Today’s Action
Nifty, +0.4%; Sensex, +0.4%; Nifty Midcap, +0.7%; Nifty Smallcap, +1.8%; and Model Portfolio, 0%.
Daily Market Review
Market Status: Rally Attempt
Nifty opened positive taking global cues and RBI’s announcement on surplus transfer. Further, it hovered around 11,100 through the day and closed above it.
On the sectoral front, Nifty PSU (+2.5%) extended its yesterday’s gain while Nifty Metal (+2.1%) and Nifty Auto (+1.9%) were the other top gainers. On the flip side, Nifty IT (-1.4%), Nifty Media (-0.2%), and Nifty Pharma (-0.2%) closed in the red. The advance-decline ratio was leaned toward advancers. Out of 2,121 stocks traded on the NSE, 1,280 advanced, 502 declined, and the rest remained unchanged. Gains in Nifty Midcap (+0.7%) and Smallcap (+1.8%) were in line with market. India VIX declined 3.9%.
Today, we upgraded the market status to a Rally Attempt from a Downtrend as Nifty stayed above its Friday’s low (day 1) of 10,637 for the next two consecutive trading sessions. Looking forward, we would like to see a follow-through day before shifting the market back to a Confirmed Uptrend. On the flip side, if Nifty breaches its correction low of 10,637, we will change the market status back to a Downtrend.
Upcoming event:
Aug 30: GDP growth rate for Q1 FY20
Key News
Infosys announced that it closed its Rs. 8,260 crore buyback offer which commenced on March 20. As per the Company, it bought back 11.05 crore equity shares at an average price of Rs. 747.38 per share. The stock was down 2.1%.
Nbcc (India) share price was up 12.4% as Supreme Court ordered to release Rs 7.16 crore from its registry fund to the Company for completion of Amrapali projects.
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