Nifty, +0.4%; Sensex, +0.4%; Model Portfolio, +0.7%; Nifty Midcap, +1.0%; Smallcap, +0.8%
Daily Market Review
Market Status: Confirmed Uptrend
Nifty ended just below 11,850 and its 21-DMA. Stocks like Vedanta (+5.1%), Jsw Steel (+4.0%), and Power Grid Corp.Of India (+3.5%) helped the index advance 0.4%. Midcap and Smallcap stocks outperformed the market today.
On the sectoral front, barring Nifty FMCG (-0.7%) and IT (-0.1%), all the sectors ended in the green, led by Nifty Metals (+2.7%) and PSU banks (+1.9%).
Advance-decline ratio was in favor of gainers. Of the total 2,085 stocks traded on the NSE, 1,039 advanced, 697 declined, and the rest ended flat.
Britannia Inds.: The Company said that the speculations of resignation of its MD Varun Berry are incorrect and baseless. He was re-appointed as MD for five more years effective from April 2019. The stock was down 2.7% today.
Reliance Infrastructure: The Company has bagged Versova-Bandra sea link project for Rs 7,000 crore. Its length is 17.17 km which is three times the Bandra-Worli sea link. The Company is set to deliver the project in five years. The stock was up 17% today.
India’s finished steel exports for May fell to a three-year low at 319,000 tonnes. For April-May period, the exports were down 30%, and India remained a net importer.