Adani, PSU Bank Stocks Lift Up the Market - Post-Market Analysis
![undefined](https://marketfeed.gumlet.io/wp-content/uploads/2023/03/adani.webp?w=730)
NIFTY opened the day at 17,451 with a gap-up of 129 points. It was a trending day and the index rallied non-stop with a small dip in the first half. NIFTY closed the day at 17,594, up by 272 points or 1.57%.
BANK NIFTY started the day at 40,671 with a gap-up of 281 pts. 41K was broken and BNF stayed within the range without falling. The index closed at 41,251, up by 861 pts or 2.1%.
NIFTY PSU Bank (+5.4%) and NIFTY Metal (+3.5%) surged today. NIFTY Realty, NIFTY Finserv, NIFTY FMCG, and NIFTY Media closed more than 1% in the green.
Major Asian markets closed in green. European markets are currently trading in the green.
Today’s Moves
Adani Group stocks Adani Enterprises (+16.94%), Adani Ports (+9.91%), Adani Green Energy (+5%), and Adani Trans (+5%) rallied today after US-based GQG Partners invested Rs 15,446 crore in four portfolio companies.
SBIN (+5.14) shot up amid media reports that the bank may lower its stake in YES Bank.
Bharti Airtel (+3.2%) gained after the announcement that it has crossed the 10 lakh unique 5G user mark on its network in Mumbai.
PSU Bank stocks Union Bank (+8.9%), UCO Bank (+8.2%), PSB (+6.6%), IOB (+6.1%), and others surged today! The global economic recovery and declining impact of the Hindenburg report on Adani Group stocks also helped the index go up.
TechM (-2.2%) was NIFTY’s top loser even after it declared plans to invest Rs 700 crore in the products & platforms division in 2 years.
Markets Ahead
That was a huge recovery rally we saw today. You can see that the Pre Market Analysis mentioned a 150-point up-move to see a green close for the week. That has happened and the recovery was so strong that the entire candle changed.
Let us closely watch 17,300 on the downside. 39,900 is the corresponding level in BNF. We should see Nifty breaking 18K to reverse the trend with strength as 17,944 is the previous swing point.
Reliance moved up by more than 2.5% and HDFC Bank moved up by 2%. There was positivity in all the sectors today.
The block deal in Adani led to the positivity we are seeing right now. This is the largest single day-gain in NIFTY in 2023 (so far!).
Let us see if this recovery move can continue!
How did your trades go this week? Let us know in the comments section of the marketfeed app!
Post your comment
No comments to display