Today’s Action
Benchmark indices witnessed a sharp sell-off. Nifty, -1.9%, Sensex, -2.0%, Model Portfolio, -1.0%; MSI Ind 47, -2.2%.
Daily Market Review
The Nifty and the Sensex posted major losses in today’s session. The Nifty gave up the 2018 gains and YTD return is negative. Weak global cues and exit poll results of five states weighed down the market.
On the sectoral front, none of the indices managed to escape the selling pressure. Nifty Realty (-3.0%) and Nifty Private Bank (-2.3%) declined the most. Indian Oil (+3.6%) and Bharat Petroleum (+1.5%) were the major gainers whereas Kotak Mahindra Bank (-6.4%) and Indiabulls Housing Fin(-4.2%) were the losers among Nifty50 stocks.
The Nifty Midcap and Smallcap are down 2.1% and 2.2%, respectively.
The advance-decline ratio was in favor of decliners. Of the 2,071 stocks traded on the NSE, 339 advanced, 1,382 declined, and 350 remained unchanged.
The market status has been changed to an Uptrend Under Pressure owing to the distribution on bourses. Market witnessed huge sell-off on higher volume, leading to a distribution day on the Nifty. With that, the distribution day count stands at four on the Nifty and the Sensex. As the market condition has changed to an Uptrend Under Pressure, investors should proceed ahead with caution. Unless a stock shows exceptional fundamental and technical strength, no new addition to the portfolio is advised.
Stocks in News
Dilip Buildcon received a Letter of Acceptance from Mahanadi coalfield (MCL), a subsidiary of Coal India, for a new OB removal contract worth Rs 1,000.36 crore. The stock was down 3.8% today.
Kotak Mahindra Bank has moved to Bombay High Court, after RBI rejected its plan to reduce promoter holding through preference shares. The stock was down 6.4% today.
Leaders Up on Volume: None
Leaders Down on Volume: Jubilant Life Scis. (-6.6%), Power Finance (-6.1%), and Sterlite Technologies (-5.0%).
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