Daily Big Picture : IT and Metal Stocks Shine; ONGC Signs Pact with Indian Oil

Today’s Action

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

Daily Market Review

Market Status: Confirmed Uptrend 

Benchmark indices ended today’s volatile session in the green. Tracking concern in the global market and budget in the latter part of the week, Nifty traded in the red for the most part of the day before paring it in the afternoon session led by gains in Housing Development Fin. (+1.6%), Infosys (+1.2%), Reliance Industries (+0.8%),and Hdfc Bank (+0.4%).

On the sectoral front, Nifty IT (+0.9%), Metal (+0.5%), and FMCG (+0.4%) emerged as the top gainers. On the flip side, Nifty Realty (-1.5%), Pharma (-0.9%), and Bank (-0.3%) were the major losers.

The advance-decline ratio was in favor of losers. Of the total 2,083 stocks traded on the NSE, 819 advanced, 930 declined, and the rest ended flat.

Key News

Oil & Natural Gas: The Company joins hand with Indian Oil (+2.0%) to improve oil recovery by injecting carbon dioxide captured from IOC’s Koyali refinery in Gujarat. The stock was up 2.9% today.

Jsw Energy: The Company terminated Rs 6,500 crore deal with Jindal Steel & Power (+0.6%) to acquire its 1,000 MW power plant in Chhattisgarh. The stock closed 3.9% higher.

Hcl Technologies: The Company completes the acquisition of select IBM products. It also initiated a new division as HCL Software for this enterprise software product business. The stock was up 1.0%.

Leaders Up on Volume: Relaxo Footwears (+3.3%); Magma Fincorp (+3.2%); and Aditya Fash.& Retail (+1.8%)

Leaders Down on Volume: Larsen & Toubro Infotech (-4.2%)

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

Continue reading with a MarketSmith India Premium subscription…

To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.


Leave a Reply

Your email address will not be published. Required fields are marked *