Today’s Action
Nifty, +0.1%; Sensex, +0.1%; Nifty Midcap, +0.3%; Nifty Smallcap, +0.5%; and Model Portfolio, 0%.
Daily Market Review
Market Status: Rally Attempt
Benchmark indices opened positive taking cues from global markets. However, toward the end, Nifty fell around 100 points from day’s high and closed near day’s low.
On the sectoral front, Nifty Pharma (+0.7%) and Nifty Media (+0.7%) were the top gainers. On the flip side, Nifty PSU Bank (-0.8%) and Nifty Auto (-0.6%) were the top decliners. The advance-decline ratio was tilted toward advancers. Out of 2,126 stocks traded on the NSE, 963 advanced, 835 declined, and the rest remained unchanged. In the broader market, Nifty Midcap (+0.3%) and Smallcap (+0.5%) both closed in the green.
Looking ahead, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend. Along with that, we would also like to see Nifty reclaim its 200-DMA to confirm the constructive development of the market. On the flip side, if Nifty breaches its day 1 low of 10,814, the market will be moved back to a Downtrend.
Upcoming events: Aug 23: FX Reserve (USD)
Key News
Kec International: The Company received an order worth Rs 845 crore in the emerging Regional Rapid Transit System (RRTS) and Metro sectors in India. The stock gained ~2% today.
Titan Company: The Company increased its stake in Carat Lane (purchased 9.45 lakh equity shares) by 2.8%, taking its stake to 72.3% from 69.5%. The stock gained 1.2% higher.
Dr Reddys Laboratories: The Company has launched a biosimilar of Roche’s Avastin in India for the treatment of various types of cancers, available in strengths of 100 mg and 400 mg single use vials. The stock closed 0.7% higher.
What do you think? Please email us any questions or comments.
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