THE NIFTY ENDED WITH GAINS WHILE NIFTY BANK ENDED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19637.05 with a gap down of 27 points. The index continued its bearish momentum and saw a sharp decline from its opening tick but soon found support just above 19550. Prices have recorded its intraday low at 19554 and saw a V-shaped reversal. Soon prices recovered all the losses and the index came into positive territory. The rally continued till the end. The index crossed above 19700 and recorded its intraday high at 19730.70. Prices have finally closed at 19716.45 near its day’s highs with a gain of 51.75 points or 0.26% up. PHARMA outperformed and closed with a gain of 1.19% followed by FMCG and REALTY. BANK and FINANCIAL underperformed and ended with a minor loss. The short-term trend is sideways now as prices are going through a brief consolidation process. Support is visible around 19600 while resistance is visible around 19900.

BANK NIFTY:

The BANK NIFTY opened at 44465.90 with a gap down of 197 points. The Index continued Its bearish momentum and saw a decline from its opening tick. Prices have bounced up after recording its intraday low at 44182.50. A sharp rally came and recovered all the losses that came. However, the index could not move much higher, recorded its intraday high at 44668, and spent the last two hours of trading within a narrow range. Prices have finally closed at 44600.75 with a loss of 61 points. PSU BANK outperformed, saw a sharp upside move, and ended with a gain of 0.83 %. PVT BANK has also moved up but ended with a gain of Just 0.23%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the least. The short-term trend is sideways. After a sharp decline, the index is now going through a brief consolidation process. The Index is moving very volatile and randomly for the past few days.

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DERIVATIVE PICKS

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News Updates

• Benchmark indices ended higher in the volatile session on September 27 with Nifty above 19,700. At close, the Sensex was up 173.22 points or 0.26 percent at 66,118.69, and the Nifty was up 51.80 points or 0.26 percent at 19,716.50. About 1921 shares advanced, 1616 shares declined, and 143 shares unchanged.

• The initial public offering (IPO) of business support services company Updater Services has been subscribed 0ver 100% percent with bids coming in for 1.28 crore equity shares against 1.2 crore shares. Retail investors have picked 1.04 times shares against their allotted quota, while the portion reserved for high networth individuals was subscribed 53 percent.

• The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 17.15 times on the final day of bidding. Retail investors, who have 10 percent reservation in the public issue, have bought 8.89 times the allotted quota, while the portion set aside for high net worth individuals, which is 15 percent of the total offer, was subscribed 13.85 times.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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