Today’s Action
Benchmark indices end in green for the third consecutive day. Nifty, +0.5%, Sensex, +0.4%, Model Portfolio, +1.3%; MSI Ind 47, +0.5%.
Daily Market Review
The Nifty and the Sensex posted gains in today’s session. Factors such as the November month inflation at 2.3%, a 17-month low and October month IIP growth rate of 8.1%, helped the indices to post gains. Easing inflation gives room for the RBI to decrease interest rates.
On the sectoral front, barring Nifty Metal (-0.6%) all the indices managed to post gains. Nifty Realty (+1.4%) and Nifty Media (+1.2%) gained the most. Indiabulls Housing Finance (+5.6%) and Bajaj Finserv (+2.9%) were the major gainers whereas Yes bank (-6.4%) and Sun pharma (-2.2%) were the losers among Nifty50 stocks.
The Nifty Midcap and Smallcap were up 0.7% and 1.0%, respectively.
The advance-decline ratio was in favor of advancers. Of the 2,062 stocks traded on the NSE, 1,017 advanced, 671 declined, and 374 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
Tata Motors: The Company plans to hike prices of its passenger vehicles (starting from Nano to premium SUV Hexa) by upto Rs 40,000 starting from January 1 to offset rising input costs. Maruti, Toyota, BMW, and Isuzu are also likely to increase prices from January.
Yes bank: The Company’s board of directors met today to finalize recommendation for the position of non-executive part-time chairman and shortlisted names for the post of CEO. The stock was down 6.4% today.