Daily Big Picture : Nifty Gains Backed by IT and Banking Stocks, Auto Stocks Continue to Underperform

Today’s Action

Nifty, +0.7%; Sensex, +0.8%; Model Portfolio, -0.4%; Nifty Midcap, +0.8%; Smallcap, +0.4%.

Daily Market Review

Market Status: Confirmed UptrendNifty opened flat but rallied gradually through the trading session to end 0.7% higher. Nifty Midcap (+0.8%) gained in line whereas Smallcap (+0.4%) underperformed the benchmark index.

Nifty IT (+0.8%) and Nifty Bank (+0.8%) gained the most compared to other sectors. Nifty Auto (-0.6%) continued to underperform.

The advance-decline ratio was in favor of advancers. Of the 2,100 stocks traded on the NSE, 877 advanced, 872 declined, and 351 remained unchanged.

On Monday, the Indian market was moved to a Confirmed Uptrend as Nifty retook the 11,856 level (its high when it was last in a Confirmed Uptrend). The market status will be changed to an Uptrend Under Pressure if Nifty adds 3-4 distribution days and breaches key support levels.

Key News

Idbi Bank: As per a separate news report, IDBI bank is in talks to completely sell its mutual fund division.

Apollo Hosps.Enterprise: The Company reported its Q4 FY19 results today after market hours. It reported 29% y/y growth in standalone profit and 16.3% growth in revenues over the same period. The stock however ended flat ahead of results.

Leaders Up on Volume: Info Edge (India) (+5.5%), Manappuram Finance (+3.4%), and Pvr (+3.6%).

Leaders Down on Volume: Jk Cement (-1.3%), Tech Mahindra (-0.5%), and Hcl Technologies (-0.6%).

What do you think? Please email us any questions or comments.

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