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%).
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