Today’s Action:
Key indices touched new highs today morning, but the late hour trade dragged the indices off day’s high.
Daily Market Review:
Benchmark indices made an intraday all-time high, today. However, it erased all its gains as the day progressed. Broader Indices outperformed the key indices.
The Nifty started the day 30 points higher, compared to yesterday’s close at 10,494.40 and made an intraday all-time high of 10,494.45. However, it could not sustain the morning gains and ended the day at 10,444.20 with losses of a 0.18%. The BSE Sensex also touched new highs today, after starting at 33,928.59 it scaled to a new high of 33,956.31. However, as the day progressed it also gave away 0.18% to end the day at 33,777.38.
The Nifty Midcap and Smallcap indices continue to extend their gains, as they outperformed the broader indices to gain 0.63% and 0.39%, respectively.
The market breadth, which indicates the overall health of the market was also in favor of gainers today. On the NSE, 922 stocks advanced and 574 stocks declined. A total of 50 stocks remain unchanged.
Sectoral chart displayed a mixed picture today, a total of seven sectors ended in red territory today while five ended in green. The top-three losers were Nifty PSU Bank (-1.15%), Bank (-0.48%), and Auto (-0.32%); while the top gainers were Nifty Realty (+2.95%), Media (+0.72%), and Metal (+0.66%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 0.38% today; hence, outperforming the major indices.
The Board of Directors of HDFC Bank has approved raising up to INR 24,000 crore through the issue of shares. The bank is planning to raise INR 8,500 through preferential issue of shares.
Both the indices diverged in respect of trading volume today. The Nifty observed a higher trading volume, contrary to the Sensex. Talking about the distribution day count, there is no change today; thus, the total distribution day count remains at five on the Nifty while four on the Sensex and the market status is Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound buy and sell rules.
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