Daily Big Picture : Nifty Ends Negative in Volatile Session; Smallcaps Sustain gains

Today’s Action

Nifty, -0.3%; Sensex, -0.3%; Model Portfolio, +0.1%; MSI Ind 47, +0.84%; Nifty Midcap, +0.5%; Smallcap, +1.2%.

Daily Market Review

Market Status: Rally Attempt

Benchmark indices were volatile in the second half after a stable opening. The Nifty fell sharply in the second half to enter the red zone and ended -0.3%. However, the Nifty Smallcap (+1.2%) sustained its gains and Midcap (+0.5%) also stayed positive.

On the sectoral front, Nifty PSU Banks (+1.6%) continued to be the top performer followed by Nifty Pvt Banks (+0.6%) which also posted strong gains. However, both corrected partially from their day’s high. Nifty FMCG (-0.2%) and IT (-0.1%) continued to underperform.

With respect to market direction, we will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will also keep a watch on benchmark indices to ascertain market strength.

The advance-decline ratio was in favor of losers. Of the 2,085 stocks traded on the NSE, 801 advanced, 958 declined, and 326 remained unchanged.

Stocks in News

 Gmr Infrastructure announced today that a group of investors including Tata Group, an affiliate of GIC Private Ltd., and SSG Capital Management will acquire around 45% stake in the company’s airport unit. The Company also proposed a demerger of its airport venture from other businesses. The stock ended 1.3% higher today.

Jet Airways (India): In a press conference today, a secretary at the civil aviation ministry announced it will not be grounding any more planes and the airline will fly 40 more aircraft in the next one month. The stock ended 3.2% higher today.

Leaders Up on Volume: Inox Leisure (+8.8%), Capri Global Capital (+4.9%), and Granules India (+4.6%)

Leaders Down on Volume: Tube Investments Of India Ltd (-1.5%), Reliance Industries (-1.3%), and Petronet L N G (-0.8%)

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

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