The Nifty breaks the six day winning streak. Nifty, -0.1%, Sensex, -0.3%, Model Portfolio, +0.1%; MSI Ind 47, -0.3%.
Daily Market Review:
The Nifty and the Sensex put up a muted show. Volumes were low today. Crude oil gains more than 2% ahead of OPEC meeting.
On the sectoral front, Nifty IT (+1.7%) was moved to a Confirmed Uptrend as it registered a follow through day. Nifty PSU Bank (-1.3%) declined the most. All other sector indices registered a gain or loss of less than 1%. Bharat Petroleum (+3%), Indiabulls Housing Fin (+2.6%), and Oil & Natural Gas (+2.6%), were the leaders among Nifty50 stocks.
The Nifty Midcap is down 0.2% and the small cap gained 0.1%
The advance-decline ratio was in favor of decliners. Of the 2,064 stocks traded on the NSE, 766 advanced, 949 declined, and 349 remained unchanged.
The market status remains unchanged at a Confirmed Uptrend. The distribution day count stands at two on the Nifty. We would suggest investors to track fundamentally strong stocks trading above their 50- and 200-DMA and take positions on strong breakouts. Investors should begin with a smaller allocation and increase it gradually as market displays positive signals like additional follow-through days.
Stocks in News:
Hcl Technologies gained 1.8% after it signed a preferred service agreement with Broadcom Inc. The CEO of HCL announced a new Center of Excellence with a dedicated focus on Broadcom.
Alembic Pharmaceuticals announced today that its wholly owned subsidiary Orit Laboratories LLC received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Glycopyrrolate Tablets USP, 1 mg and 2 mg. The stock closed flat today.
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