Today’s Action
Nifty, +0.4%; Sensex, +0.4%; Model Portfolio, +0.2%; Nifty Midcap, +0.05%; Smallcap, -0.5%.
Daily Market Review
Market Status: Confirmed Uptrend
Today, Nifty advanced ~100 points in early trade but soon was under selling pressure and gave up all the gains. It found support near Friday’s close of 11,870 and closed 0.5% higher today. Nifty Midcap had muted gains, while Nifty Smallcap closed in the red. The distribution day count remains at two. For further progress, Nifty should cross 12,040 and then 12,100 level (it found resistance near these levels).
On the sectoral front, Nifty IT (+1.6%) and FMCG (+1.4%) were the major gainers. On the flip side, Nifty Media (-1.7%) and PSU Banks (-1.5%) were the top losers. The advance-decline ratio was skewed toward decliners. Of the 2,115 stocks traded on the NSE, 701 advanced, 1,083 declined, and 331 remained unchanged.
On the global front, the Nasdaq staged follow-through day on Friday and the U.S. market was upgraded to a Confirmed Uptrend.
Key News
Bharat Heavy Electricals Ltd: The Company wins three orders worth Rs 520 crore for setting up solar photovoltaic power plants in Maharashtra and Gujarat. The combined capacity will generate 135MW of power. The stock was down ~0.3% today.
Larsen & Toubro: The Company bags large orders (ranged between Rs 2,500 crore and Rs 5,000 crore) across various segments. The order in Uttar Pradesh is related to power transmission, in Delhi for the design and construction of a water treatment plant, smart city in Gujarat, etc. The stock was up 1.2%.
Leaders Up on Volume: Muthoot Finance (+4.3%), Manappuram Finance (+4.5%), and Bata India (+3%)
Leaders Down on Volume: Inox Leisure (-5.4%), Power Finance (-1.9%), and Future Lifestyle Fsh (-0.1%).
What do you think? Please email us any questions or comments.
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