Today’s Action
Nifty, +1.2%, Sensex, +1.0%, Model Portfolio, +0.7%; MSI Ind 47, +0.7%, Nifty Midcap, +0.1%, Smallcap +0.5%.
Daily Market Review
Market Status: Rally Attempt
Today, the Nifty was able to clear near-term resistances, and also reached its highest level since October in the session. The Nifty Midcap and Smallcap continue to underperform. The Nifty and the Sensex gained on five consecutive days.
The market status remained unchanged. We will look for a legitimate follow-through day for the Nifty, after which we will upgrade the market to a Confirmed Uptrend.
The advance-decline ratio was in favor of decliners. Of the 2,059 stocks traded on the NSE, 737 advanced, 977 declined, and 345 remained unchanged.
All the sectoral indices showed strength to end in the green, led by Nifty Media (+4.1%), Metal (+2.3%), and IT (+2.0%)
Stocks in News
Lupin: The Company announced their December quarter results. Income from operations was up 12% y/y to Rs 4,378 crore, but posted a loss of Rs 152 crore. The loss was due to a fine imposed by the European Commission (EC) over its Perindopril drug. The stock was up 0.5% today.
Cipla: The Company announced its Q3 FY 2019 results today during market hours. Net Sales were up 2.4% to Rs 4,007.5 crore, while PAT declined 17% y/y to Rs 332 crore. The stock was up 5.3% today.
Leaders Up on Volume: Tech Mahindra (+8.0%), Bajaj Finance (+4.1%), and Avenue Supermarts (+2.8%)
Leaders Down on Volume: United Breweries (-1.2%), Dr Reddys Laboratories (-1.1%), and Jubilant Foodworks (-0.7%)