Daily Big Picture – Nifty Rebounds About 200 Points From its Day’s Low; Media and Financial Stocks Lead the Market

Today’s Action:

Benchmark indices put an end to the losing trend. Nifty, +0.6%, Sensex, +0.5%, Model Portfolio, -0.5%; MSI Ind 47, -0.2%.

Daily Market Review:

Nifty was up around 200 points from its day’s low. Following the global sell-off, the Indian market opened gap down. But, later market recover to end in positive territory.  

On the sectoral front, barring export dominated sectors Nifty IT (-0.6%) and Pharma (-0.5%) all the indices ended in the green. Nifty Media (+2.1%) and Nifty Financial Services (+1.3%) gained the most.

Zee Entertainment Ents. (+4.2%) and Adani Ports And Sez. (+4.3%) were the major gainers whereas Sun Pharm.Industries (-2.5%) and Yes Bank(-1.6%) were the losers among the Nifty 50 stocks.

The Nifty Midcap and Smallcap closed flat after declining 1.5-2% in the first half.

The advance-decline ratio was in favor of decliners. Of the 2,061 stocks traded on the NSE, 742 advanced, 949 declined, and 370 remained unchanged.

The market remains in an Uptrend Under Pressure. The distribution day count for the Nifty stands at four as one distribution day expired today. Tomorrow if the Nifty doesn’t add a fresh distribution day, the count will be reduced to three. We will change the status to a Downtrend, if 2-3 more distribution days are added. On the other hand, the status will be back to a Confirmed Uptrend if the Nifty retakes the 10,942 level (its high during the recent rally).

As the market condition is in an Uptrend Under Pressure, investors should proceed ahead with caution. Unless a stock shows exceptional fundamental and technical strength, no new addition to the portfolio is advised.

Stocks in News

Hindustan Unilever: The Anti-profiteering Authority has said that the Company has profiteered Rs 535 crore while the Company claims it to be just Rs 160 crore. The stock was down in the morning and recovered later to end 0.4% higher.

Heritage Foods: The dairy product company’s share rose 2.5% today, as the Directorate General of Foreign Trade (DGFT) extended the ban of milk and milk products from China till April 23, 2019.

Leaders Up on Volume: United Spirits (+1.8%), Titan Company (+1.1%)

Leaders Down on Volume: Dabur India (-0.8%) and Srf (-0.3%).

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