Today’s Action
Nifty, +1.2%; Sensex, +1.0%; Model Portfolio, +1.6%; MSI Ind 47, +1.2%; Nifty Midcap, +2.1%; Smallcap, +2.5%.
Daily Market Review
Market Status: Rally Attempt
The Nifty and the Sensex showed strength as they advanced 1.2% and 1.0%, respectively, a day after the Election commission announced election dates.
Barring export-driven Nifty IT (-0.1%), all the sectors advanced. Nifty Metal (+2.9%) PSU Bank (+2.3%) and Auto (+2.3%) led the market. Bharti Airtel (+8.1%) and Hindustan Petroleum(+5.4%) were the top gainers while Ntpc (-0.5%) and Tata Consultancy Svs. (-0.4%) were the top losers among Nifty50 stocks.
The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).
The advance-decline ratio was in favor of gainers. Of the 2,092 stocks traded on the NSE, 1,257 advanced, 485 declined, and 350 remained unchanged.
Stocks in News
Kalpataru Power Tnsm.: The Company received new orders worth Rs 1,288 crore. Its Transmission & Distribution business bagged Rs 771 crore and its oil and gas business bagged the remaining order worth Rs 517 crore. The stock was up 3.3% today.
Jet Airways (India): The Company gets Rs 2,050 crore fresh funding from the PNB bank, out of which Rs 1,100 was via foreign currency term loan. With the proceeds, the Company’s credit rating might improve and also help it resume grounded planes.
Leaders Up on Volume: Ipca Laboratories (+4.7%), Muthoot Finance (+4.1%), and Creditaccess Grameen Ltd (+3.9%)
Leaders Down on Volume: Capri Global Capital (-0.7%) and Hcl Technologies (-0.5%)
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