Daily Big Picture : Banking and Financial Services Stocks Drag Down Nifty; Indiabulls Housing Moves to Supreme Court Challenging Misappropriation

Today’s Action

Nifty, -0.5%; Sensex, -0.5%; Model Portfolio, -1.0%; Nifty Midcap, -0.8%; Smallcap, -0.2%.

Daily Market Review

Market Status: Confirmed Uptrend

Indian benchmark indices, after gaining for the third straight session, closed negative dragged down by auto, banking, and financial services stocks. However, Nifty closed above 11,900. Nifty Midcap and Smallcap followed the suit and closed in negative territory.

The indices weighed by Kotak Mahindra Bank (-1.6%), Hdfc Bank (-0.9%), and Icici Bank (-0.8%).

On the sectoral front, Nifty Metal (+0.4%) and FMCG (+0.2%) were the only gainers. On the flip side, Nifty Realty (-2.1%) was the top loser led by Indiabulls Housing Fin (-7.9%). Among others, Nifty Auto (-1.1%), Banking (-1.0%), and Financial Services (-0.9%) were the other losers.

Of the 2,098 stocks traded on the NSE, 695 advanced, 1,047 declined, and 356 remained unchanged.

Key News

Alembic PharmaceuticalsThe Company’s board has approved raising of up to Rs 300 crore through the issue of NCD on private placement basis. The stock fell 0.1%.

Indiabulls Housing FinThe Company moved to Supreme Court against the allegation of misappropriation of Rs 98,000 crore of public money. The stock fell 7.9% today.

Leaders Up on Volume: Aavas Financiers (+2.5%), Bata India (+0.6%), and Torrent Pharmaceuticals (+0.6%)

Leaders Down on Volume: Inox Leisure (-3.4%), Icici Lombard General Ins Co (-1.8%), and Tech Mahindra (-1.9%).

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