Today’s Action
Nifty, +1.1%; Sensex, +1.1%; Model Portfolio, -0.2%; MSI Ind 47, +1.6%; Nifty Midcap, +2.4%; Smallcap, +3.9%.
Daily Market Review
Market Status: Rally Attempt
The market continued its rally for the second day in a row despite concerns over trade issues with the U.S. Yesterday, Trump announced that the U.S will scrap preferential trade treatment for India and Turkey. The strong rally in the Nifty was well supported by the performance from all the sectors but failed in its attempt to retake the 11,000 level.
Barring Nifty IT (-1.2%) all the sectoral indices closed positive. Nifty Auto (+3.1%) was the top performer led by Eicher Motors (+7.8%), Tata Motors (+7.6%), and Hero Motocorp (+4.5%) followed by Nifty Metal (+2.7%), Realty (+2.0%), and Bank (+1.9%).
The market status remained unchanged. We will look for a legitimate follow-through day after which we will change the market status to a Confirmed Uptrend. We will downgrade the market to a Downtrend if it breaches the 10,583.60 level (low of Day 1 of the attempted rally).
The advance-decline ratio was in favor of gainers. Of the 2,085 stocks traded on the NSE, 1,493 advanced, 290 declined, and 302 remained unchanged.
Stocks in News
Yes Bank: The bank has been slapped a fine of Rs 1 crore by the RBI for non-compliance of direction on SWIFT messaging software. The stock was down 0.1% today.
Tata Motors: The Company unveiled its four new cars at the Geneva Motor Show. All the cars are based on the Company’s optimal modular efficient global advanced (OMEGA) and agile light advanced architecture (ALFA). The stock was up 7.6% today.
Leaders Up on Volume: Heidelbergcement India (+7.8%), Vinati Organics (+7.5%), and Muthoot Finance (+7.3%)
Leaders Down on Volume: Wipro (-3.2%), Tech Mahindra (-2.6%), and Dabur India (-0.6%)
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