Daily Big Picture : Nifty Retakes 50-DMA; PSU Bank Index Surges 7.9%

Today’s Action

Nifty, +3.7%; Sensex, +3.8%; Model Portfolio, +2.9%; Nifty Midcap, +4.1%; Smallcap, +4.6%.

Daily Market Review

Market Status: Uptrend Under Pressure

Today’s action was strong as the Nifty and the Sensex advanced 3.7% and 3.8%, respectively. The market participants cheered the outcome of exit polls, which were declared post final phase of elections.

On the sectoral front, Nifty PSU Bank (+7.9%), Realty (+5.7%), and Financial Service (+4.6%) are the major movers.

The advance-decline ratio was in favor of advancers. Of the 2,112 stocks traded on the NSE, 1,477 advanced, 323 declined, and 312 remained unchanged.

Currently, the market is in an Uptrend Under Pressure. However, in the last three trading sessions, Nifty advanced strongly, and almost made a new high in today’s session. We might change the status to a Confirmed Uptrend once the previous high (11,856) is retaken.

Key News

Apl Apollo Tubes: The Company’s revenue from operations for Q4 grew 37% to Rs 2,094 crore. PAT surged 44% to Rs 61 crore. The stock was up 11% today.

Niit: The Company received Rs 2,020 crore from the sale of its 23% stake in NIIT Technologies to Hulst B.V. The stock was up 2% today.

Leaders Up on Volume: Heidelbergcement India (+8.3%), Jk Cement (+8.4%), and Bandhan Bank (+7.9%).

Leaders Down on Volume: Dr Reddys Laboratories (-5.7%), Astrazeneca Pharma India (-2.4%) and Tech Mahindra (-0.7%).

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

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