Today’s Action
Nifty, -1.2%; Sensex, -1.3%; Model Portfolio, -0.6%; Nifty Midcap, -1.0%; Smallcap, -1.3%; MSI IND47, -1.2%.
Daily Market Review
Market Status: Uptrend Under Pressure
Benchmark indices remained under pressure through the day impacted by rising trade tensions and falling Asian and other global stock markets. Nifty ended 1.2% lower whereas Sensex was down 1.3%. Nifty Midcap (-1.0%) and Smallcap (-1.3%) also fell in line.
All the sectors ended in the red with Nifty Realty (-2.1%), Pharma (-1.6%), and Auto (-1.3%) being the top losers.
This was the sixth straight session of fall and was accompanied by strong volume. Nifty breached its 50-DMA and also added a distribution day, taking the total count to three. Considering all these factors, we downgraded the market to an Uptrend Under Pressure. We’ll further downgrade the market if the distribution day count increases to more than 5-6.
The advance-decline ratio was in favor of decliners.
Key News
Zee Entertainment Ents. announced today that the Company is in advanced stages to sell promoter stake to multiple parties. The Company denied sale of pledged shares. The stock ended 10.2% lower today.
Jet Airways (India) received a bid from a group of investors including Future Trend Capital, Redcliffe Capital, and Adi Partners. The stock ended 3.2% higher today.
Leaders Up on Volume: Inox Leisure (+1.6%), Aavas Financiers (+1.1%), and Titan Company (+0.2%).
Leaders Down on Volume: Fine Organic Inds (-3.7%), Bandhan Bank (-3.3%), and Bajaj Finserv (-2.9%).
What do you think? Please email us any questions or comments.
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