MarketSmith India: MGL Hiked CNG Price

BANGALORE, India - July 11, 2024 - PRLog -- Global Stock Markets: Dow 30, -0.1%; S&P500, +0.1%; NASDAQ, +0.3%; Nikkei, +1.5%; Kospi, +0.1%; Shanghai, -0.4%.

Yesterday, Nifty had a flat opening and traded in a narrow range of 110 points. However, it failed to gain momentum in a range-bound session, resulting in the market closing flat for the day. At the end, it managed to close above 24,300. There was a mixed reaction among the sectors. Barring Nifty FMCG (+1.6%) and IT (+0.1%), all other sectoral indices closed lower. The top losers were Nifty PSU Bank (-1.6%) and Metal (-0.9%).

On June 11, Nifty crossed its previous high (23,339) and made an all-time high. Hence, we upgraded the market status to a Confirmed Uptrend. Midcap and Smallcap indices are also trading near their new highs. Overall, the market breadth has improved. Leading stocks across many sectors are making good progress. The current distribution day count stands at one. We may downgrade the status to an Uptrend Under Pressure if the distribution day count increases and Nifty breaches its key support level.

Key News:

Jupiter Wagons's Rs 1,000 crore QIP opens at a floor price of Rs 689.47 per share.

Pitti Engineering launched Rs 360 crore QIP at an issue price of Rs 1,054.25 per share.

Mahanagar Gas hiked CNG price by Rs 1.5 per kg and domestic PNG by Rs 1 per SCM.

Yesterday, FIIs net bought shares worth Rs 61 crore and DIIs net bought Rs 2,867 crore.

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