Today’s Action
Nifty, +1.2%; Sensex, +1.3%; Model Portfolio, +0.9%; MSI Ind 47, +0.8%; Nifty Midcap, +0.5%; Smallcap, +1.3%.
Daily Market Review
Market Status: Rally Attempt
The Nifty and the Sensex continue to exhibit strength as they advanced 1.2% and 1.3%, respectively. 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.
Strength was seen across sectors barring IT (-0.03%) and PSU Banks (-0.2%). Nifty Realty (+2.6%), Media (+2.1%), and Pvt Bank (+1.9%) led the market. Bharti Airtel (+5.4%) and Larsen & Toubro (+3.2%) were the top gainers while Bharti Infratel (-1.1%) and Hero Motocorp (-0.2%) were the top losers among Nifty50 stocks.
The advance-decline ratio was in favor of gainers. Of the 2,078 stocks traded on the NSE, 1,082 advanced, 661 declined, and 335 remained unchanged.
Stocks in News
Bharti Airtel: The Company said it will offload its stake in Bharti Infratel by more than half to 18.3%. Nettle Infrastructure to buy 32% stake in Bharti Infratel. The stock was up 5.4% today.
Bank Of India: The Company issued shares with one year lock-in period to its employees under Employee Share Purchase Scheme (ESPS). The shares were issued at a discount of 24.3% and about 94.7% of the employees have subscribed to the issue. The Company raised Rs 660.8 crore through the issue. The stock was up 0.2% today.
Leaders Up on Volume: Pvr (+5.8%), Hnywell.Automation Ida. (+3.2%), and Havell’s India (+3.1%)
Leaders Down on Volume: Capri Global Capital (-1.5%) and Creditaccess Grameen Ltd (-2.6%)
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