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The market was extremely volatile today. Banks were the losers today with Kotak Mahindra Bank (-3.3%), HDFC Bank (-1.9%) and ICICI Bank (-1.1%) declined and pulled down the Nifty Bank index. However, buyers emerged strongly during the latter half and the markets recovered almost completely.
Nifty Realty (+2.9%) and Nifty Metal (+2.5%) has outperfomred otehr indexes. Nifty realty rose supported by DLF (+3.2%), Tata Steel (+3.0%) and JSW Steel (+2.6%).
Burger King IPO oversubscribed:-
The market has cheered the IPO of Burger King. On the very first day with high retail interest, the 810 cr IPO got oversubscribed. So far this year, 12 companies launched their IPO on Dalal Street. Of these, 11 have delivered positive returns in the range of 4% to as high as 210%.
Metals continued to shine as future looks impressive:-
The market has started giving a high premium to metal stocks. As global economic recovery picks up the pace and China’s manufacturing activity expands, metal price rise continued. Global copper prices rose ~12% in November 2020. Steel companies hiked the price by ₹2,500 to ₹2,700 per tonne for December due to rising iron ore prices and strong demand.
FII DII Data Analysys of the day
Whereas Dii selling continues as usual and sold Rs 1635.97 cr and FII continues to buy again Rs 357.35 cr as per data received from NSE website.
Due to huge selling by Dii Banknifty went into -ve Intraday.
We still hopefull these Dii selling may not last longer.If they keep selling like this soon will loose a healthy money.
UK as the first country approves Pfizer’s Covid-19 vaccine:-
The United Kingdom is the first country to approve Pfizer/BioNTech’s Covid-19 vaccine. The first doses of the vaccine will be rolled out across the UK from next week. This vaccine has shown to have 95% efficacy. Frontline health care workers and nursing home residents will recieve the vaccine first, followed by older adults. The key challenge that is likely to get limelight is the distribution of the vaccine since it requires ultra-cold storage temperatures. Shares of Pfizer were up 3% today. As per reports, airline company, Spicejet, (+3.0%) has announced that it is gearing up to provide temperature-controlled logistics support.
In market ahead of the RBI’s interest rate decision on Friday, banks showed some signs of weakness. However, positive news on the vaccine front brought back cheer to the markets, in general. The sudden rise in Gold prices makes one wonder if it is just the odd rebound, or whether investors are looking for safety (for reasons unknown at present) after a steep rise in global equities in November.
For market related updates and analysis stay tuned with us.
Morning MArket cues and things to be consider brfore opening bell
As per SGX NIfty suggests we are going to open a flat to -ve start.
In the upcoming days market to remains buy on dips territory.For nifty levels see this post.
Keep reserve cash always so that you can add on dips.
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