Today’s Action
Benchmark indices continued its yesterday’s action. Nifty, +1.8%, Sensex, +1.8%, Model Portfolio, 0%; MSI Ind 47, +1.9%.
Daily Market Review
The Nifty and the Sensex posted record gains in today’s session since November. Investors have welcomed the decision of quick appointment of RBI governor. Factors such as Asian markets trading higher and the ending of election uncertainty pushed the Indian market higher.
On the sectoral front, all the indices managed to post gains. Nifty Realty (+4.4%) and Nifty Auto (+3.6%) gained the most. Hero Motocorp (+7.2%) and Indiabulls Housing Finance (+6.0%) were the major gainers whereas Dr Reddy (-4.8%) and Bharti Infratel (-1.0%) were the losers among Nifty50 stocks.
The Nifty Midcap and Smallcap were up 2.6% and 3.0%, respectively.
The advance-decline ratio was in favor of advancers. Of the 2,063 stocks traded on the NSE, 1,418 advanced, 317 declined, and 328 remained unchanged.
Market status remains unchanged at an {Uptrend Under Pressure}. We will change the status to a Downtrend, if 2-3 more distribution days are added. The market will be moved to a Confirmed Uptrend if the Nifty retakes 10,942 level (high during the recent rally).
Stocks in News
NBCC Ltd: The Company has received a letter of award (LoA) from the Indian Government to construct an office building (Kaushal Bhawan) at New Delhi. The stock rose 4.3% today.
Ashok Leyland: The Company has signed a Memorandum of Understanding (MoU) with Israeli Elbit systems. As part of the agreement, Ashok Leyland will provide vehicles for mounting Elbit system’s artillery guns. The stock was up 1.9% today.