Daily Big Picture: Nifty Ends Near Day’s High After Weak Opening, Nifty Smallcap Loses 1.6%

Today’s Action

Nifty, +0.2%, Sensex, +0.3%, Model Portfolio, +2.2%; MSI Ind 47, +0.3%, Nifty Midcap, -0.9%, Smallcap -1.6%.

Daily Market Review

Market Status: Rally Attempt.

Today, the Indian market opened in the red but exhibited sharp recovery in the last hour supported by gains in Kotak Mahindra BankReliance Industries, and Housing Development Fin.. However, the Nifty Midcap (-0.9%) and Smallcap (-1.6%) remained weak till the end.

The market status remained unchanged at a Rally Attempt. We will look for a legitimate follow-through day on the Nifty after which we will further upgrade the market to a Confirmed Uptrend.

The advance-decline ratio was in favor of decliners. Of the 2,098 stocks traded on the NSE, 483 advanced, 1298 declined, and 308 remained unchanged.

On the sectoral front, most indices ended in the red with a few posting moderate gains. Nifty Pvt. Bank (+0.4%) and Nifty Fin Services gained the most. Nifty Pharma (-1.8%), Media (-1.4%), Metal (-0.8%) and FMCG (-0.6%) were the top losers. According to O’Neil Methodology, only Nifty Metal is in a Downtrend. Nifty FMCG, Banks, Financial Services, Energy, Auto and IT are in a Confirmed Uptrend.

Stocks in News

Divis Laboratories: The Company announced its Q3 FY 2019 results on Saturday. Both revenue and PAT beat market expectations. The stock gained 5% in today’s session.

Titan Company: The Company announced its Q3 FY 2019 results on Friday after market hours. Net profit met street estimates supported by strong growth (+37% y/y) in jewelry business. The stock ended 3.5% higher today.

Leaders Up on Volume: Capri Global Capital (+5.6%), Iol Chemicals & Pharms. (+5.4%) and Bata India (+3.7%)

Leaders Down on Volume: Tube Investments Of India Ltd (-3.1%), Dr Reddys Laboratories (-2.0%), and Marico (-2.3%)

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