Nifty, -5.6%; Sensex, -5.6%; Nifty Midcap, -5.5%; Nifty Smallcap, -6.3%; Model Portfolio, 0%
Daily Market Review
Market Pulse: Downtrend
Nifty opened higher but selling pressure quickly grappled the markets. The index breached the low made on Friday, and is at a new three-year low. Around 90% of Nifty50 stocks ended in the red. Coronavirus cases in India increased to 147, with 10 fresh additions today.
Zee Entertainment Ents. (+23.3%) helped the Nifty Media (+0.4) to be the only index to close positive. Nifty Pvt Bank (-6.9%) and Financial Services (-6.7%) were the major decliners. Advance-Decline ratio was highly skewed toward decliners. Of 2,125 stocks traded, 273 advanced, 1,569 declined, and the remaining traded flat.
Today, Nifty breached its day one low of 8,555. So, the market status was shifted back to a Downtrend.
We continue to suggest a cautious approach until the general market conditions improve. Most of the stocks continue to take on technical damage with many moving deeper into their respective bases and breaking below logical levels of support. Without trying to predict and decode stories, we will take what the market gives us and continue to monitor unfolding conditions. We will continue to monitor quality ideas with rising relative strength lines and superior fundamentals that could be set up to buy when and if the market begins to stabilize.
Yes Bank (+3.1%): The moratorium on the bank will be lifted today after 6pm. The bank will resume full banking services after the lifting of moratorium.
Indusind Bank (Nse) (-23.7%): The stock declined despite management clarifying on its adequate capitalization and profitability. The stock declined 77% from its all-time highs.
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