Nifty, -0.6%; Sensex, -0.5%; Model Portfolio, -1.4%; MSI Ind 47, -0.7%; Nifty Midcap, -1.1%; Smallcap, -1.1%.
Daily Market Review
Market Status: Rally Attempt
The benchmark indices showed weakness today after a positive opening. Both the Nifty and the Sensex corrected ~1% from their day’s high levels. There was a sharp sell-off after 2 pm. The Nifty Midcap and Smallcap corrected even more, both ending -1.1% lower.
On the sectoral front, all sectors ended negative despite a few of them looking strong in the opening hours. Nifty PSU Banks (-2.7%) corrected the most after strong gains in recent sessions, ahead of the RBI’s monetary policy announcement. Pharma (-1.3%) and Private Banks (-0.7%) were the next worst losers. Nifty Realty (-0.3%) outperformed the benchmark index throughout the day, but ended negative.
The advance-decline ratio was in favor of losers. Of the 2,086 stocks traded on the NSE, 613 advanced, 1,156 declined, and 317 remained unchanged.
Skymet Weather today predicted monsoon rains will be below normal owing to the El Nino climate pattern. The agricultural sector accounts for roughly 50% of the country’s employment, directly and indirectly.
Jet Airways (India) In a response to a query, the civil aviation secretary said that the current active fleet of Jet Airways is less than 15. The stock ended 5% lower today.
Raymond announced on Wednesday its plans to venture into the real estate business starting with residential units in Thane, Maharashtra. The Company estimates there will be investments of INR 250 crore in the next one year for the same. The stock ended 0.9% lower.