Today’s Action
Nifty, +0.03%, Sensex, +0.01%, Model Portfolio, -1.2%; MSI Ind 47, -0.3%, Nifty Midcap, -0.1%, Smallcap +0.1%.
Daily Market Review
Market Status: Uptrend Under Pressure
The Nifty closed flat after it sheds intraday gains. The positive from the day was that the Nifty managed to trade above its 100-DMA. If the Nifty is able to sustain above the 100-DMA in the upcoming sessions, it will be a bullish signal for any further momentum. Now, 10,985 will be the key level to watch. If the Nifty closes above 10,985, the market status will be changed to a Confirmed Uptrend.
On the sectoral front, Nifty PSU Banks (+0.6%) was the top gainer. On flip side Nifty FMCG (-0.7%), Nifty Media (-0.9%) were the losers. The advance-decline ratio was in favor of decliners. Of the 2,063 stocks traded on the NSE, 828 advanced, 861 declined, and 374 remained unchanged.
According to O’Neil Methodology, only Nifty Energy is in a Downtrend. Nifty FMCG, Banks, Financial Services, and Reality are in a Confirmed Uptrend.
Stocks in News
Dcb Bank Q3 FY2019 numbers were above consensus estimates. Net profit was at Rs 86.1 crore, 50% y/y growth. Loan growth was 23% y/y. Gross NPA is at 1.92% versus 1.89% y/y. The stock has gained about 25% in the last one month. It is trading above all key moving average.
Jet Airways (India) is likely to get funds from Etihad Airways at Rs 150 per share on conditional basis. Etihad already has 24% stake in Jet Airways. Etihad want Naresh Goyal, the Chairman of Jet Airways, to reduce the stack and step down from board. Today, the stock was down 7.5%
Leaders Up on Volume: Sequent Scientific (+1.6%), Iol Chemicals & Pharms. (+0.8%), Colgate-Palmolive India (+0.5%)
Leaders Down on Volume: Nestle India (-2%), Automotive Axles (-1.8%), Hnywell.Automation Ida. (-0.8%)
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