeting will be watched closely.
The FIIs booked profit just a day before the FED meet and sold for Rs. 1943 Crores today, while DIIs supported the market with a good enough buy of Rs. 1850 Crores.
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On the daily chart, the Nifty has formed an indecisive candle, which means we need to wait for the global cues to hint at tomorrow's movement, which you can read in the pre-market report tomorrow.
Zee ended 30 percent higher after the company's board approved a merger deal with Sony Pictures India. This gave a sentimental boost to other media stocks which led to the Nifty Media index surging 13 percent.
Godrej Properties clocked sales worth Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida, which drove the stock to soar 13 percent and hence led the Realty sector.
The metals sector also rallied after the panic selling and is back at where it was a day before the fall.
Banks & Financial sector was weak and underperformed today.
TechM was among the best performers on the Nifty50 and ended 3.6 percent higher at Rs 1,514. Edelweiss Broking recommended the stock as a 'tactical buy' with a target price of Rs 1,670. The brokerage firm sees digital-led strong demand and uptick in 5G deals to support revenue over FY21-23.
Coal India ended 3.6 percent higher after a media report said citing a company official that Coal India expects to increase coal loading to 400 rakes per day by the end of 2023-24 from 250-260 rakes per day currently.
As discussed above, we could see most banks and finance companies in red today, probably because of the huge selling by the FIIs before the FED meeting.
Let's catch up tomorrow on the pre-market report to get a hint on how the day might go tomorrow being the weekly expiry.