Daily Big Picture : Nifty Closes Flat; HCL Technologies Bags Order From Cricket Australia

Today’s Action

Nifty, 0.0%; Sensex, +0.2%; Model Portfolio, +0.1%; Nifty Midcap, -1.1%; Smallcap, -1.8%.

Daily Market Review

Market Status: Confirmed Uptrend

Nifty had a strong opening but closed flat to marginally lower, and sustained its 50-DMA. Benchmark indices erased intraday gains on account of selling pressure in Indiabulls Housing Fin (-8.9%}, Yes Bank (-5.6%), Icici Bank (-0.6%), and Reliance Industries (-0.3%). In the broader market, Nifty Midcap and Smallcap closed 1.1% and 1.8% lower, respectively.

On the sectoral front, Nifty Realty (+1.1%), Metal (+0.4%), and Media (+0.4%) were the top gainers, while Nifty Pharma (-1.6%) and Auto (-1.1%) were among the top losers. The advance-decline ratio was in favor of decliners. Of the 2,098 stocks traded on the NSE, 486 advanced, 1,292 declined, and 320 remained unchanged.

Looking forward, Nifty holding the 50-DMA becomes crucial. Though the market is in a Confirmed Uptrend, it has not fared well. We will be looking for a follow-through day to enhance our confidence in the market. On the flip side, the status will be downgraded to an Uptrend Under Pressure if Nifty fails to hold the 50-DMA and the distribution day count increases.

Key News

Blue Star: The stock gained 3.1% today after it bagged an order worth Rs 253 crore from the Mumbai Metro Rail.

Larsen & Toubro: The Company won a contract for water supply and distribution projects in Sri Lanka. The stock closed flat today.

Hcl Technologies: The IT firm was awarded a multi-year contract from Cricket Australia to enhance its digital presence. The financial details of the deal are yet to be disclosed. The stock closed 0.5% lower.

Leaders Up on Volume: Granules India (+2.4%), L&T Technology Services (+0.6%), and Vinati Organics (+0.4%)

Leaders Down on Volume: Manappuram Finance (-4.6%), Info Edge (India) (-4.5%), and Aditya Fash.& Retail (-2.6%)

What do you think? Please email us any questions or comments.

Continue reading with a MarketSmith India Premium subscription…

To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.

 

Leave a Reply

Your email address will not be published. Required fields are marked *