Today’s Action
Benchmark indices recovered to end in the green after opening in the red, marking the sixth consecutive trading day they have posted gains. Nifty, +0.2%, Sensex, +0.2%, Model Portfolio, -0.5%; MSI Ind 47, +0.4%.
Daily Market Review
After a weak opening, markets were able to end in gains, continuing their recent trend. Indices have now posted gains in six trading sessions in a row, indicating buying demand among investors.
On the sectoral front, most indices were able to post gains, except for Media, IT, and FMCG. Nifty PSU Bank (+1.3%) and Nifty Pharma (+0.8%) gained the most, while Nifty Media (-4.0%) declined the most. Sun pharma (+3.0%) and Bajaj finance (+2.3%) were the major gainers whereas Zee entertainment (-7.8%) and UPL ltd (-3.2%) were the losers among the Nifty50 stocks.
The Nifty Midcap and Smallcap were up 0.4% and 0.7%, respectively.
The advance-decline ratio was in favor of advancers. Of the 2,062 stocks traded on the NSE, 965 advanced, 755 declined, and 342 remained unchanged.
The market status remains unchanged at an {Uptrend Under Pressure}. We will change it to a Downtrend if 2-3 more distribution days are added. It will be moved to a Confirmed Uptrend if the Nifty retakes the 10,942 level (high during the recent rally).
Stocks in News
Gelnmark Pharma: The company has received the final nod from the USFDA for Fluocinolone Acetonide Oil ear drops to treat eczema of the ear. The stock was up 0.2% today.
Power grid: Central Electricity Regulatory Commission (CERC) has maintained regulated RoE at 15.5% for generation and transmission companies. Powergrid and NTPC are the beneficiaries of the move, share rose up 2.0% and 1.1% respectively.
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