Daily Big Picture : Nifty’s YTD Losses Widen; IDBI Bank Appoints New Deputy Managing Director

Today’s Action

Nifty, -1.3%; Sensex, -1.3%; Nifty Midcap, -1.6%; Nifty Smallcap, -1.5%; and Model Portfolio, -1.6%.

Daily Market Review

Market Status: Rally Attempt

Today, benchmark indices continued to lose through the session. Nifty opened on day’s high and ended near day’s low. On the lower side, we are looking at its previous correction low of 10,637, if that is breached we will change the market status to a Downtrend. In such a scenario, it is advised to trim exposure toward the market and avoid fresh long positions.

Except for Nifty FMCG (-0.6%) and Financial Services (-1.0%), all the sectoral indices declined more than 1%. Nifty Media (-4.4%), PSU Bank (-2.3%), and Pvt Bank (-1.8%) lost the most. The advance-decline ratio was leaned toward decliners. Of the 2,119 stocks traded on the NSE, 431 advanced, 1,341 declined, and the rest remained unchanged.

Key News

Idbi Bank: The company’s board approved the appointment of Samuel Joseph as its deputy managing director for a period of three years effective from today. The stock was down 2.2% today.

Lupin: The Company received a warning letter from the U.S. FDA for its Mandideep (Unit 1) facility. According to its exchange filing, the company is committed to address the concerns raised by the regulatory and work to resolve issues at the earliest. The stock was down 2.4% today.

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