Daily Big Picture : Nifty Falls on Weak Volume; Future Enterprises to Issue NCDs Worth ~Rs. 900 crore

Today’s Action

Nifty, -0.2%; Sensex, -0.2%; Model Portfolio, -0.6%; Nifty Midcap, -0.3%; Smallcap, -0.4%

Daily Market Review

Market Status: Confirmed Uptrend

Benchmark indices started the week with selling on muted volume. Nifty and Sensex each fell 0.2%, recovering in the second half from their intraday fall of ~0.5%. Nifty managed to find support near its 50-DMA, but is currently trading just 10 points above it. Nifty Midcap and Smallcap underperformed as they fell 0.3% and 0.4%, respectively.

On sectoral front, Nifty Metal (-1.3%), Realty (-1.0%), and Auto (-0.5%) were the top losers whereas Nifty PSU Bank (+0.3%) and FMCG (+0.1%) managed to end positive.

Advance-decline ratio was in favor of losers. Of the total 2,103 stocks traded on the NSE, 732 advanced, 1,044 declined, and the rest ended flat.

Key News

Infosys today announced a long-term partnership with Toyota Materials Handling Europe (TMHE). As an IT services provider, the Company will help TMHE in digital transformation and forging and maintaining digital infrastructure.

Future Enterprises’s board today approved the proposal for issuing long-term NCDs worth ~Rs. 900 crore. The Company plans to use the proceeds to refinance its existing high-cost debt maturing in the near term. The plan is subject to approval from members of the Company.

Leaders Up on Volume: Hdfc Asset Mgmt (+3.3%) and Jmc Projects India (+3.0%)

Leaders Down on Volume: Intellect Design Arena (-0.04%)

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