Nifty Ends the Session Strongly; NCC Bags Six Orders Worth Rs 1,548 Crore
Nifty opened on a flat note and traded in both positive and negative territories. In the second half, some buying helped the index to close near the day’s high.
Nifty opened on a flat note and traded in both positive and negative territories. In the second half, some buying helped the index to close near the day’s high. Volume of shares traded dried up for the two consecutive days. Around 74% of Nifty50 stocks closed in the green, led by Zee Entertainment Ents. (+8.1%) and Mahindra & Mahindra (+5.8%). On the flip side, Bajaj Auto (-2.6%) and Hero Motocorp (-1.7%) were the major decliners.
Broader market indices outperformed the major index. Barring Nifty PSU Bank (-0.4%) and Fin Service (-0.03%) all the sectoral indices closed in the green. Nifty Media (+3.4%) and Metal (+1.8%) advanced the most.
The market remains in an Uptrend Under Pressure. We will be slightly cautious while initiating fresh long positions. We will change the status to a Downtrend, if two-three more distribution days are added or if Nifty breaches its 50- and 200-DMA. On the flip side, the status will be shifted back to a Confirmed Uptrend if Nifty retakes 11,795 level (high during the recent rally).
Ncc bagged six orders totaling Rs 1,548 crore. Major order is from Water division worth Rs 959 crore, followed by Rs 262 crore order from Building division and remaining four from Electrical division.
Jubilant Foodworks announced its Q1 FY21 results. Revenue was down 59% y/y to Rs 388 crore. It reported a loss of Rs 74 crore compared with a profit of Rs 71 crore in the corresponding quarter last year.
Bajaj Auto declared its August sales numbers. Total two-wheeler sales declined 1% y/y to 3,21,508 units, whereas domestic sales de-grew 11% to 1,85,879 units.
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