Daily Big Picture : India VIX Makes Four-Year High Ahead of Results; Banking Stocks Outperform

Today’s Action

Nifty, +0.3%; Sensex, +0.4%; Model Portfolio, +0.2%; Nifty Midcap, -0.1%; Smallcap, +0.5%.

Daily Market Review

Market Status: Uptrend Under Pressure 

Today’s session was volatile as the India VIX (Volatility Index) went above 30, before ending lower. The market participants are cautious at the moment as election results are set to be announced tomorrow.

On the sectoral front, the reaction was mixed. Nifty FMCG (-0.9%), IT (-0.6%), and Media (-0.5%) lost, while Private Bank (+0.8%) and Bank (+0.7%) outperformed the market.

The advance-decline ratio was in favor of advancers. Of the 2,100 stocks traded on the NSE, 969 advanced, 770 declined, and 361 remained unchanged.

Currently, the market is in an Uptrend Under Pressure. We might change the status to a Confirmed Uptrend once the previous high (11,856) is retaken.

Key News

Lupin: The Company launched Budesonide Inhalation Suspension single-dose ampules, a generic product in the U.S. It is used for the treatment of asthma and as prophylactic therapy in children (1-8 years of age). The stock was up 1.3% today.

Dewan Housing Finance: The Company has stopped accepting fresh deposits and kept premature withdrawals on hold in order to manage liquidity. In case of medical or financial emergencies, the Company will honor the withdrawal request. The stock was down 9.6% today.

Nmdc: The iron ore output has increased 20% y/y to 2.9M tonne (MT) in April. It produced 2.21MT from Chhattisgarh and 0.69MT from Karnataka mines. The stock was up 1.7% today.

Leaders Up on Volume: Fine Organic Inds (+2.9%), Heidelbergcement India (+2.5%), and Bandhan Bank (+2.0%).

Leaders Down on Volume: Torrent Pharmaceuticals (-2.6%), Icici Lombard General Ins Co (-1.0%), and Wipro (-1.3%).

What do you think? Please email us any questions or comments.

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