Daily Big Picture : Nifty Ends Flat After a Volatile Session; Reliance Infra to Reduce Debt

Today’s Action

Nifty, -0.1%; Sensex, -0.01%; Model Portfolio, +0.5%; Nifty Midcap, +0.4%; Smallcap, +0.1%

Daily Market Review

Market Status: Confirmed Uptrend 

Benchmark indices saw an upward moment in the first half of trading session. However, due to selling pressure in banking stocks, Nifty and Sensex fell sharply from day’s highs.

On the sectoral front, it was a mixed reaction. Nifty IT (-0.7%) and Metal (-0.1%) were major losers. Nifty Realty (+1.9%)  and Auto (+1.1%) gained the most.

Advance-decline ratio was in favor of gainers. Of the total 2,089 stocks traded on the NSE, 1,014 advanced, 743 declined, and the rest ended flat.

Key News

Adani Ports And Sez.: The Company announced a plan to raise $750M from issuance of fixed rate senior unsecured notes. The proceeds will be used to fund capital expenditure requirement and toward debt repayment. The stock was down 2% today.

Reliance Infrastructure: The Company said that it will complete the sale of its stake in Delhi-Agra Toll Roadway to Cube Highways by August for Rs 3,600 crore. The proceeds will reduce its debt by 25% to less than Rs 5,000 crore. The stock was down 2.4% today.

Leaders Up on Volume: Godrej Properties (+4.2%); Hdfc Asset Mgmt (+2.9%); and Larsen & Toubro Infotech (+1.5%)

Leaders Down on Volume: Adani Ports And Sez. (-2.0%); Coal India (-0.4%); and Jmc Projects India (-1.1%)

What do you think? Please email us any questions or comments.

Continue reading with a MarketSmith India Premium subscription…

To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.

Leave a Reply

Your email address will not be published. Required fields are marked *