Nifty, +1.2%; Sensex, +1.1%; Model Portfolio, +1.5%; MSI Ind 47, +0.3%; Nifty Midcap, +1.0%; Smallcap, +1.1%.
Daily Market Review
Market Status: Rally Attempt
The Nifty (+1.2%) and the Sensex (+1.1%) posted strong gains after consistent losses in recent trading sessions. The Nifty Midcap gained 1% and Smallcap was up 1.1%.
On sectoral front, Nifty Metal (+2.8%) was the top gainer supported by Hindalco Industries and Jindal Steel & Power. Nifty IT gained 1.8% after ending weak in yesterday’s session whereas Nifty PSU Bank (+1.7%) continued its gains.
The market status remained unchanged. We’ll look for a legitimate follow-through day after which we’ll 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 in favor of gainers. Of the 2,064 stocks traded on the NSE, 1,092 advanced, 636 declined, and 336 remained unchanged.
Stocks in News
Reliance Communications: The Supreme Court in its judgement today found Reliance Communication and its chairman guilty of willfully avoiding payment to Ericsson. The court directed the Company to make the payment (INR 453 crore) within a month.
Jsw Holdings: As per a news report, the Company is planning to invest INR 2,000 crore to expand its annual capacity to 20 million tonnes by December 2020.
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