PSU Bank and Pharma Stocks Drag Nifty; Dr Reddy and M&M among Top-LosersToday’s Action Nifty, -0.5%, Sensex, -0.4%, Model Portfolio, -1.4%; MSI Ind 47, -1.1%, Nifty Midcap, -1.7%, Smallcap -1.8%. Daily Market Review Market Status: Rally Attempt Benchmark indices continued their bearish run for the second day in a row. Nifty gave up its 10,900 level and settled 0.5% lower, weighed by PSU bank, pharma, and automobile stocks. Dr Reddys Laboratories (-5.6%} and Mahindra & Mahindra (-5.1%) were the top losers. The market status remained unchanged. Nifty is trading well above its key support levels. We will look for a legitimate follow-through day, after which we will upgrade the market to a Confirmed Uptrend. The advance-decline ratio was in favor of losers. Of the 2,084 stocks traded on the NSE, 528 advanced, 1,232 declined, and 324 remained unchanged. The market is likely to be volatile during the week as market participants will closely track domestic macroeconomic data as CPI, IIP, and WPI are scheduled this week. Stocks in News Continue reading with a MarketSmith India Premium subscription… To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India. |