Today’s Action
Benchmark indices closed with a minor losses. Nifty, -0.06%, Sensex, -0.01%, Model Portfolio, +0.1%; MSI Ind 47, -0.8%.
Daily Market Review
Benchmark indices opened on a positive note on account of a strong rupee and falling crude oil prices, but changed direction towards the latter half of the day as higher wholesale inflation weighed on domestic investor sentiments. The Nifty managed to close above 10,550 level.
Wholesale inflation accelerated to 5.28% in October compared with 5.13% in the previous month and 3.68% in October 2017. This takes the pace of inflation to a four-month high due to a spike in petrol and power basket that grew by 18.4%.
OMCs extended gains for the second day in a row along with increases in banking and FMCG stocks, offset by losses in the export-oriented stocks like IT and Pharma as Rupee appreciated to 72.27/dollar. Sun Pharm.Industries (-7.4%), Tech Mahindra (-3.8%), Gail (India) (-3.5%), and Hcl Technologies (-3.5%) were the top losers. Icici Bank (+1.6%) hit a fresh 52-week high.
Aviation stocks also rose to the occasion, with Interglobe Aviation (+7.5%) and Spicejet (+2.8%) emerging as the top gainers.
The broader market performed in-line with benchmark indices as the Nifty Midcap and Smallcap suffered a minor loss of 0.03% and 0.2%, respectively.
The market remains unchanged at a Confirmed Uptrend. Although a Confirmed Uptrend is a green signal to enter the market, it is important that investors don’t play all their cards at once. We would suggest adopting an investment approach where you begin with a small allocation and increase it as and when we advance further with respect to market direction.
The advance-decline ratio was in favor of losers. Of the 2,057 stocks traded on the NSE, 737 gained, 979 declined, and 341 remained unchanged.
Stocks in News
Mahindra & Mahindra lost 2.6% today despite surpassing analysts estimates. It reported a net profit of Rs 1,779 crore, up 26%y/y, beating consensus estimates of Rs 1,325 crore. The growth was aided by a one-time gain of Rs 137.5 crore. Revenue rose 6% to Rs 12,790 crore, in line with consensus.
IDBI Bank rose 1.1% today. Net interest income was down 21% to Rs 1,300.86 crore. GNPA and NNPA stand at 31.78% and 17.3% (q/q), respectively. LIC infused capital worth Rs 2,098 crore during the quarter.
Page Industries ended 3.4% down after its revenue and profit missed estimates. Net profit was up 10.2% to Rs 92.62 crore, missing consensus estimates of Rs 111 crore. Revenue grew 10.4% to Rs 690.75 crore, missing expectations of Rs 750 crore.
Action in Leading Stocks
Leaders Up on Volume: Gujarat Ambuja Exports (+7.8%), , Iol Chemicals & Pharms. (+3.4%), Radico Khaitan (+1.0%)
Leaders Down on Volume: Sun Pharm.Industries (-7.4%), West Coast Paper (-2.1%), N R B Bearings (-1.8%)
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.
I went over this site and I think you have a lot of great information, saved to my bookmarks (:.
very interesting information! .