Daily Big Picture: Nifty Ends Flat After a Volatile Session; DHFL Falls 8.2%

Today’s Action

Nifty, -0.1%, Sensex, -0.2%, Model Portfolio, -0.4%; MSI Ind 47, +0.7%, Nifty Midcap, -0.1%, Smallcap -0.1%.

Daily Market Review

Market Status: Downtrend.

India’s benchmark indices had support at the 50-DMA last week, before plunging lower yesterday. As the Nifty breached its 50-DMA and the distribution day count stood at five, we moved the market to a Downtrend yesterday.

The Nifty was trading in the red during the entire session but exhibited volatility amid earnings being reported by some companies. It recovered sharply in the last few minutes before ending almost flat.

The advance-decline ratio was in favor of decliners. Of the 2,064 stocks traded on the NSE, 847 advanced, 870 declined, and 347 remained unchanged.

On the sectoral front, Nifty Pharma (+1.0%) and Nifty PSU Bank (+0.6%) were the top gainers. Nifty Fin Service (-0.7%), Nifty IT (-0.6%), and Nifty Pvt. Bank (-0.5%) were the top losers. According to O’Neil Methodology, Nifty Metal and Auto are in a Downtrend. Nifty FMCG, Banks, Financial Services, and Energy are in a Confirmed Uptrend.

Stocks in News

Housing Development Fin. announced its Q3 FY 2019 results during market hours. Net profit beat estimates. The stock was trading lower during the day but recovered partially after the results and ended 1.3% lower.

Bajaj Finance announced its Q3 FY 2019 results during market hours. The main highlight was better than expected growth (41% y/y) in AUM. However, asset quality deteriorated marginally compared to the previous quarter. The stock reacted positively and ended 2.3% compared to the previous close.

Dewan Housing Finance plunged more than 10% intraday before ending 8.2% down after Cobrapost, a non-profit journalism company, accused the housing finance company to be involved in siphoning off money.

Leaders Up on Volume: Bajaj Finance (+2.3%) and Capri Global Capital (+1.2%)

Leaders Down on Volume:  Radico Khaitan (-2.7%), L&T Technology Services (-1.1%), and Reliance Industries (-1.5%)

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