Daily Big Picture : Nifty sheds gains in second half, lenders may take majority stake in Jet Airways

Today’s Action

Nifty, -0.3%; Sensex, -0.4%; Model Portfolio, -0.6%; MSI Ind 47, +0.3%; Nifty Midcap, +0.4%; Smallcap, +0.3%.

Daily Market Review

Market Status: Rally Attempt

The Nifty ended in the red for the eighth session in a row. Benchmark indices were looking strong till the first half but a sharp correction in the second half eroded the day’s gains. The Nifty and the Sensex ended 0.3% and 0.4% lower, respectively. However, the Nifty Midcap and Smallcap outperformed benchmark indices and managed to end +0.4% and +0.3%, respectively.

On sectoral front, Nifty IT (-2.1%) was the top loser, which was weak since the market opening. However all other sectors barring Nifty FMCG (-0.3%) ended in the green. Nifty PSU (+1.3%) was the top gainer.

The market status remained unchanged. With the Nifty breaching its key support levels, we will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally). Today, it managed to end above that level; however, it hovered just above that level toward the end.

The advance-decline ratio was in favor of gainers. Of the 2,063 stocks traded on the NSE, 992 advanced, 705 declined, and 366 remained unchanged.

Stocks in News

Jet Airways (India) will undergo voting for its Bank-Led Provisional Resolution Plan on February 21, as per which the group of lenders led by State Bank of India will acquire its majority stake (50.1%) for INR 11.4 crore (paying INR 1 per share). Later as per the resolution plan, the airline will raise equity from other sources to go ahead with the resolution plan.

Emami’s promoters yesterday sold 10% stake in the Company. The rationale behind the sale was taming group’s debt level. The stock ended 13.3% higher in today’s session.

Leaders Up on Volume: Pvr (+3.3%), Inox Leisure (+2.5%), and Colgate-Palmolive India (+1.5%)

Leaders Down on Volume: Tata Consultancy Svs. (-3.3%), Housing Development Fin. (-1.1%), and Dr Lal Pathlabs (-0.6%)

What do you think? Please email us any questions or comments.

Continue reading with a MarketSmith India Premium subscription…

To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to  MarketSmith India.

2 Replies to “Daily Big Picture : Nifty sheds gains in second half, lenders may take majority stake in Jet Airways”

Leave a Reply

Your email address will not be published. Required fields are marked *