Markets Remain Volatile; Gocolors Lists at 90% Premium
Daily Action
Nifty, -0.4%; Sensex, -0.3%; Nifty Midcap, +0.5%; Nifty Smallcap, +1.6%; Model Portfolio, +3.7%.
Market Pulse: Downtrend
It was yet another session of volatile trading. Starting flat, Nifty added over 270 points in the first hour. However, selling kicked in at the top as investors viewed it as an opportunity to exit their positions. Hence, the index pared all the gains in the next hour and turned negative. Despite some buying at the lower levels, the selling was aggressive, and the index closed near the day’s low.
Source: Google Image
It was a mixed reaction on the sectoral front. Nifty Realty (+0.6%) and IT (+0.5%) closed higher. Nifty Metal (-1.9%) and Bank (-0.8%) were the major decliners. Of 2,062 stocks traded, 1,092 closed higher, 910 closed lower, and the remaining closed flat.
Though Nifty was down, it didn’t breach yesterday’s low. So, we will consider today’s session as day two of an attempted rally. Looking forward, we will shift the market to a Rally Attempt if Nifty establishes a bottom and stays above yesterday’s low (16,782) for one more session. From there, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend.
News:
- Dhruv Consultancy Services received a Letter of Award (LOA) for Services as the Independent Engineer for supervision of development for six months of six-lane access control of Raipur-Visakhapatnam Economic Corridor under Bharatmala Pariyojana. Fees toward the independent engineer's services for the said project will be Rs 5.04 crore, excluding taxes.
NielsenIQ on Q2 FMCG data: FMCG industry grew at 12.6% y/y in Q2 against 36.9% in Q1. Demand was led from urban areas while rural consumption slipped. Price-led growth at 11.3% y/y in Q2 against 15.5% in Q1. Volume-led growth at 1.2% y/ in Q2 against 18.5% in Q1. Rural consumption declined 2.9% in Q2 against 14.9% growth in Q1. Modern trade revives, up 17% in Q2 and 8% in Q1.
Iti inaugurated a 100KW capacity captive rooftop solar power plant in Lucknow. The solar panels used for the rooftop solar power plant were manufactured at the company’s manufacturing facility at Naini, Uttar Pradesh.
Go Fashion (India) listed on the exchanges today with a premium of 90% to the issue price of Rs 690 per share.
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