Today’s Action
Benchmark indices declined for the third straight day. Nifty, -0.5%, Sensex, -0.4%, Model Portfolio, -0.9%; MSI Ind 47, -0.2%, Nifty Midcap -0.4%, Smallcap -0.3%.
Daily Market Review
Market Status: Uptrend Under Pressure
The Nifty breached its 50-DMA intraday, but was able to retake it before the close. One distribution day expired today due to aging while the Nifty added a fresh one today. Hence the total distribution day count remains unchanged at four. This is the second time in last three days that the Nifty added a fresh distribution in the very next session after the old distribution day expired. It indicates that markets are not marching toward rally and remains in limbo.
On the sectoral front, barring Nifty Pharma, all other indices closed in the red. Nifty Metal, Media and Realty were down 1% each Yes Bank (+6%) and Infosys (+2.7%) were the top gainers, while Wipro (-4.9%) and Gail (India) (-4.1%) were the major losers among Nifty50 stocks.
The advance-decline ratio was in favor of decliners. Of the 2,085 stocks traded on the NSE, 660 advanced, 1081 declined, and 344 remained unchanged.
Stocks in News
Avenue Supermarts opened gap-down, nosedived 11% and breached its key moving averages as Q3 numbers disappointed investors. EBITDA margin fell 200 bps y/y. The result was below consensus estimates. The EBITDA margin was below expectations in Q2 FY2019 as well.
Bharat Heavy Electricals Ltd bags orders worth Rs 565 crore from to set up a photovoltaic solar power plant in Telangana. The stock was up 1% today and is trading below its key moving averages.
Leaders Up on Volume: Sequent Scientific (+10.6%), Sakuma Exports (+7.7%), Info Edge (India) (+3.6%)
Leaders Down on Volume: Avenue Supermarts (-11%), National Peroxide (-5.6%), L&T Finance Holdings (-3.6%)
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