Nifty Moves in a Range of 380 Points; Man Industries Receives New Orders
Nifty, +0.2%; Sensex, +0.3%; Nifty Midcap, -1.4%; Nifty Smallcap, -2.6%; Model Portfolio, -2.8%.
Market Pulse: Downtrend
Starting on a flat note, Nifty was highly volatile throughout the session. It made the day’s low of 16,782 within the first 10 minutes. However, good buying was seen at the lower levels as the index pared its losses and turned positive. Later in the session, Nifty fell about 100 points and closed 0.2% higher. Of Nifty50 stocks, 30% stocks advanced led by Kotak Mahindra Bank(Nse) (+2.8%) and Hcl Technologies (Nse) (+2.1%).
Barring Nifty IT (+0.8%) and Financial Service (+0.1%) all the sectors ended lower. Nifty Media (-2.2%) and PSU Bank (-2.0%) were the major decliners. Of 2,097 stocks traded, 445 closed higher, 1,599 closed lower, and remaining closed flat.
Today, Nifty undercut Friday’s low and made a new correction low. However, it rebounded from low and closed in the positive territory. So, we will consider today’s session as a day one of an attempted rally. Looking forward, we will shift the market to a Rally Attempt if Nifty establishes a bottom and stays above today’s low (16,782) for two more sessions. From there, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend.
Investors condition after watching their portfolio:
Source: Google Image
News:
- LIC received approval from the RBI to increase its stake in Kotak Mahindra Bank(Nse) up to 9.99%.
- Man Industries (India) received new orders of approximately Rs 325 crore. Currently, the unexecuted order book stands at approximately Rs 1,650 crore, which is to be executed in six to seven months.
- Salasar Techno Engineering secured a purchase order worth Rs 170 crore from RITES for railway electrification.
- Sharika Enterprises received an order from LS Cable India Private Limited for supply of optical ground wire amounting to Rs 10.47 crore including taxes.
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