Daily Big Picture : IT and Media Stocks Gain; SpiceJet Reports Rs 56 Crore Profit in Q4 FY19

Today’s Action

Nifty, +0.03%; Sensex, +0.2%; Model Portfolio, +0.2%; Nifty Midcap, -0.01%; Smallcap, -0.2%.

Daily Market Review

Market Status: Confirmed Uptrend

Today, the market opened in positive territory, but was volatile and traded in the range of 11,865–11,957. Nifty found resistance at yesterday’s high of 11,957 and closed flat. Nifty Midcap and Smallcap also had a muted session, with both closing marginally in the red.

On the sectoral front, Nifty Bank (-0.2%) and Infra (-0.8%) took a breather today. Market was led by IT (+1.3%) and Media (+2%) stocks.

The advance-decline ratio was in favor of advancers. Of the 2,099 stocks traded on the NSE, 961 advanced, 793 declined, and 345 remained unchanged.

Yesterday, the Indian market was moved to a Confirmed Uptrend as Nifty retook the 11,856 level (its high when it was last in a Confirmed Uptrend). The market status will be changed to an Uptrend Under Pressure if Nifty adds 3-4 distribution days and breaches key support levels.

Key News

Punjab National Bank: The bank reported a loss of Rs 4,750 crore in Q4 FY19. The loss was below expectations, due to lower provisions, improved asset quality, and better provision coverage ratio. The stock was down more than 3%.

Spicejet: Revenue for Q4 FY19 increased more than 20% y/y. PAT was up 22% y/y to Rs 56 crore. For FY19, it reported a loss of Rs 316 crore. The stock was up ~1.5% and closed near its 52-week high.

Leaders Up on Volume: Icici Lombard General Ins Co (+3.4%), Vinati Organics (+3.6%), and Jk Cement (+3.7%).

Leaders Down on Volume: Aavas Financiers (-2.1%), Kalpataru Power Tnsm. (-2%), and Manappuram Finance (-2%).

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

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