Nifty, -0.3%; Sensex, -0.2%; Model Portfolio, -0.4%; MSI Ind 47, -0.2%; Nifty Midcap, +0.4%; Smallcap, +0.2%.
Daily Market Review
Market Status: Rally Attempt
Benchmark indices were highly volatile in today’s session as the Nifty fell more than 1% from its day’s high. Both the Nifty and the Sensex ended in the red after gaining 1% intraday. The Nifty Midcap and Smallcap, however, managed to end in green.
On the sectoral front, Nifty Auto (+0.3%) continued to outperform the overall market. However, Nifty PSU banks (+0.5%) and Pharma (+0.4%) remained the top gainers for the day. All other sectors ended in the red and the losses were led by Nifty Media (-0.9%), IT (-0.6%), and Bank (-0.6%).
The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).
The advance-decline ratio was in favor of losers. Of the 2,063 stocks traded on the NSE, 792 advanced, 942 declined, and 329 remained unchanged.
Stocks in News
Indian Oil: In a statement, Petroleum and Natural Gas Regulatory Board (PNGRB) announced that IOC received the license for retail gas distribution in nine cities. The stock, however, ended 1% down today.
Hindustan Petroleum: In the same statement made by PNGRB as mentioned above, it was announced that Hindustan Petroleum received licenses for retail CNG to automobiles and natural gas (piped connection) to households in nine cities. The stock, however, ended 1.4% lower.
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