Today’s Action
Nifty, +1.4%; Sensex, +1.4%; Model Portfolio, +0.02%; Nifty Midcap, +1%; Smallcap, +0.3%.
Daily Market Review
Market Status: Confirmed Uptrend
Post May 16, Nifty has seen a big move and gained more than 800 points. Today, Nifty rallied 1.4% and made a new high. Sensex closed above 40,000 mark for the first time. Nifty Midcap (+1%) and Smallcap (+0.3%) underperformed benchmark indices.
The market fared well despite the GDP growth hitting a five-year low and a downtrend in global markets. The oil prices slid more than 10% in May. Today, Nifty Auto was up 1.9%, as the auto sales data was in-line to above estimates. Nifty Consumption (+2.1%), Metal (1.8%), and FMCG (1.5%) were among top gainers. Barring Nifty Media (-0.3%), all other sectoral indices closed in the green.
Though the market advanced and made a new high, the ratio is in favor of decliners. Of the 2,116 stocks traded on the NSE, 866 advanced, 892 declined, and 358 remained unchanged.
Key News
T V S Motor: The Company registered a 0.75% m/m growth in sales for May, while y/y sales declined 0.9%. It sold 3,07,106 units in May. The stock was up 4.3%. It is still trading below the 200-DMA with a poor RS Rating of 48.
Bajaj Auto: The Company reported a 3% y/y increase in its sales at 4.19 lakh units for May. The numbers were above estimates. Two-wheeler sales for May were up 7% y/y. The stock was up 3.7%. It is trading above key moving averages and outperforming other auto stocks.
Leaders Up on Volume: Info Edge (India) (+12.5%), Icici Lombard General Ins Co (+3.8%), and Bata India (+2.9%).
Leaders Down on Volume: L&T Technology Services (-2.3%), Tech Mahindra (-0.4%), and Vinati Organics (-0.1%).
What do you think? Please email us any questions or comments.
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