Today’s Action
Nifty, +0.3%; Sensex, +0.2%; Nifty Midcap, +0.1%; Nifty Smallcap, 0%; and Model Portfolio, +0.2%.
Daily Market Review
Market Status: Confirmed Uptrend
Taking cues from global markets, Nifty opened higher and touched the day’s high of 11,420. It retook 100-DMA for a while during intraday trade. However, the index lost around 0.70% toward the end of the day because of a spike in volatility and closed near the day’s opening. In the broader market, while Midcap index posted a moderate gain of 0.10%, Smallcap closed flat.
On the sectoral front, barring Nifty IT (-0.3%) and Nifty PSU (-0.5%), all other sectoral indices closed in positive territory. Nifty Realty (+1.6%), Nifty Auto (+1.5%), and Nifty Pharma(+1.2%) were the top three gainers today. The advance-decline ratio was skewed towards advancers. Of the 2,145 stocks traded on the NSE, 907 advanced, 879 declined, and the rest remained unchanged.
With Nifty in a Confirmed Uptrend, we have maintained a positive view toward the market. However, amid continued volatility in the market, investors should restrict themselves to invest in fundamentally sound stocks with strong growth prospects and remain selective in their approach.
Key News
Adani Gas’s 37.4% stake is being acquired by French energy company Total SA. This acquisition of joint control in Adani Gas represents a natural expansion of the existing Liquefied Natural Gas (LNG) and fuel retail partnership. The stock was up 9.5%.
Sun Pharm.Industries launched CEQUA for the treatment of dry eye disease in the U.S. The stock was up 2.2%.
What do you think? Please email us any questions or comments.
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