Today’s Action
Nifty, +0.3%; Sensex, +0.2%; Model Portfolio, -0.09%; MSI Ind 47, +0.1%; Nifty Midcap, -0.3%; Smallcap, +0.2%.
Daily Market Review
Market Status: Rally Attempt
The market saw a volatile session today, as the India VIX was up 6.5%. The Nifty lost all the gains it had in the opening; however, last hour buying helped it post gains. The Nifty Midcap (-0.3%) and Smallcap (+0.2%) continued to underperform. The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend.
On the sectoral front, Realty (+2.8%) continued to post strong returns whereas Nifty Bank (+0.7%) makes new high. Nifty Auto (-1.4%) and IT (-1.2%) were the major losers. Indian Oil(+3.5%), Hindustan Petroleum (+3.6), and Bharat Petroleum (+2.3) were the major gainers whereas Maruti Suzuki India (-2.5%), Hero Motocorp (-2.4%), and Wipro (-2.2%) were the major losers among Nifty50 stocks.
The advance-decline ratio was in favor of decliners. Of the 1,944 stocks traded on the NSE, 775 advanced, 1,069 declined, and 100 remained unchanged.
Stocks in News
Jet Airways (India): The Company grounded four aircraft today, taking the total count to 60 out of its total fleet of 123 aircraft. It also said that it will default on interest payment due to a debenture holder on March 19. The stock was up 0.7% today.
Icici Lombard General Ins Co: The Company in partnership with Mobikwik will provide cyber insurance cover of Rs 50,000, at only Rs 99/month. This relationship strengthens the Company’s endeavor to provide innovative and unique products to its customers. The stock was up 1.3% today.
Leaders Up on Volume: Manappuram Finance (+3.5%), Bajaj Finance (+2.4%), and Reliance Industries (+2.2%)
Leaders Down on Volume: Wipro (-2.2%), RBL Bank (-1.8%) and Info Edge (India) (-1.8%)
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