Nifty, +0.3%; Sensex, +0.2%; Model Portfolio, -0.2%; Nifty Midcap, 0.0%; Smallcap, +0.5%
Daily Market Review
Market Status: Confirmed Uptrend
Today, Nifty traded in a narrow range and recorded a high-low of 11,969–11,927, and closed 0.25% higher at 11,946. In the broader market, Nifty Midcap closed flat, while Smallcap closed 0.5% higher. On the sectoral front, Nifty Metal (-0.9%) and Pharma (-0.5%) were among top losers while Nifty PSU Bank (+1.3%) and Realty (+0.9%) led the gains. The advance-decline ratio was skewed toward advancers. Of the total 2,089 stocks traded on the NSE, 909 advanced, 829 declined, and the rest ended flat.
According to O’Neil Methodology, the market is in a Confirmed Uptrend from May 28, but has neither progressed well nor showing signs of distribution. Looking forward, the Union Budget, which will be announced tomorrow, can be a trigger for this stalling market. A follow-through day can enhance the confidence. The market will be moved to an Uptrend Under Pressure, if a couple of distribution days are observed in the next week and key support levels are breached.
India’s Economic Survey 2018-2019 projected 7% growth for 2019-2020. Total investment by FPIs fell 2% to Rs 2,48,154 crore as on March 31, 2019 compared with Rs 2,53,653 crore as on March 31, 2018. Credit growth rate of NBFCs has declined to 9% in March 2019 from 30% in March 2018.
Tata Motors: Sales of Jaguar Land Rover grew 5% y/y for June. It sold 9,433 vehicles in June compared with 8,984 vehicles sold in the same month previous year. The stock gained 3% intraday after the news, but closed 1.8% higher.