Daily Big Picture : Nifty Bounces Back; Tyre Stocks Gain After Govt. Imposes Duty on Chinese Tyre Imports

Today’s Action

Nifty, +0.8%; Sensex, +0.8%; Model Portfolio, +0.6%; Nifty Midcap, +0.7%; Smallcap, +0.6%

Daily Market Review

Market Status: Confirmed Uptrend 

Benchmark indices bounced back today after a weak action in recent few trading sessions. Nifty and Sensex each gained 0.8%. Midcap and Smallcap underperformed marginally, gaining 0.7% and 0.6%, respectively.

On the sectoral front, all the sectors ended in the green, led by Nifty Metals (+1.7%) and PSU banks (+1.1%). Even the weakest performer of the day, Nifty IT, managed to end 0.2% higher.

Advance-decline ratio was in favor of gainers. Of the total 2,091 stocks traded on the NSE, 911 advanced, 834 declined, and the rest ended flat.

Key News

Reliance Industries: Today, the Company announced to the exchanges that it will be raising funds worth ~$1.85B from overseas lenders. The Company plans to use these funds mainly for its planned capital expenditure. The stock ended 2.6% higher today.

Mindtree: As a response to the open offer made by Larsen and Toubro (L&T) to the shareholders of Mindtree, Nalanda Capital today sold its entire stake (around 10.61%) to L&T. Mindtree ended 1.3% lower today.

J K Tyre & Inds.: The Company gained 5% today as the Indian government imposed import duty on Chinese tyres. Other tyre stocks also reacted positively to the news.

Leaders Up on Volume: Manappuram Finance (+7.6%); Dcb Bank (4.7%); and Muthoot Finance (+4.0%)

Leaders Down on Volume: Icici Lombard General Ins Co (-6.2%); {SBILFE} (-5.1%); and Future Lifestyle Fsh (-1.8%)

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