Today’s Action
Nifty, +0.8%; Sensex, +1.0%; Model Portfolio, +0.8%; MSI Ind 47, +0.6%; Nifty Midcap, -0.03%; Smallcap, +0.0%.
Daily Market Review
Market Status: Confirmed Uptrend
Both the Nifty and the Sensex made new highs during the session and ended at all-time highs. Thus, we moved the market to a Confirmed Uptrend. From now, any weakness in the market will be closely monitored with the help of distribution day count.
On the sectoral front, Nifty Pvt Bank (+1.7%) and Bank (+1.4%) were the top gainers, while Nifty Realty (-1.0%), PSU Bank (-0.3%), and IT (-0.2%) were the losers.
The advance-decline ratio was in favor of advancers. Of the 2,093 stocks traded on the NSE, 871 advanced, 856 declined, and 366 remained unchanged.
Key News
Spicejet: The Company announced on Tuesday that it’ll add five more bombardier Q400s to increase its regional strength to 32 aircraft. The Company looks for expansion after recent demand-supply gap and surge in airfare after one of the major domestic airlines faced crisis. The stock ended +11.2% higher today.
Jet Airways (India): After one of the news channels reported the likely and temporary shutdown of Jet Airways’ operations, BSE today has sought clarification from the Company regarding the matter. The board of Jet Airways also held a meeting today to devise an action plan to arrange funding. The stock fell 8.1% today.
Reliance Industries: Jio has approached the Department of Telecommunications (DoT) for in-flight connectivity license. This will enable the Company to offer connectivity and data services to Indian and foreign airlines.
Leaders Up on Volume: Dcb Bank (+5.2%), Bharat Financial Inclusion Ltd (+3.6%), and Newgen Software Techs (+3.0%)
Leaders Down on Volume: –
What do you think? Please email us any questions or comments.
Continue reading with a MarketSmith India Premium subscription…
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.