Today’s Action
Benchmark indices ended in the green for the fifth consecutive day. Nifty, +0.8%, Sensex, +0.9%, Model Portfolio, +0.9%; MSI Ind 47, +0.5%.
Daily Market Review
The Nifty and the Sensex posted gains in today’s session. As the uncertainty surrounding the state elections ended and there are no near headwinds this has helped the indices post gains.
On the sectoral front, barring Nifty Realty (-0.2%), all the indices managed to post gains. Nifty Metal (+2.0%) and Nifty Media (+1.3%) gained the most. Tata Motors (+4.2%) and Power grid corporation (+3.7%) were the major gainers whereas Kotak Mahindra Bank (-2.7%) and Infosys (-1.7%) were the losers among the Nifty50 stocks.
The Nifty Midcap and Smallcap were up 0.5% and 0.3%, respectively.
The advance-decline ratio was in favor of advancers. Of the 2,077 stocks traded on the NSE, 979 advanced, 748 declined, and 350 remained unchanged.
The market status remains unchanged at an {Uptrend Under Pressure}. We will change the status to a Downtrend, if 2-3 more distribution days are added. It will be moved to a Confirmed Uptrend if the Nifty retakes the 10,942 level (high during the recent rally).
Stocks in News
Glenmark Pharma: The company has received the final nod from the USFDA to market Hydrocortisone Valerate ointment. This drug is used to treat a variety of skin conditions. The stock was up 2.4% today.
Kotak Mahindra Bank: The Bombay High court has refused to stay the RBI’s decision directing Kotak Mahindra bank to dilute its promoter stake. Now, Uday Kotak has to dilute his stake before December 31 in order to comply with the country’s central bank. The stock was down 2.7% today.
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