Today’s Action
Nifty, -0.5%, Sensex, -0.7%, Model Portfolio, +0.4%; MSI Ind 47, -0.8%, Nifty Midcap, +0.1%, Smallcap -0.3%.
Daily Market Review
Market Status: Rally Attempt
The Nifty fell 0.53% today and closed below 10,850 level. Investors seem more cautious ahead of inflation numbers and IIP results, due today. Moreover, concerns regarding NBFC crop up amid a report that Indiabulls Asset Management Company and DHFL Pramerica Mutual Fund have seen their assets fall by more than half in the December quarter.
With respect to sectoral performance, Nifty Realty (-1.4%) witnessed more selling pressure followed by Nifty Financial Services (-1.0%), IT (-1.0%), Bank (-0.8%), and FMCG (-0.7%).
The market status remained unchanged. Nifty is trading well above its key support levels. We will look for a legitimate follow-through day, after which we will upgrade the market to a Confirmed Uptrend.
The advance-decline ratio was in favor of losers. Of the 2,068 stocks traded on the NSE, 733 advanced, 1,002 declined, and 333 remained unchanged.
Stocks in News
Hindalco Industries: The Company announced its December quarter results. Its net profit, including its Utkal Alumina unit, increased 47% y/y to Rs 713 crore aided by higher copper sale and lower finance cost. Its revenue rose 8% to Rs 11,938 crore, beating estimates. The stock fell 0.6% today.
HEG: The Company reported its Q3 results that beat estimates. Its revenue increased 121% y/y to Rs 1,865 crore aided by higher volumes due to increased crude steel production in China. EBITDA increased 136% to Rs 1,313 crore and margins expanded 427bps to 70.4%. Net profit was up 153% to Rs 867 crore. The stock was up 8.2%.
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