Daily Big Picture : Nifty Declines in the Last Hour; Metal and Banking Stocks Lose the Most

Today’s Action

Nifty, -0.7%; Sensex, -0.8%; Model Portfolio, -0.9%; Nifty Midcap, -0.4%; Smallcap, +0.02%.

Daily Market Review

Market Status: Confirmed Uptrend 

Benchmark indices saw huge selling in the last hour. The trading session was highly volatile due to the F&O expiry of April series. The Nifty fell more than 0.2% on higher than previous day’s volume, registering a distribution day. Currently, the distribution day count stands at one. We might downgrade the status to an Uptrend Under Pressure if the count increases to 3-4.

Barring Nifty Realty (+0.3%), all the sectors succumbed to selling pressure. Nifty Metal (-1.9%) and PSU Bank (-1.6%) were the top losers.

The advance-decline ratio was in favor of decliners. Of the 2,096 stocks traded on the NSE, 777 advanced, 963 declined, and 356 remained unchanged.

Key News

Maruti Suzuki India: The Company reported 26% growth in its revenue for the March quarter, y/y. Net profit for the period declined by 4.6%. The Company announced Rs 80/share as dividend. The stock was down 1.6% today.

Glenmark Pharmaceuticals: The Company received an approval from Russia’s Healthcare Ministry to market Momate Rhino metered nasal spray for the treatment of seasonal and perennial allergic rhinitis. The stock was up 0.8% today.

Leaders Up on Volume: Acc (+1.1%), L&T Technology Services (+0.9%).

Leaders Down on Volume: Power Finance (-0.9%) and Aditya Fash.& Retail (-0.2%).

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.

One Reply to “Daily Big Picture : Nifty Declines in the Last Hour; Metal and Banking Stocks Lose the Most”

Leave a Reply

Your email address will not be published.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