Daily Big Picture – Nifty Ends in Green in Range-bound Session; Yes Bank Announces its New MD & CEO

Today’s Action

Nifty, +0.2%, Sensex, +0.2%, Model Portfolio, +0.4%; MSI Ind 47, +0.1%, Nifty Midcap, -0.3%, Smallcap -0.4%.

Daily Market Review

Market Status: Uptrend Under Pressure.

The Nifty’s distribution day count stands at five.

The Nifty was trading flat to down during today’s session. However, it ended in the green after strong gains posted by Yes Bank at the end of the session. It breached its 200-DMA during the day but managed to retake it towards the end. The volumes were weak during the day but improved before the closing bell.

Currently, the distribution day count stands at five. If the Nifty adds one more distribution day or breaches its 50-DMA, which is ~0.6% below the current level, we will downgrade the market to a Downtrend. However, it should be noted that one distribution day is scheduled to expire tomorrow.

The advance-decline ratio was in favor of decliners. Of the 2,057 stocks traded on the NSE, 584 advanced, 1,119 declined, and 354 remained unchanged.

On the sectoral front, Nifty Realty (+2.2%), PSU Banks (+0.6%), and IT (+0.6%) were the top gainers. On the  flip side, Nifty Auto (-0.9%) and Nifty Pharma (-0.6%) were the top losers. According to O’Neil Methodology, only Pharma is in a Downtrend. Nifty FMCG, Banks, Financial Services, Energy, and Reality are in a Confirmed Uptrend.

Stocks in News

Yes Bank announced its Q3 FY 2019 results during market hours. Net profit missed estimates, contracting by 7% y/y and asset quality deteriorated as GNPA ratio increased from 1.6% to 2.1% q/q. However the bank announced Mr. Ravneet Gill as its new MD & CEO. The stock reacted positively after the announcement as it closed 9.2%.

Colgate-Palmolive India: reported 10.6% and 7.7% growth in net profit and net sales, respectively, in Q3 FY 2019. Both topline and bottomline came out above street’s estimate. The stock was up 1.1 after the announcement of results.

Leaders Up on Volume: Niit Technologies (+2.0%), Radico Khaitan (+1.5%), and Sequent Scientific (+1.5%),

Leaders Down on Volume: Upl (-2.0%), Hnywell.Automation Ida. (-1.6%), and United Spirits (-1.5%)

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