Daily Big Picture : Nifty Midcap and Smallcap Posts Losses; Bharti Airtel to Raise Rs 32,000 Crore

Today’s Action

Nifty, +0.1%; Sensex, +0.2%; Model Portfolio, -0.6%; MSI Ind 47, -0.2%; Nifty Midcap, -0.3%; Smallcap, -0.3%.

Daily Market Review

Market Status: Rally Attempt

The Nifty posted minimal gains today, registering four consecutive days of gains. The next hurdle is at 11,118 on the upside; it is trading above its key moving averages.

The reaction was mixed on the sectoral front. Five out of 11 sectors posted gains. Nifty PSU Bank (+1.4%) and FMCG (+0.7%) were the top gainers, whereas Media (-1.9%) and Pharma (-1.2%) were the major losers. Larsen & Toubro (+2.7%), Mahindra & Mahindra (+2.0%) were the top gainers while Coal India (-3.2%)and Indian Oil (-3.0%) were the top losers among Nifty50 stocks.

The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).

The advance-decline ratio was slightly in favor of decliners. Of the 2,074 stocks traded on the NSE, 853 advanced, 889 declined, and 332 remained unchanged.

Stocks in News

Biocon: The Company has received six observations from the U.S. FDA after inspection of its insulin drug substance manufacturing facility at Bengaluru. The stock was down 2.3% today.

Bharti Airtel: The Company’s promoters and GIC plan to subscribe over half of the proposed Rs 32,000 crore rights issue. The freshly raised funds will be utilized in investments in future rollouts to build large network capacity and create content and technology partnerships to ensure the best customer experience. The stock was down 0.6% today.

Leaders Up on Volume: Capri Global Capital (+7.3%), Aavas Financiers (+5.1%), and Heidelbergcement India (+2.8%)

Leaders Down on Volume: Wipro (-3.1%), Biocon (-2.3%), and Praj Industries (-1.9%)

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

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