Daily Big Picture : Sensex Falls in Last Hour After Touching Lifetime High; Metal Stocks Outperform

Today’s Action

Nifty, +0.4%; Sensex, +0.5%; Model Portfolio, +0.2%; MSI Ind 47, -0.2%; Nifty Midcap, +0.4%; Smallcap, +1.0%.

Daily Market Review

Market Status: Rally Attempt

The Nifty and the Sensex exhibited sharp sell-off in the last hour led by private banks.

On the sectoral front, Nifty Metal (+1.9%) was the top gainer followed by Nifty IT (+1.4%). Nifty PSU banks continued their rally ahead of RBI’s monetary policy announcement scheduled on April 4. Nifty Auto (+1.0%) was supported mainly by Tata Motors (+7.5%). Nifty Private Banks (-0.5%) showed weakness near the market close along with FMCG (-0.4%) and Realty (-0.7%) stocks.

The advance-decline ratio was in favor of gainers. Of the 2,107 stocks traded on the NSE, 1,253 advanced, 536 declined, and 318 remained unchanged.

Stocks in News

Tata Motors’s JLR (Jaguar Land Rover) unit announced in a press release that the Company is undergoing a turnaround strategy called “Project Change”, and guided the cash flow improvement of ~£2.5B by March 2020. The stock ended 7.5% higher.

Maruti Suzuki India’s sales declined 1.6% y/y in March, the sharpest fall in seven months, as per the communication submitted by the Company to exchanges. Exports saw a major decline (-12.9% y/y) against domestic sales (-0.6% y/y). However, the numbers met analyst expectations and the stock ended 2.5% higher.

Leaders Up on Volume: Creditaccess Grameen Ltd (+2.8%), Reliance Industries (+2.1%), and Gail (India) (+2.0%)

Leaders Down on Volume: Bharat Financial Inclusion Ltd (-2.7%), and Power Finance (-0.5%)

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