Today’s Action
Nifty, +0.1%; Sensex, +0.1%; Model Portfolio, +0.03%; MSI Ind 47, +0.1%; Nifty Midcap, +0.1%; Smallcap, +0.3%.
Daily Market Review
Market Status: Rally Attempt
Benchmark indices exhibited a muted action today, trading in a tight range through the day. Nifty Midcap gained 0.1% and Smallcap marginally outperformed benchmark indices with 0.3% gain.
On the sectoral front, Nifty Realty (-0.7%) broke its streak of outperformance and was the top loser after Nifty Metal (-1.2%). Nifty Auto (+0.5%) and FMCG (+0.5%) emerged as the top gainers.
The advance-decline ratio was in favor of losers. Of the 2,089 stocks traded on the NSE, 778 advanced, 938 declined, and 373 remained unchanged.
Key News
Jsw Steel: The Company’s board approved the issuance of bonds to raise ~Rs 3,500 crore through an international bond issue. The stock ended 0.5% lower today.
Wockhardt: The Company received US FDA approval for its cancer drug. According to IQVIA February 2019 data, the product has sales of ~$120M in the US. In the past three months, Wockhardt has received three US FDA approval for an oncology product.
Jet Airways (India): The Company in an exchange filing communicated that its founder has pledged shares worth 26.01% stake in the Company with Punjab National Bank. The pledging was reported to be created as security for existing/new borrowings of the Company. The stock ended 0.7% lower today.
Leaders Up on Volume: Manappuram Finance (+5.9%), Capri Global Capital (+3.0%), and Bajaj Finserv (+1.9%)
Leaders Down on Volume: Teamlease Services (-1.7%), Icici Lombard General Ins Co (-0.5%), and Inox Leisure (-1.6%)
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