Today’s Action:
Key indices mirrored strength in global markets, as they started the day in green and held on to their gains. Broader indices also made merry in today’s trading session.
Daily Market Review:
After a gruelling correction last week, Indian markets started the holiday truncated week on a bullish note. Domestic fiscal reforms and a sell-off in the global markets have kept investors on their toes for the last few weeks. However, frontline indices displayed some strength today as evident by higher trading volumes observed on Nifty.
The Nifty gained 0.81% to close above 10,500 mark. The BSE Sensex also posted gains on the bourses today, it gained 295 points or 0.87% in today’s trading session.
Broader indices extended their gains today, with the Nifty Midcap and Smallcap indices advancing 1.40% and 1.79%, respectively.
Apart from the Nifty IT and PSU Bank indices, all the sectors contributed positively in today’s rally. The top performing sector indices were Nifty Realty (+1.69%), Energy (+1.39%) and Pharma (+1.27%).
The market breadth remained in favour of gainers today. On NSE, 1261 shares advanced against a decline in 299 shares. A total of 27 shares remain unchanged.
The IND 47 index, which is a list of top 47 stocks in chart and fundamental characteristics, outperformed the benchmark indices, as it gained 1.74% today.
The Indian market will remain closed tomorrow on account of Mahashivratri.
Lupin announced today that it has received a tentative approval from the USFDA for its hydrocortisone butyrate lotion, 0.1%. This will allow the pharma major to market a generic version of Precision Dermatology, Inc.’s Locoid Lotion, 0.1%.
Maruti Suzuki is in talks with its parent company Suzuki motors to increase its capacity expansion by 750,000 and has reserved INR 4,000 crore for this purpose. The Company plans to start the operations in this new unit from 2019. An increase in capacity would allow the Company to be future ready and meet the growing domestic demand for its vehicles.
The total distribution day count remains unchanged at three each on the Sensex and the Nifty, while the market condition remains at ‘’Uptrend Under Pressure’’.
Current Outlook:
– Be cautious with any new purchases.
– Form a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules
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