Today’s Action:
Key Indices continue to build up gains to reach new highs.
Daily Market Review:
Benchmark indices started marginally low today, but ended the day with modest gains. A volatile trading session was observed as investors remained watchful due to derivatives expiry.
The Nifty opened marginally low at 10,291.80 and made an intraday all-time high of 10,355.65 before settling at 10,343.80 with gains of 0.47%. The day’s low was observed at 10,271.85. The BSE Sensex also reached fresh highs of 33,196.17 on an intraday basis today. It opened today at 33,025.17 and went down till 32,835.06 before gaining 0.32% for the day to close at 33,147.13.
The market breadth, indicating the overall health of the market was in favor of gainers today. On the NSE, 814 stocks advanced, compared with 708 stocks declining, and 50 stocks remaining unchanged.
The Nifty Midcap and the Small Cap index advanced 0.67% and 0.56%, respectively.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, lost 1.04% today.
Sectoral chart was tilted toward gainers today, as only three sectors ended in red. The top-three performers were Nifty Metal, Energy, and Pharma gaining 2.05%, 1.26%, and 0.87%, respectively. The only losers were Nifty PSU Bank, IT, and Bank with loses of 0.53%, 0.39%, and 0.05%, respectively.
In Stock talk, Lupin received USFDA approval for its generic Kapvay Extended-Release tablets. However this news didn’t get much traction as the stock was was down by 1.01% in today’s trading session.
Both the Sensex and the Nifty observed a lower trading volume compared to yesterday’s trading session. The distribution day count remains at 4, for both the indices. The market status remains at “Confirmed Uptrend.”
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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