Today’s Action
Nifty, -0.4%; Sensex, -0.5%; Model Portfolio, -0.2%; MSI Ind 47, -0.2%; Nifty Midcap, -0.2%; Smallcap, -0.5%.
Daily Market Review
Market Status: Rally Attempt
Benchmark indices showed weakness today after a positive opening. Both the Nifty and the Sensex corrected in the second half, with some volatile moves. The Nifty Midcap and Smallcap also fell 0.2% and 0.5%, respectively.
On the sectoral front, Nifty Pharma (+0.9%) emerged as the top performer followed by Nifty Auto (+0.7%). Nifty Bank (-0.6%) was the most volatile index for the day and lost the most.
The advance-decline ratio was in favor of losers. Of the 2,086 stocks traded on the NSE, 613 advanced, 1,156 declined, and 317 remained unchanged.
Key News
The RBI cut the repo rate by 25 basis points today, in line with market expectations. However, the stance was unchanged to Neutral. RBI also announced that it will come up with a revised circular on bad loans.
Maruti Suzuki India: As per a media report, the Company plans to use its cash reserves to own some of its showrooms and lease it out to dealers, removing the burden of capital costs from dealers. This is expected to increase dealer participation gradually.
Leaders Up on Volume: Srf (+4.2%), Godrej Properties (+2.9%), and Heidelbergcement India (+2.7%)
Leaders Down on Volume: Inox Leisure (-3.6%), Gujarat Fluorochemicals (-1.5%), and Creditaccess Grameen Ltd (-1.5%)
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