Nifty, -1.0%; Sensex, -1.0%; Model Portfolio, -1.2%; Nifty Midcap, -1.1%; Smallcap, -0.9%.
Daily Market Review
Market Status: Uptrend Under Pressure
After yesterday’s strong gain of 3.7% on Nifty, it made a new all-time high (11,883) during today’s trading session. However, it erased the gains and closed 1% lower. As today’s volume was lesser than yesterday’s, it didn’t qualify as a distribution day.
On the sectoral front, all the sectoral indices declined. Nifty Auto (-2.5%) and Media (-2.3%) lost the most, while FMCG (-0.03%) and Pharma (-0.2%) outperformed the market.
The advance-decline ratio was in favor of decliners. Of the 2,097 stocks traded on the NSE, 609 advanced, 1,145 declined, and 343 remained unchanged.
Currently, the market is in an Uptrend Under Pressure. We might change the status to a Confirmed Uptrend once the previous high (11,856) is retaken.
Bharat Heavy Electricals Ltd: The Company has commissioned two more units (116-MW each) for Kaleshwaram lift irrigation project in Telangana. There are seven such units, of which two were commissioned last month. The stock was down 4.1% today.
Alembic Pharmaceuticals: The Company received approval from the U.S. FDA for Solifenacin Succinate tablets in the strengths 5-mg and 10-mg. These are used for the treatment of overactive bladder. The stock was down 0.4% today.