Daily Big Picture : PSU Bank and Realty Stocks Lead; Indiabulls Housing to Buyback NCDs and Masala Bonds

Today’s Action

Nifty, +0.1%; Sensex, +0.1%; Model Portfolio, -0.04%; Nifty Midcap, +0.4%; Smallcap, +0.4%

Daily Market Review

Market Status: Confirmed Uptrend 

Nifty, after day’s low in the initial trading, pared losses in the afternoon session to close marginally higher. In the broader market, Nifty Midcap and Smallcap closed higher. On the macro front, subdued services PMI (49.6 in June compared to 50.2 in May) weighed on the market. Composite PMI also fell to 50.8 compared with 51.7 in May.

On the sectoral front, Nifty PSU Bank (+1.7%) led the rally followed by Nifty Media (+1.1%), Realty (+0.8%), Pvt Bank (+0.4%), and FMCG (+0.3%). On the flip side, Nifty IT (-0.9%) was the worst performer led by Tech Mahindra (-1.5%), Infosys (-1.2%), and Tata Consultancy Svs. (-0.6%).

The advance-decline ratio was in favor of gainers. Of the total 2,089 stocks traded on the NSE, 956 advanced, 771 declined, and the rest ended flat.

Key News

Dewan Housing Finance: The stock closed 10.4% higher on report that its lenders were willing to infuse a fresh loan of Rs. 12,000–18,000 crore over a year to help revive lending activities.

Indiabulls Housing Fin: The stock gained 7.6% today. The Company will buy back a total of Rs. 2,705 crore of its outstanding non-convertible debentures (NCDs) and Masala bonds.

Kalpataru Power Tnsm.: The Company approved to acquire 19.94% stake in Shree Subham Logistics for a consideration of Rs. 64.66 crore. The stock fell 0.6% today.

Leaders Up on Volume: Brigade Enterprises (+3.0%); Nmdc (+2.4%); and Hikal (+1.8%)

Leaders Down on Volume: Jb Chemicals & Pharms. (-2.5%), Kalpataru Power Tnsm. (-0.6%), and Varun Beverages (-0.2% )

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