Market Update: IL&FS Sells its Stake in IL&FS Wind Power Services

Today’s Action Nifty, +0.8%; Sensex, +0.7%; Nifty Midcap, +1.8%; Nifty Smallcap, +2.8%; Model Portfolio, +2.0% Market Pulse Confirmed Uptrend Nifty, after a negative opening, closed the day around 70 points higher. It made an intraday high of 9,053 and closed below 9,000. Today, 70% of Nifty50 stocks advanced, led by Ntpc (+5.8%) and Vedanta (+5.2%). On the flip side, Hcl Technologies (Nse) (-3.9%) and Tech Mahindra (-3.9%) were the major decliners. Barring Nifty IT (-1.9%) and FMCG (-0.6%), all the sectoral indices closed higher. Nifty Media (+2.6%) and Nifty Bank (+1.8%) were the major advancers. Of 2,116 stocks traded, 1,331 advanced, 462 declined, and the remaining traded flat. We continue to be very selective about taking any fresh positions. It is important that investors don’t play all their cards at once. We would suggest adopting an investment approach where you begin with a small allocation and increase it as and when the market advances further. Without trying to predict and decode stories, we will take what the market gives us and continue to monitor unfolding conditions. Stocks with higher relative strength and superior fundamentals can do well. Some leading stocks have sharply corrected. Wait for them to put in at least a short period of consolidation and show a constructive breakout from that range. Buying without this period of constructive behavior into a straight upmove off the bottom, puts you at a risk of drawdown. Key News Larsen & Toubro received ‘significant’ orders during January-March quarter. ‘Significant’ category orders range between Rs 1,000 crore and Rs 2,500 crore. Vodafone Idea enhanced network capacity in the Delhi-NCR circle by deploying the most efficient 900 MHz spectrum band on 2,300 4G sites to cater to rising demand amid coronavirus lockdown. IL&FS sold its 100% stake in IL&FS Wind Power Services to ORIX Corporation, Japan for Rs 6.05 crore. Continue reading with a MarketSmith India Premium subscription… To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.