Today’s Action
Nifty, +0.1%, Sensex, +0.0%, Model Portfolio, -0.2%; MSI Ind 47, +0.5%, Nifty Midcap, +0.7%, Smallcap +0.7%.
Daily Market Review
Market Status: Rally Attempt
The Nifty opened in the green today with muted volatility before the Reserve Bank of India’s monetary policy committee announcement. After the 25bps cut in repo rate was announced, market exhibited volatility and eventually lost the day’s gain towards the end. The Nifty Midcap and Smallcap outperformed the Nifty 50 and the Sensex, unlike in the previous two trading sessions.
The market status remained unchanged. We will look for a legitimate follow-through day for the Nifty, after which we will upgrade the market to a Confirmed Uptrend.
The advance-decline ratio was in favor of advancers. Of the 2,060 stocks traded on the NSE, 1001 advanced, 730 declined, and 329 remained unchanged.
On the sectoral front, Nifty Auto (+2.0%) delivered strong returns again, with the Nifty Pharma (+1.7%) also ending strong. All other indices ended moderately higher except Nifty PSU Bank (-0.4%), which fell in the second half of the session.
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