Today’s Action:
After starting the day on a higher note, key indices failed to sustain the early hour gains and ended the day with heavy losses.
Daily Market Review:
Key indices started the day higher, after tracking positive cues from its global peers; however, as the day progressed, the indices observed some heavy distribution as the Sensex shed 150 points while the Nifty lost 47 points in today’s trading session.
The Nifty started the day higher at 10,361.95 and ended just marginally above 10,300 level at 10,303.15 (-0.45%). It traded in the range of 10,285.50-10,384.25. Similarly, the BSE Sensex started on a positive note at 33,417.35. However, after trading in the range of 33,157.68-33,484.70, it finally closed at 33,218.81 (-0.46%).
Mirroring the frontline indices, the broader market also recorded significant losses. The Nifty Midcap index and Nifty Smallcap index deflated -0.64% and -1.07%, respectively.
The market breadth, which indicates the overall health of the market, was tilted toward loser in today’s session. On the NSE, 461 stocks advanced, while 1,056 stocks declined, and 49 stocks remained unchanged.
On the sectoral front, majority of the sectors ended in the negative territory. Nifty PSU bank (-2%), Energy (-1.42%), and Metal (-1.38%) were the most depressed sectors. However, Nifty IT (0.66%), Pharma (0.27%), and Media(+0.14%) are the only indices that ended positively.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, lost 1.60% today.
In stock talk, Coal India today announced its plans for diversification into new mineral mining. This diversification will help the Company in meeting the country’s demand for new minerals.
Today, the Nifty observed a lower trading volume than yesterday’s trading session; thus, escaping a distribution day today. Hence the total distribution day count remains at three for the Nifty. However, due to higher trading volume, the Sensex attracted one distribution day today taking the total distribution count to two. The Indian market outlook continues to be in 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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