Vinati Organics galloped 18.9% on heavy volume in today’s session. The Company reported superb results in Q1 FY 2019, delivering a revenue and EPS growth of 44% and 107%, respectively. Following the results, the stock saw huge buying interest and was locked in upper circuit of 20%.
Today’s Action:
Strong global cues pushed key indices higher; broader market follows suit. Nifty (+0.2%), Sensex (+0.4%), Model portfolio (-0.05%) and MSI Ind 47 (+0.9%).
Daily Market Review:
The Indian market picked up from where it left off on Friday as both the Nifty and the Sensex closed at a record high.
Amid strong global cues, frontline indices observed a gap up opening and remained firm throughout the day.
Broader market indices also had a strong day as the Nifty Midcap and Smallcap advanced 0.5% and 0.2%, respectively.
The overall market breadth remained strong with gainers outnumbering losers in a ratio of 7:5 on the NSE.
On the sectoral front, top gainers were Nifty PSU Bank (+2.6%), Energy (+0.8%), and Bank (+0.7%). The top losers were Nifty Pharma (-1%), FMCG (-0.7%), and Realty (-0.6%).
The market direction remains unchanged at a Confirmed Uptrend with a low distribution day count of one on the Nifty and two on the Sensex. The Nifty Midcap and Smallcap are still in a Rally Attempt.
Current Outlook:
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of solid technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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VIP Industries reported strong set of numbers in Q1 FY 2019, delivering a revenue growth of 29.5% and EPS growth of 54.5%. The Company beat street expectations comfortably. Thanks to solid results, the stock rallied 7.9% and hit a new high. The stock is currently trading 15% above its pivot price of Rs 460.35.
