Market Opening Update: Nifty 50 and Bank Nifty Outlook, Key Stock and Commodity Trends
After a volatile previous session, markets are set for another action-packed day. Global cues remain mixed, with Gift Nifty trading 119 points higher around 24,800. Analysts believe that sustaining above this level could trigger short-covering, though strong upside momentum appears limited due to the absence of major positive triggers.
In the previous trading session, the Nifty 50 closed 236 points lower at 24,654, while the Bank Nifty slipped 586 points to 54,389. Broader markets faced heavy carnage, with sharp declines in midcap and smallcap indices.
Top Gainers and Losers
Among the notable gainers, Larsen & Toubro (L&T) surged nearly 2.5% on strong technical charts, while Tata Motors and ITC also ended in the green.
On the losing side, Vodafone Idea plunged 8% after its hearing was once again postponed. HFCL, PNB Housing, and Slab Infra were also among the top losers, shedding 7% or more.
Commodities: Silver Surges, Gold Faces Resistance
In commodities, silver prices rallied to ₹1,42,000 per kg and could test the ₹1,55,000–₹1,56,000 resistance zone as per previous chart studies. Gold, however, remains in overvalued territory, trading in uncharted levels, making predictions difficult.
FII-DII Activity and Volatility
Foreign institutional investors (FIIs) sold equities worth ₹5,700 crore, while domestic institutional investors (DIIs) absorbed the pressure with net buying of ₹5,843 crore.
The Volatility Index (VIX) rose to 11.42 from 10.78, signaling a rise in market nervousness ahead of Tuesday’s weekly expiry. Aggressive call writing at 24,800 suggests that if the index sustains above this level, some short-covering could follow.
Corporate & Economy Updates
- Oil India reported discovery of natural gas reserves near the Andaman & Nicobar basin. Analysts, however, caution that economic viability and extractable quantity remain uncertain.
- Anant Health Care swung to profit in Q2 despite revenue pressures.
- NSI awarded a ₹981 crore contract for a six-lane road project in Bhatinda under the Bharatmala Pariyojana Phase I.
- Azad Engineering bagged a ₹651 crore order from Mitsubishi for thermal power engine parts.
- Zaggle Prepaid partnered with IDFC First Bank to provide SaaS solutions for corporate banking clients.
- Tata Motors received a £1.5 billion loan guarantee from the UK government to offset losses from a cyberattack.
- Morgan Stanley picked up stakes worth ₹202 crore across 10 Indian companies, including Bharti Airtel, Paytm, Hero MotoCorp, Kotak Mahindra Bank, and Shriram Finance.
- DMart (DMR) expanded with a new store in Andhra Pradesh.
- Atlanta Electricals and Ganesh Consumers IPOs are scheduled to list today.
Other Key Developments
- Hindustan Unilever (HUL) confirmed that nearly 40% of its portfolio now falls under the 5% GST slab. While positive for consumers, the company expects revenue growth to remain flat to low-single digit as benefits are passed on to buyers.
- PGL Industries announced an investment of ₹1,000 crore for a new manufacturing facility in Andhra Pradesh, acquiring 50 acres of land for the project.
- VIP Industries’ promoters sold a 6.22% stake worth ₹343 crore. While institutional investors absorbed the supply, the move highlights underlying challenges in the business.
- RBL Bank remains the only stock under the F&O ban list, while SREI Capital and Angel One have exited.
