Daily Big Picture : Nifty Retakes 21-DMA; June Auto Sales Lower

Today’s Action

Nifty, +0.7%; Sensex, +0.7%; Model Portfolio, +0.3%; Nifty Midcap, +0.2%; Smallcap, +0.6%

Daily Market Review

Market Status: Confirmed Uptrend 

Benchmark indices started the session on a positive note. In the process, Nifty and Sensex reclaimed their 21-DMA today. Though auto sales for June came lower, Nifty Auto advanced 1.3%. Broader indices continue to underperform the largecap index.

On the sectoral front, barring Nifty IT (-0.1%) and Metal (-0.1%), all the sectors ended in the green. Nifty Media (+2.6%) and Realty (+2.5%) were the major gainers.

Advance-decline ratio was in favor of gainers. Of the total 2,103 stocks traded on the NSE, 904 advanced, 872 declined, and the rest ended flat.

Key News

Power Finance: The Company raised $300B in foreign currency from SBI, Hong Kong and MUFG Bank Ltd, Singapore. This is the second such instance in the current fiscal, totaling $1.3T borrowings. The stock was down 3.7% today.

Mahindra & Mahindra: June auto sales were down 6% to 42,547 units. In the domestic market, sales were down 5% to 39,471 units; exports dropped 11% to 3,076 units. The stock ended flat today.

Ashok Leyland: Total sales were down 19% to 12,810 units in June. In the domestic market, sales were down 14% to 12,085 units. The stock was down 0.2% today.

Leaders Up on Volume: Relaxo Footwears (+3.6%); Teamlease Services (+2.4%); and Kalpataru Power Tnsm. (+2.9%)

Leaders Down on Volume: Oil & Natural Gas (-4.0%); Bharat Electronics (-1.5%)

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