Ganesh Komma breaks down Monday's market action: Nifty50 up 0.5% on clarity around a uniform 15% tariff, banking stocks surged 1.15% led by SBI, while IT underperformed. Gold jumped 1% and silver 2.8%. Overall sentiment is cautiously constructive and range-bound.
Market snapshot for 23rd February, which is Monday. Markets traded steady in line with weekend expectations as clarity on a uniform 15% tariff eased competitive concerns and supported sentiment. After a very recent decline which Nifty50 has extended for the last couple of days, it has rebound for a second session rising approximately 0.5%. Nifty junior gained 0.39%, mid caps slipped 0.16% and small caps added 0.43% while banking stocks outperformed all the indices with a 1.15% increase. The index remained range bound but has been very resilient. Gold advanced 1% breaking recent pivot levels while silver surged around 2.8% indicating renewed bullish momentum in all the precious metals sectoral highlights and stock action. Banking stocks saw strength with SBI hitting a new high and other PSU banks performing very well. Now coming to the IT sector, yes we have seen IT sector underperforming led by declines in some of the majors like Infosys, Automobiles and financials supported the rally contributing to overall gains. Looking at the other sectors and the other segments like Infra, Adani Ports and Larsen and Toubro contributed to infrastructure led optimism while the giant Reliance Industries ended higher providing mild support to the benchmarks. So you let me know in the chat box what is your call on the Indian markets as of today which is Tuesday and let me know your comments. If you look at the overall sentiment it still remains cautiously constructive though markets continue to trade within established technical levels. Nothing to consider as over bullish market, it's still a range bound to be little bit more cautious in the short term.
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