Today’s Action
Nifty, +0.6%; Sensex, +0.7%; Model Portfolio, +0.4%; MSI Ind 47, +0.3%; Nifty Midcap, +0.7%; Smallcap, +1.0%.
Daily Market Review
Market Status: Rally Attempt
The Nifty continued its bull run for the seventh consecutive day on the back of sustained buying in banking stocks and some other blue-chip stocks such as Bharti Infratel (+3.0%), Hcl Technologies (+2.4%), Reliance Industries (+2.0%), and Infosys (+1.7%). In the broader market, Nifty Midcap and Smallcap outperformed the benchmark as they gained 0.7% and 1%, respectively.
On the sectoral front, Nifty PSU Bank (+1.9%) continued to post strong returns followed by Nifty IT (+0.9%) and FMCG (+0.9%). On the other side, Nifty Auto (-0.7%) continued its losing streak led by Eicher Motors (-2.2%), Hero Motocorp (-2.1%), and Maruti Suzuki India (-1.2%).
With respect to market direction, we will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend.
The advance-decline ratio was in favor of decliners. Of the 2,089 stocks traded on the NSE, 924 advanced, 827 declined, and 338 remained unchanged.
Stocks in News
Tata Motors owned Jaguar Land Rover India announced that it will increase prices of selected products by up to 4%, effective April 1, to offset inflationary pressure. The stock was up 0.3% today.
Cadila Healthcare received final approval from the US FDA to market antiviral Acyclovir ointment, the antiviral drug which stops the growth of certain viruses, in the U.S. The stock was down 0.6% today.
Leaders Up on Volume: Power Finance (+4.9%), Granules India (+4.3%), and Reliance Industries (+2.0%)
Leaders Down on Volume: Just Dial (-5.8%), Manappuram Finance (-0.3%) and Capri Global Capital (-0.1%)
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