Nifty, +0.4%; Sensex, +0.4%; Model Portfolio, +0.1%; Nifty Midcap, +0.7%; Smallcap, +0.1%.
Daily Market Review
Market Status: Confirmed Uptrend
Indian benchmark indices closed positive for the third consecutive day led by gains in metal, media, and banking stocks. During the last hour, Nifty hit 12,000 mark but could not sustain and closed off its highs. Nifty Midcap and Smallcap followed the suit and closed positive. The distribution day count remains at two. For further progress, Nifty should cross 12,040 and then 12,100 level (it has strong resistance near these levels).
On the sectoral front, Nifty Metal (+1.3%), Media (+1.3%), and Bank (+0.8%) were the major gainers. On the flip side, Nifty FMCG (-0.2%) and Pharma (-0.04%) were the losers.
Of the 2,097 stocks traded on the NSE, 808 advanced, 960 declined, and 329 remained unchanged. Though the market closed positive for the third consecutive day, the advance-decline ratio was skewed toward decliners on these days. This indicates that market breadth is not positive.
Indiabulls Housing Fin: The stock fell more than 8% today after a media report alleging the Company of misappropriating Rs 98,000 crore. In relation to the news, the Company chairman and other directors refuted the allegation last evening.
Bharat Dynamics: The Company signed contracts worth Rs 1,187.82 crore for the supply of heavyweight torpedoes. The contract is expected to be executed within 42 months. The stock was up 2.3%.