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In the stock market, a great company is like a high-performance Porsche, and volume is the stock’s fuel. You can blather all day about the company’s potential, its fabulous new product, its incredible CEO. But if the company’s stock, after making a great run, begins to hit new highs in low volume, it will likely cease to act like a high-performance roadster.
Zee Entertainment stock rose 4.6% today against the market trend on above-average volume. The stock ended above its 50-DMA for the first time since May 14.
Bajaj Finserv rallied 2.9% today. The stock retook its 50-DMA & 200-DMA levels. Nifty witnessed a distribution day, increasing its count to two.
Today’s Action
Benchmark indices closed lower for the second consecutive session. Nifty, -0.5%, Sensex, -0.8%, Model Portfolio, -0.8%.; MSI Ind 47, -0.6%.
Daily Market Review
India’s benchmark indices continued to slide for the second day in a row accompanied by weak global cues, ICRA report on easing GDP growth, and FII selling. Moreover, India’s crude import rose 10.5% in October, the highest in the last seven years also dampened investors’ sentiment. Continue reading “Daily Big Picture – IT Stocks Drag Benchmark Indices; Nifty Adds Distribution Day”
GAIL India gained 2.8% on heavy volume today to end its last four trading sessions losing streak. Nifty and sensex lost 1.0% and 0.8% respectively.
