Daily Big Picture : Nifty Extends Bearish Stance for the Sixth Consecutive Session; Tech Mahindra Board to Discuss Buyback

Today’s Action

Nifty, -0.8%; Sensex, -0.9%; Model Portfolio, -0.9%; MSI Ind 47, -0.8%; Nifty Midcap, -0.9%; Smallcap, -1.0%.

Daily Market Review

Market Status: Rally Attempt

The Nifty extended its bearish stance for the sixth straight session and closed 0.8% lower. The Sensex lost 0.9% and the Nifty Midcap and Smallcap lost 0.9% and 1.0%, respectively.

On sectoral front, almost all indices closed in the red. Nifty PSU (-1.3%), FMCG (-1.2%), IT (-1%), Auto (-0.8%), and Pharma (-0.80%) lost the most.

The market status remained unchanged. With the Nifty breaching its key support levels, we will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).

The advance-decline ratio was in favor of losers. Of the 2,079 stocks traded on the NSE, 575 advanced, 1,145 declined, and 359 remained unchanged.

Stocks in News

Tech Mahindra: The stock gained today after the Company reported in a regulatory filing on Saturday that a board meet is scheduled on February 21 to discuss the buyback. The stock however shed some gains and ended 0.5% higher.

Dewan Housing Finance: The stock gained as much as 7% intraday on a news report, which indicated that some private equity firms and NBFCs are in talks to buy stake in the Company. However, the Company reported that the discussion on stake sale remains undecided.

Reliance Communications: Shares ended 10.9% higher today after the Company along with other group companies of Anil Dhirubhai Ambani Group (ADAG) got the lenders to agree to not to sell pledged shares of the companies before September 2019.

Leaders Up on Volume: Ipca Laboratories (+4.2%), Dr Lal Pathlabs (+2.1%), and Niit Technologies (+1.5%)

Leaders Down on Volume: Radico Khaitan (-6.3%), Astral Poly Technik (-3.5%), and Dabur India (-2.6%)

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