Today’s Action
Nifty, -0.5%; Sensex, -0.4%; Model Portfolio, -1.3%; MSI Ind 47, -0.8%; Nifty Midcap, -0.8%; Smallcap, -0.5%.
Daily Market Review
Market Status: Rally Attempt
Last hour buying helped the Nifty to close 0.5% above days low of 11,549.10. The index closed above 11,600 level.
Nifty Realty (-2.2%) was the worst performer led by Dlf (-8.4%) followed by Nifty Energy (-1.2%) dragged by Hindustan Petroleum (-4.2%), Indian Oil (-4.0%), Bharat Petroleum (-2.0%), and Reliance Industries (-1.8%). Among others, Nifty Media (-1.0%), Metal (-1.0%), and Bank (-0.8%) closed lower. Nifty IT (-0.7%) was the lone sector to have survived the sell-off aided by Tech Mahindra (+1.3%), Infosys (+1.1%), and Tata Consultancy Svs. (+1.1%).
The advance-decline ratio was in favor of losers. Of the 2,100 stocks traded on the NSE, 739 advanced, 1,026 declined, and 335 remained unchanged.
Key News
Sun Pharm.Industries: The Company announced the launch of Infugem (gemcitabine in sodium chloride injection) for the treatment of breast, ovarian, and non-small cell lung cancers. The injection was approved by the US FDA in July 2018. The stock closed 0.2% lower.
Mahindra & Mahindra: The Company’s pick-up vehicle range has sold 1.62 lakh units (+9% y/y) in domestic sales in FY 2019. This is the highest annual sales growth for pick-up range since its launch. The stock closed 1.3% higher.
Leaders Up on Volume: Newgen Software Techs (+3.8%), Indraprastha Gas (+2.7%), and Capri Global Capital (+1.6%)
Leaders Down on Volume: Godrej Properties (-4.8%), Nelco (-4.0%), and Niit Technologies (-3.4%)
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.